Garmin (NYSE:GRMN) Posts Earnings Results, Beats Estimates By $0.53 EPS

Garmin (NYSE:GRMN) posted its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.53, Briefing.com reports. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the business earned $1.41 earnings per share. Garmin’s revenue for the quarter was up 24.1% compared to the same quarter last year. Garmin updated its FY 2024 guidance to 6.850-6.850 EPS and its FY24 guidance to $6.85 EPS.

Garmin Trading Up 0.7 %

GRMN stock traded up $1.43 during trading hours on Friday, hitting $199.78. 149,131 shares of the stock were exchanged, compared to its average volume of 847,428. Garmin has a 12 month low of $112.01 and a 12 month high of $207.22. The company has a 50-day simple moving average of $173.85 and a two-hundred day simple moving average of $167.23. The firm has a market capitalization of $38.40 billion, a P/E ratio of 25.18, a P/E/G ratio of 3.52 and a beta of 0.99.

Analyst Ratings Changes

Several brokerages recently commented on GRMN. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Tigress Financial lifted their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Finally, Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $181.00 to $133.00 in a research report on Friday, September 13th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Garmin presently has a consensus rating of “Hold” and an average price target of $158.50.

Insider Activity at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the company’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 sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the company’s 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 transaction, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,892 shares of company stock worth $2,296,174. Company insiders own 19.54% of the company’s stock.

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.