Garmin (NYSE:GRMN) Announces Earnings Results

Garmin (NYSE:GRMN) announced its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42, Briefing.com reports. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.25 billion. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The business’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period last year, the company earned $1.02 EPS. Garmin updated its FY24 guidance to $5.40 EPS and its FY 2024 guidance to 5.400-5.400 EPS.

Garmin Trading Up 1.0 %

Shares of NYSE GRMN traded up $1.60 during mid-day trading on Thursday, hitting $165.02. The company had a trading volume of 820,468 shares, compared to its average volume of 955,904. The company has a market capitalization of $31.70 billion, a PE ratio of 24.44, a price-to-earnings-growth ratio of 4.74 and a beta of 0.99. The firm has a 50-day simple moving average of $144.00 and a two-hundred day simple moving average of $128.62. Garmin has a one year low of $96.04 and a one year high of $165.93.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s dividend payout ratio is 43.52%.

Analysts Set New Price Targets

A number of research analysts have commented on GRMN shares. Bank of America increased their price objective on Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. raised their price target on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday. Tigress Financial reaffirmed a “strong-buy” rating and set a $175.00 price objective (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. StockNews.com raised Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, April 23rd. Finally, Barrington Research raised their price objective on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $153.50.

Insider Activity

In other news, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the transaction, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the transaction, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $135.18, for a total value of $349,710.66. Following the completion of the transaction, the vice president now owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The disclosure for this sale can be found here. Insiders sold 99,476 shares of company stock worth $14,166,944 in the last quarter. Corporate insiders own 19.89% of the company’s stock.

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.