Garmin (NYSE:GRMN) Updates FY 2024 Earnings Guidance

Garmin (NYSE:GRMN) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 5.400-5.400 for the period, compared to the consensus earnings per share 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.

Garmin Stock Up 0.4 %

Garmin stock traded up $0.64 during trading hours on Friday, hitting $165.97. 973,141 shares of the company traded hands, compared to its average volume of 983,928. The firm’s 50-day simple moving average is $145.23 and its two-hundred day simple moving average is $129.28. The firm has a market cap of $31.88 billion, a P/E ratio of 23.40, a P/E/G 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 issued its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.42. The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period last year, the firm earned $1.02 EPS. On average, equities research analysts predict that Garmin will post 5.45 earnings per share for the current year.

Garmin Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 annualized dividend and a yield of 1.81%. Garmin’s dividend payout ratio (DPR) is 41.18%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their price target on shares of Garmin from $140.00 to $166.00 and gave the company an equal weight rating in a report on Thursday. StockNews.com lowered Garmin from a buy rating to a hold rating in a report on Thursday. Bank of America lifted their price target on Garmin from $120.00 to $165.00 and gave the company a neutral rating in a report on Wednesday, April 3rd. JPMorgan Chase & Co. increased their price objective on Garmin from $155.00 to $175.00 and gave the stock a neutral rating in a research note on Thursday. Finally, Barrington Research lifted their target price on Garmin from $119.00 to $140.00 and gave the company an equal weight rating in a research note on Thursday, February 22nd. Six investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $153.50.

Insiders Place Their Bets

In related news, VP Susan Lyman sold 2,587 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $135.18, for a total transaction of $349,710.66. Following the completion of the transaction, the vice president now directly owns 7,174 shares in the company, valued at approximately $969,781.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the sale, the vice president now directly owns 7,174 shares of the company’s stock, valued at $969,781.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were 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 directly owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The disclosure for this sale can be found here. Insiders have sold a total of 99,476 shares of company stock valued at $14,166,944 in the last three months. Company 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.