Garmin (NYSE:GRMN) Releases FY 2024 Earnings Guidance

Garmin (NYSE:GRMN) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 5.400-5.400 for the period, compared to the consensus estimate of 5.390. The company issued revenue guidance of $5.8 billion-$5.8 billion, compared to the consensus revenue estimate of $5.7 billion. Garmin also updated its FY24 guidance to $5.40 EPS.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on GRMN shares. Tigress Financial reaffirmed a strong-buy rating and issued a $175.00 price target (up previously from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. StockNews.com cut shares of Garmin from a buy rating to a hold rating in a research report on Thursday. Bank of America raised their price target on shares of Garmin from $120.00 to $165.00 and gave the company a neutral rating in a research report on Wednesday, April 3rd. Barclays raised their price target on shares of Garmin from $140.00 to $166.00 and gave the company an equal weight rating in a research report on Thursday. Finally, JPMorgan Chase & Co. raised their price target on shares of Garmin from $155.00 to $175.00 and gave the company a neutral rating in a research report on Thursday. Six investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $153.50.

Garmin Trading Up 0.4 %

Shares of GRMN traded up $0.64 during mid-day trading on Friday, reaching $165.97. 973,141 shares of the stock traded hands, compared to its average volume of 983,928. The firm has a fifty day moving average price of $145.23 and a 200 day moving average price of $129.28. The company has a market cap of $31.88 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 5.42 and a beta of 0.99. Garmin has a 1 year low of $99.56 and a 1 year high of $166.43.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.25 billion. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The firm’s revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 EPS. On average, sell-side analysts anticipate that Garmin will post 5.45 EPS for the current year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Friday, December 13th. Garmin’s payout ratio is 41.18%.

Insider Buying and Selling at Garmin

In other Garmin news, VP Susan Lyman sold 2,587 shares of the business’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 transaction, the vice president now owns 7,174 shares in the company, valued at $969,781.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $140.00, for a total transaction of $2,100,000.00. Following the transaction, the director now owns 758,834 shares in the company, valued at $106,236,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $135.18, for a total transaction of $349,710.66. Following the transaction, the vice president now owns 7,174 shares in the company, valued at approximately $969,781.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 99,476 shares of company stock worth $14,166,944. 19.89% of the stock is currently owned by company 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.