Garmin (NYSE:GRMN) Updates FY 2024 Earnings Guidance

Garmin (NYSE:GRMN) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 5.400-5.400 for the period, compared to the consensus EPS 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 Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Tigress Financial reissued a strong-buy rating and issued a $175.00 price target (up from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Bank of America boosted their target price on Garmin from $120.00 to $165.00 and gave the stock a neutral rating in a report on Wednesday, April 3rd. StockNews.com downgraded Garmin from a buy rating to a hold rating in a report on Thursday. Barrington Research upped their price target 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. Finally, Barclays raised their price objective on shares of 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $153.50.

Garmin Price Performance

NYSE GRMN traded up $0.64 during trading hours on Friday, hitting $165.97. The company’s stock had a trading volume of 973,141 shares, compared to its average volume of 983,928. Garmin has a 12 month low of $99.56 and a 12 month high of $166.43. The company’s 50 day simple moving average is $145.23 and its two-hundred day simple moving average is $129.28. The company has a market cap of $31.88 billion, a P/E ratio of 23.40, a price-to-earnings-growth ratio of 5.42 and a beta of 0.99.

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, topping 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 firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same period in the previous year, the business posted $1.02 earnings per share. The business’s revenue for the quarter was up 20.4% on a year-over-year basis. As a group, research analysts predict that Garmin will post 5.45 earnings per share for the current fiscal year.

Garmin Dividend Announcement

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

Insider Buying and Selling at Garmin

In other news, VP Susan Lyman sold 2,587 shares of the 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 transaction, the vice president now owns 7,174 shares in the company, valued at approximately $969,781.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the transaction, the vice president now directly owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $106,236,760. 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 three months. 19.89% of the stock is currently owned by company insiders.

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.