Garmin (NYSE:GRMN) Updates FY 2024 Earnings Guidance

Garmin (NYSE:GRMN) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 5.400-5.400 for the period, compared to the consensus earnings per share estimate of 5.390. The company issued revenue guidance of $5.8 billion-$5.8 billion, compared to the consensus revenue estimate of $5.7 billion. Garmin also updated its FY24 guidance to $5.40 EPS.

Garmin Price Performance

Shares of NYSE GRMN traded up $14.53 during trading on Wednesday, hitting $159.00. The stock had a trading volume of 292,168 shares, compared to its average volume of 927,730. The firm has a fifty day moving average of $143.40 and a two-hundred day moving average of $128.37. Garmin has a 12 month low of $95.79 and a 12 month high of $159.45. The company has a market capitalization of $30.54 billion, a PE ratio of 23.47, a PEG ratio of 4.76 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.32. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the firm posted $1.35 earnings per share. The firm’s revenue was up 13.3% on a year-over-year basis. On average, equities analysts expect that Garmin will post 5.45 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 1.89%. Garmin’s dividend payout ratio (DPR) is presently 43.52%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. StockNews.com upgraded shares of Garmin from a hold rating to a buy rating in a research report on Tuesday, April 23rd. 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 note on Thursday, February 22nd. JPMorgan Chase & Co. increased their target price on shares of Garmin from $139.00 to $155.00 and gave the stock a neutral rating in a research note on Thursday, April 11th. Tigress Financial reaffirmed a strong-buy rating and set a $175.00 price objective (up from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Finally, Bank of America raised their price target on Garmin from $120.00 to $165.00 and gave the stock a neutral rating in a research note 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $142.33.

Insider Transactions at Garmin

In related news, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction that occurred 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 approximately $21,379,016.61. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Garmin news, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the completion of the sale, the vice president now directly owns 7,174 shares of the company’s stock, valued at $969,781.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction dated 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 in the company, 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 worth $14,166,944 over 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.