Garmin (NYSE:GRMN) Issues FY24 Earnings Guidance

Garmin (NYSE:GRMN) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $6.85 for the period, compared to the consensus earnings per share estimate of $6.10. The company issued revenue guidance of $6.12 billion, compared to the consensus revenue estimate of $5.98 billion. Garmin also updated its FY 2024 guidance to 6.850-6.850 EPS.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Tigress Financial raised their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Barclays raised their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Finally, StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Garmin currently has an average rating of “Hold” and an average target price of $162.67.

Garmin Trading Down 0.2 %

Garmin stock traded down $0.30 during midday trading on Friday, hitting $198.05. 1,708,178 shares of the stock were exchanged, compared to its average volume of 854,782. The stock’s 50-day simple moving average is $174.22 and its 200 day simple moving average is $167.62. Garmin has a fifty-two week low of $112.01 and a fifty-two week high of $207.22. The stock has a market capitalization of $38.07 billion, a price-to-earnings ratio of 25.13, a PEG ratio of 3.52 and a beta of 0.99.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the firm earned $1.41 EPS. The business’s revenue was up 24.1% compared to the same quarter last year. Equities analysts anticipate that Garmin will post 6.09 EPS for the current fiscal year.

Insider Activity

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares in the company, valued at $16,081,348.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock valued at $2,296,174 in the last quarter. 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.