Garmin (NYSE:GRMN) Updates FY 2024 Earnings Guidance

Garmin (NYSE:GRMN) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 6.850-6.850 for the period, compared to the consensus earnings per share estimate of 6.080. The company issued revenue guidance of $6.1 billion-$6.1 billion, compared to the consensus revenue estimate of $6.0 billion. Garmin also updated its FY24 guidance to $6.85 EPS.

Wall Street Analysts Forecast Growth

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

Garmin Stock Performance

NYSE GRMN traded down $0.30 during trading on Friday, hitting $198.05. The stock had a trading volume of 1,708,178 shares, compared to its average volume of 854,782. The stock has a 50 day simple moving average of $173.85 and a 200 day simple moving average of $167.23. Garmin has a one year low of $112.01 and a one year high of $207.22. The stock has a market capitalization of $38.07 billion, a price-to-earnings ratio of 25.14, a P/E/G ratio of 3.52 and a beta of 0.99.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.46 by $0.53. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. Garmin’s quarterly revenue was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.41 EPS. On average, sell-side analysts predict that Garmin will post 6.09 EPS for the current year.

Insider Activity at Garmin

In related news, Director Philip Straub sold 2,750 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was 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 directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock worth $2,296,174 in the last 90 days. 19.54% of the stock is owned by corporate insiders.

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.