Garmin (NYSE:GRMN) Issues FY24 Earnings Guidance

Garmin (NYSE:GRMN) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $5.40 for the period, compared to the consensus earnings per share estimate of $5.44. The company issued revenue guidance of $5.75 billion, compared to the consensus revenue estimate of $5.73 billion. Garmin also updated its FY 2024 guidance to 5.400-5.400 EPS.

Wall Street Analyst Weigh In

GRMN has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price target on Garmin from $155.00 to $175.00 and gave the company a neutral rating in a research report on Thursday. Barrington Research increased their price objective on Garmin from $119.00 to $140.00 and gave the company an equal weight rating in a research report on Thursday, February 22nd. Bank of America boosted their target price on shares of Garmin from $120.00 to $165.00 and gave the stock a neutral rating in a research report on Wednesday, April 3rd. StockNews.com cut shares of Garmin from a buy rating to a hold rating in a research note on Thursday. Finally, 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 report on Tuesday, February 27th. Six research 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 an average rating of Hold and a consensus target price of $153.50.

Garmin Stock Up 0.4 %

NYSE GRMN traded up $0.64 during trading on Friday, reaching $165.97. 973,141 shares of the stock traded hands, compared to its average volume of 983,928. The stock’s 50-day moving average price is $145.23 and its 200 day moving average price is $129.28. The firm 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 fifty-two week low of $99.56 and a fifty-two week high of $166.43.

Garmin (NYSE:GRMN) last released its quarterly earnings data 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. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the company earned $1.02 EPS. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. Analysts anticipate that Garmin will post 5.45 EPS for the current fiscal year.

Garmin Announces Dividend

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

Insiders Place Their Bets

In related news, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction 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 transaction, the director now owns 623,834 shares in the company, valued at $91,173,339.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the business’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 transaction of $2,192,250.00. Following the transaction, the director now owns 623,834 shares of the company’s stock, valued at approximately $91,173,339.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Susan Lyman sold 2,587 shares of the company’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 completion of the sale, the vice president now directly owns 7,174 shares in the company, valued at $969,781.32. The disclosure for this sale can be found here. Insiders sold a total of 99,476 shares of company stock valued at $14,166,944 in the last quarter. 19.89% of the stock is currently 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.