Garmin (NYSE:GRMN) Issues 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 (EPS) guidance of 5.400-5.400 for the period, compared to the consensus 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

Garmin stock traded up $0.64 during midday trading on Friday, reaching $165.97. The stock had a trading volume of 973,141 shares, 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 price-to-earnings-growth ratio of 5.42 and a beta of 0.99. The firm’s fifty day simple moving average is $145.23 and its 200-day simple moving average is $129.28. Garmin has a 1-year low of $99.56 and a 1-year high of $166.43.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share 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 the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned $1.02 earnings per share. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. On average, sell-side analysts anticipate 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. Investors 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 is presently 41.18%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GRMN shares. StockNews.com downgraded Garmin from a buy rating to a hold rating in a research note on Thursday. Bank of America lifted their price objective 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. Barclays increased their price objective on shares of Garmin from $140.00 to $166.00 and gave the company an equal weight rating in a research report on Thursday. Barrington Research raised 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. Finally, JPMorgan Chase & Co. upped their price target on shares of Garmin from $155.00 to $175.00 and gave the company a neutral rating in a research note on Thursday. Six analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, Garmin currently has a consensus rating of Hold and an average price target of $153.50.

Insider Activity

In other news, VP Susan Lyman sold 2,587 shares of the company’s stock in a transaction on 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 transaction, the vice president now directly owns 7,174 shares in the company, valued at $969,781.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, 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 transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction 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 disclosure for this sale can be found here. In the last three months, insiders have sold 99,476 shares of company stock worth $14,166,944. Corporate 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.