Garmin (NYSE:GRMN) Updates FY24 Earnings Guidance

Garmin (NYSE:GRMN) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $6.85 for the period, compared to the consensus EPS 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.

Wall Street Analysts Forecast Growth

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

Garmin Stock Performance

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 $174.22 and a two-hundred day simple moving average of $167.62. Garmin has a twelve month low of $112.01 and a twelve month high of $207.22. The company has a market capitalization of $38.07 billion, a PE ratio of 25.13, a PEG ratio of 3.52 and a beta of 0.99.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. 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 company earned $1.41 earnings per share. The company’s quarterly revenue was up 24.1% on a year-over-year basis. On average, equities research analysts anticipate that Garmin will post 6.09 EPS for the current year.

Insider Buying and Selling at Garmin

In other Garmin 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 transaction, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Garmin news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction dated 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 transaction, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 stock was 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 $7,257,359.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is currently owned by 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.