Garmin (NYSE:GRMN) Releases Quarterly Earnings Results, Beats Expectations By $0.18 EPS

Garmin (NYSE:GRMN) issued its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.18, Briefing.com reports. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the company earned $1.45 EPS. The business’s revenue was up 14.3% on a year-over-year basis. Garmin updated its FY24 guidance to $6.00 EPS and its FY 2024 guidance to 6.000-6.000 EPS.

Garmin Price Performance

GRMN stock traded down $0.54 during trading on Thursday, reaching $170.71. 627,506 shares of the company were exchanged, compared to its average volume of 855,261. The company has a 50-day moving average of $165.28 and a two-hundred day moving average of $150.02. The company has a market capitalization of $32.79 billion, a price-to-earnings ratio of 24.15, a P/E/G ratio of 3.90 and a beta of 0.98. Garmin has a twelve month low of $99.61 and a twelve month high of $179.76.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio is 42.31%.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 2,350 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the sale, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Douglas G. Boessen sold 2,350 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the transaction, the chief financial officer now owns 28,010 shares in the company, valued at approximately $4,527,256.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total transaction of $674,683.52. Following the transaction, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The disclosure for this sale can be found here. Insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Tigress Financial lifted their price objective on shares of Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, May 14th. StockNews.com upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Barclays boosted their target price on shares of Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research report on Thursday, May 2nd. Finally, Bank of America cut shares of Garmin from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $165.00 to $150.00 in a research report on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $156.83.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.