Garmin (NYSE:GRMN) Releases 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.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on GRMN shares. StockNews.com lowered shares of Garmin from a buy rating to a hold rating in a report on Thursday. Barrington Research lifted their price objective on shares of Garmin from $119.00 to $140.00 and gave the company an equal weight rating in a research note on Thursday, February 22nd. Tigress Financial reaffirmed a strong-buy rating and issued a $175.00 target price (up previously from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Bank of America lifted their price target on Garmin from $120.00 to $165.00 and gave the company a neutral rating in a research note on Wednesday, April 3rd. Finally, Barclays upped their price objective on Garmin from $140.00 to $166.00 and gave the stock an equal weight rating in a research report on Thursday. Six 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 presently has a consensus rating of Hold and a consensus price target of $153.50.

Garmin Trading Up 0.4 %

Garmin stock traded up $0.64 during mid-day trading on Friday, reaching $165.97. The company had a trading volume of 973,141 shares, compared to its average volume of 983,928. The business has a fifty day simple moving average of $145.23 and a 200 day simple moving average of $129.28. The company 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 fifty-two week low of $99.56 and a fifty-two week high of $166.43.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. The company had revenue of $1.38 billion during 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%. Garmin’s revenue was up 20.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.02 EPS. Research analysts forecast that Garmin will post 5.45 EPS for the current year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s dividend payout ratio (DPR) is currently 41.18%.

Insider Activity at Garmin

In other news, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the transaction, the chief executive officer now owns 159,319 shares in the company, valued at $21,379,016.61. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $146.15, for a total value of $2,192,250.00. Following the sale, the director now directly owns 623,834 shares in the company, valued at $91,173,339.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the sale, 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 sold a total of 99,476 shares of company stock worth $14,166,944 in the last quarter. 19.89% of the stock is 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.