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 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 Performance

Shares of NYSE GRMN traded up $0.64 during midday trading on Friday, reaching $165.97. 973,141 shares of the stock were exchanged, compared to its average volume of 983,928. The stock has a market capitalization of $31.88 billion, a P/E ratio of 23.40, a PEG ratio of 5.42 and a beta of 0.99. The company has a 50 day simple moving average of $145.23 and a 200 day simple moving average of $129.28. Garmin has a twelve month low of $99.56 and a twelve month high of $166.43.

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

Garmin Announces Dividend

The business also recently announced 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 is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a yield of 1.81%. Garmin’s payout ratio is currently 41.18%.

Analysts Set New Price Targets

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

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the sale, the chief executive officer now directly owns 159,319 shares in the company, valued at $21,379,016.61. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the completion of the sale, the director now owns 623,834 shares in the company, valued at approximately $91,173,339.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the sale, the chief executive officer now 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. In the last three months, insiders have sold 99,476 shares of company stock valued at $14,166,944. Insiders own 19.89% of the company’s stock.

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.