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 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.

Garmin Stock Performance

GRMN stock opened at $198.05 on Friday. The firm has a market cap of $38.07 billion, a price-to-earnings ratio of 25.13, a PEG ratio of 3.52 and a beta of 0.99. The firm has a 50-day simple moving average of $174.22 and a two-hundred day simple moving average of $167.62. Garmin has a one year low of $112.01 and a one year high of $207.22.

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 firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. Garmin’s revenue was up 24.1% on a year-over-year basis. During the same period last year, the firm posted $1.41 EPS. As a group, equities analysts predict that Garmin will post 6.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

GRMN has been the subject of several research analyst reports. Tigress Financial increased 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. Barclays increased their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $162.67.

Insider Buying and Selling

In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred on 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on 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 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is owned by company 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.