Garmin (NYSE:GRMN) Updates FY24 Earnings Guidance

Garmin (NYSE:GRMN) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. StockNews.com cut shares of Garmin from a buy rating to a hold rating in a report on Thursday. Barclays boosted their price target on shares of Garmin from $140.00 to $166.00 and gave the company an equal weight rating in a report on Thursday. 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. Bank of America boosted their target price on Garmin from $120.00 to $165.00 and gave the company a neutral rating in a research note on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. raised their price target on Garmin from $155.00 to $175.00 and gave the stock a neutral rating in a research note on Thursday. Six analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Garmin has a consensus rating of Hold and a consensus price target of $153.50.

Garmin Price Performance

Shares of GRMN stock traded up $0.64 on Friday, reaching $165.97. 973,141 shares of the stock were exchanged, compared to its average volume of 983,928. The stock has a market cap of $31.88 billion, a PE ratio of 23.40, a P/E/G ratio of 5.42 and a beta of 0.99. Garmin has a one year low of $99.56 and a one year high of $166.43. The stock has a 50 day moving average price of $145.23 and a 200 day moving average price of $129.28.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.42. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. On average, research analysts expect that Garmin will post 5.45 earnings per share for the current fiscal year.

Garmin Announces Dividend

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 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 yield of 1.81%. Garmin’s payout ratio is 41.18%.

Insider Activity

In other news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the transaction, the chief executive officer now owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director now owns 623,834 shares of the company’s stock, valued at $91,173,339.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the transaction, the chief executive officer now owns 159,319 shares of the company’s stock, valued at $21,379,016.61. 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. Company 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.