Garmin (NYSE:GRMN) Issues FY24 Earnings Guidance

Garmin (NYSE:GRMN) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $6.85 for the period, compared to the consensus EPS estimate of $6.10. The company issued revenue guidance of $6.12 billion, compared to the consensus revenue estimate of $5.98 billion. Garmin also updated its FY 2024 guidance to 6.850-6.850 EPS.

Analysts Set New Price Targets

GRMN has been the topic of several recent research reports. Tigress Financial boosted their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Barclays lifted their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday. Finally, StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $162.67.

Garmin Price Performance

Shares of NYSE GRMN traded down $0.30 during trading on Friday, hitting $198.05. 1,708,178 shares of the company were exchanged, compared to its average volume of 854,782. Garmin has a 1 year low of $112.01 and a 1 year high of $207.22. The company has a market cap of $38.07 billion, a price-to-earnings ratio of 25.13, a PEG ratio of 3.52 and a beta of 0.99. The firm’s fifty day moving average price is $174.22 and its 200 day moving average price is $167.62.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company’s quarterly revenue was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.41 EPS. On average, research analysts forecast that Garmin will post 6.09 earnings per share for the current year.

Insider Transactions at Garmin

In related news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock valued at $2,296,174 in the last 90 days. 19.54% of the stock is currently owned by insiders.

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.