Garmin (NYSE:GRMN) Issues FY24 Earnings Guidance

Garmin (NYSE:GRMN) updated its FY24 earnings guidance on Wednesday. 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.

Garmin Stock Performance

NYSE GRMN traded up $0.64 on Friday, hitting $165.97. 973,141 shares of the stock traded hands, compared to its average volume of 983,928. The firm has a market capitalization of $31.88 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 5.42 and a beta of 0.99. The business’s fifty day moving average is $145.23 and its two-hundred day moving average is $129.28. Garmin has a 12 month low of $99.56 and a 12 month high of $166.43.

Garmin (NYSE:GRMN) last released its quarterly earnings data 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 analyst estimates of $1.25 billion. During the same period in the previous year, the business earned $1.02 EPS. Garmin’s revenue was up 20.4% compared to the same quarter last year. Analysts expect that Garmin will post 5.45 EPS for the current fiscal year.

Garmin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Friday, December 13th. Garmin’s payout ratio is 41.18%.

Analysts Set New Price Targets

A number of research firms have weighed in on GRMN. Bank of America raised their price target on Garmin from $120.00 to $165.00 and gave the company a neutral rating in a research report on Wednesday, April 3rd. Barrington Research increased their price target on shares of Garmin from $119.00 to $140.00 and gave the company an equal weight rating in a research report on Thursday, February 22nd. StockNews.com lowered shares of Garmin from a buy rating to a hold rating in a report on Thursday. Tigress Financial reaffirmed a strong-buy rating and issued a $175.00 price objective (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Finally, Barclays boosted their price target on shares of Garmin from $140.00 to $166.00 and gave the stock an equal weight rating in a research note on Thursday. Six investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $153.50.

Insiders Place Their Bets

In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $148.89, for a total value of $2,233,350.00. Following the completion of the transaction, the director now owns 653,834 shares in the company, valued at $97,349,344.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Garmin news, CFO Douglas G. Boessen sold 5,267 shares of Garmin stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $134.56, for a total transaction of $708,727.52. Following the completion of the transaction, the chief financial officer now owns 30,360 shares in the company, valued at $4,085,241.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $148.89, for a total transaction of $2,233,350.00. Following the completion of the transaction, the director now owns 653,834 shares in the company, valued at approximately $97,349,344.26. The disclosure for this sale can be found here. In the last quarter, insiders have sold 99,476 shares of company stock worth $14,166,944. 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.