Garmin (NYSE:GRMN – Get Free Report) released its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.00 by $0.42, Briefing.com reports. 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 the consensus estimate of $1.25 billion. During the same period last year, the company earned $1.02 EPS. Garmin’s revenue for the quarter was up 20.4% on a year-over-year basis. Garmin updated its FY24 guidance to $5.40 EPS and its FY 2024 guidance to 5.400-5.400 EPS.
Garmin Stock Up 0.4 %
Shares of GRMN opened at $165.93 on Friday. Garmin has a 52 week low of $99.56 and a 52 week high of $166.43. The stock has a market cap of $31.87 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 5.42 and a beta of 0.99. The business has a 50-day simple moving average of $145.23 and a two-hundred day simple moving average of $129.28.
Garmin Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 1.81%. Garmin’s dividend payout ratio (DPR) is 41.18%.
Wall Street Analysts Forecast Growth
Insider Activity
In other Garmin news, VP Susan Lyman sold 2,587 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $135.18, for a total value of $349,710.66. Following the completion of the transaction, the vice president now directly owns 7,174 shares in the company, valued at $969,781.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Susan Lyman sold 2,587 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the completion of the transaction, the vice president now owns 7,174 shares of the company’s stock, valued at $969,781.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $140.00, for a total value of $2,100,000.00. Following the sale, the director now directly owns 758,834 shares in the company, valued at approximately $106,236,760. 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 ninety days. Corporate 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.
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