Garmin (GRMN) Scheduled to Post Quarterly Earnings on Wednesday

Garmin (NYSE:GRMN) is set to issue its quarterly earnings data before the market opens on Wednesday, May 1st. Analysts expect Garmin to post earnings of $1.00 per share for the quarter. Garmin has set its FY 2024 guidance at 5.400-5.400 EPS and its FY24 guidance at $5.40 EPS.Parties that are interested in participating in the company’s conference call can do so using this link.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.32. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the firm posted $1.35 EPS. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, analysts expect Garmin to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Garmin Trading Up 1.2 %

NYSE GRMN opened at $145.18 on Tuesday. The company has a market cap of $27.89 billion, a price-to-earnings ratio of 21.64, a PEG ratio of 4.70 and a beta of 0.98. The company has a 50 day moving average of $142.97 and a 200-day moving average of $128.11. Garmin has a 1-year low of $95.79 and a 1-year high of $149.54.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a yield of 2.07%. Garmin’s payout ratio is 43.52%.

Insider Activity

In related news, CEO Clifton A. Pemble sold 1,622 shares of Garmin 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 sale, the chief executive officer now owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the transaction, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Susan Lyman sold 2,587 shares of the company’s stock in a transaction on Monday, February 26th. The shares were 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 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 a total of 99,476 shares of company stock worth $14,166,944 in the last three months. Company insiders own 19.89% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. StockNews.com raised Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, April 23rd. Barrington Research upped their price target on shares of Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. JPMorgan Chase & Co. increased their price target on Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Tigress Financial restated a “strong-buy” rating and set a $175.00 price objective (up previously from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Finally, Bank of America increased their target price on Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $142.33.

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.