Garmin (NYSE:GRMN) Releases 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 Analysts Forecast Growth

A number of brokerages have commented on GRMN. Barclays raised their price objective on Garmin from $140.00 to $166.00 and gave the stock an equal weight rating in a research report on Thursday. StockNews.com cut shares of Garmin from a buy rating to a hold rating in a report on Thursday. Bank of America increased 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. Tigress Financial restated a strong-buy rating and set a $175.00 price target (up from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Finally, Barrington Research increased their price objective on Garmin from $119.00 to $140.00 and gave the stock an equal weight rating in a report on Thursday, February 22nd. Six 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, the company presently has an average rating of Hold and a consensus price target of $153.50.

Garmin Stock Performance

Shares of GRMN stock traded up $0.64 during mid-day trading on Friday, reaching $165.97. The company’s stock had a trading volume of 973,141 shares, compared to its average volume of 983,928. The firm’s 50-day moving average is $145.23 and its two-hundred day moving average is $129.28. Garmin has a 1-year low of $99.56 and a 1-year high of $166.43. The company has a market cap of $31.88 billion, a P/E ratio of 23.40, a PEG ratio of 5.42 and a beta of 0.99.

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

Garmin Dividend Announcement

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

Insider Activity at Garmin

In related news, VP Susan Lyman sold 2,587 shares of Garmin 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 directly owns 7,174 shares of the company’s stock, valued at $969,781.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction on Monday, March 4th. The stock was sold at an average price of $140.00, for a total value of $2,100,000.00. Following the completion of the sale, the director now directly owns 758,834 shares of the company’s stock, valued at approximately $106,236,760. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Susan Lyman sold 2,587 shares of the business’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 sale, the vice president now owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The disclosure for this sale can be found here. Insiders sold 99,476 shares of company stock valued at $14,166,944 in the last three months. 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.