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.

Garmin Price Performance

Shares of NYSE GRMN opened at $198.05 on Friday. The stock has a market capitalization of $38.07 billion, a PE ratio of 25.13, a P/E/G ratio of 3.52 and a beta of 0.99. Garmin has a one year low of $112.01 and a one year high of $207.22. The business’s fifty day moving average price is $174.22 and its 200-day moving average price is $167.62.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating 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 company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the company posted $1.41 EPS. Garmin’s revenue was up 24.1% compared to the same quarter last year. As a group, equities analysts expect that Garmin will post 6.09 EPS for the current fiscal year.

Analysts Set New Price Targets

GRMN has been the subject of several recent analyst reports. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Barclays lifted their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday. Tigress Financial increased their price target 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. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $162.67.

Insider Buying and Selling at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’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 sale, the insider now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Garmin news, Director Philip Straub sold 2,750 shares of the company’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 transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock valued at $2,296,174 in the last quarter. 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.