Garmin (NYSE:GRMN) Issues Earnings Results, Beats Expectations By $0.53 EPS

Garmin (NYSE:GRMN) released its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.46 by $0.53, Briefing.com reports. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The company’s revenue was up 24.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 earnings per share. Garmin updated its FY 2024 guidance to 6.850-6.850 EPS and its FY24 guidance to $6.85 EPS.

Garmin Stock Performance

Garmin stock traded down $5.82 during midday trading on Thursday, hitting $199.10. 1,152,343 shares of the company’s stock were exchanged, compared to its average volume of 846,413. The company has a market cap of $38.24 billion, a P/E ratio of 28.71, a PEG ratio of 2.81 and a beta of 0.99. The stock has a 50-day moving average price of $173.44 and a two-hundred day moving average price of $167.01. Garmin has a 52-week low of $101.49 and a 52-week high of $207.22.

Analysts Set New Price Targets

GRMN has been the topic of a number of recent research reports. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Morgan Stanley lowered 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 report on Monday, October 7th. Tigress Financial boosted their price objective on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Finally, Barclays lowered Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $181.00 to $133.00 in a report on Friday, September 13th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $158.50.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 completion of the sale, the director now directly 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is currently owned by insiders.

Garmin Company Profile

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.