Garmin (NYSE:GRMN) Issues Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Garmin (NYSE:GRMN) released its earnings results on Wednesday. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.40 by $0.18, Briefing.com reports. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. Garmin had a return on equity of 17.17% and a net margin of 24.36%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.45 earnings per share. Garmin updated its FY24 guidance to $6.00 EPS and its FY 2024 guidance to 6.000-6.000 EPS.

Garmin Stock Down 2.5 %

Shares of NYSE GRMN traded down $4.29 on Friday, hitting $166.77. The company had a trading volume of 303,139 shares, compared to its average volume of 854,955. Garmin has a 12-month low of $99.61 and a 12-month high of $179.76. The business has a 50 day moving average of $165.45 and a two-hundred day moving average of $150.17. The firm has a market capitalization of $32.03 billion, a P/E ratio of 24.12, a PEG ratio of 3.55 and a beta of 0.98.

Garmin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend is Friday, March 14th. Garmin’s payout ratio is 42.31%.

Analysts Set New Price Targets

Several equities analysts recently commented on GRMN shares. Tigress Financial upped their target price on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 14th. StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a research note on Thursday. Barclays upped their price target on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Finally, JPMorgan Chase & Co. upped their price target on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $156.83.

Insider Activity at Garmin

In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total transaction of $674,683.52. Following the completion of the sale, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total transaction of $674,683.52. Following the completion of the sale, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $161.63, for a total value of $379,830.50. Following the sale, the chief financial officer now owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

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.