Garmin (NYSE:GRMN) Releases FY 2024 Earnings Guidance

Garmin (NYSE:GRMN) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 6.000-6.000 for the period, compared to the consensus estimate of 5.750. The company issued revenue guidance of $6.0 billion-$6.0 billion, compared to the consensus revenue estimate of $5.9 billion. Garmin also updated its FY24 guidance to $6.00 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. StockNews.com upgraded Garmin from a hold rating to a buy rating in a report on Thursday. JPMorgan Chase & Co. lifted their price objective on Garmin from $155.00 to $175.00 and gave the stock a neutral rating in a report on Thursday, May 2nd. Tigress Financial lifted their price objective on Garmin from $175.00 to $210.00 and gave the stock a strong-buy rating in a report on Tuesday, May 14th. Bank of America downgraded Garmin from a neutral rating to an underperform rating and lowered their price target for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. Finally, Barclays boosted their price target on Garmin from $140.00 to $166.00 and gave the company an equal weight rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $156.83.

Garmin Stock Performance

Shares of NYSE GRMN traded down $2.54 during trading on Friday, reaching $168.52. The stock had a trading volume of 943,885 shares, compared to its average volume of 822,842. Garmin has a one year low of $99.61 and a one year high of $179.76. The stock has a market cap of $32.39 billion, a PE ratio of 23.77, a P/E/G ratio of 3.55 and a beta of 0.98. The firm’s 50 day moving average price is $165.54 and its two-hundred day moving average price is $150.67.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the firm posted $1.45 EPS. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. On average, research analysts expect that Garmin will post 6 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, March 14th. This represents a $3.00 dividend on an annualized basis and a yield of 1.78%. Garmin’s dividend payout ratio is currently 42.31%.

Insider Activity at Garmin

In related news, EVP Patrick Desbois sold 4,126 shares of the business’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 transaction, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction 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 transaction, 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 Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 2,350 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $161.63, for a total value of $379,830.50. Following the transaction, 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. Insiders own 19.54% 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.