Garmin (GRMN) to Release Quarterly Earnings on Wednesday

Garmin (NYSE:GRMN) is set to release its quarterly earnings data before the market opens on Wednesday, May 1st. Analysts expect Garmin to post earnings of $1.00 per share for the quarter. Garmin has set its FY 2024 guidance at 5.400-5.400 EPS and its FY24 guidance at $5.40 EPS.Persons interested in registering for the company’s earnings conference call can do so using this link.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.32. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Garmin had a net margin of 24.67% and a return on equity of 16.60%. Garmin’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.35 earnings per share. On average, analysts expect Garmin to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Garmin Price Performance

Garmin stock opened at $142.51 on Wednesday. Garmin has a fifty-two week low of $94.89 and a fifty-two week high of $149.54. The firm has a fifty day moving average price of $141.30 and a two-hundred day moving average price of $127.10. The firm has a market cap of $27.33 billion, a price-to-earnings ratio of 21.24, a P/E/G ratio of 4.58 and a beta of 0.98.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, December 13th. This represents a $3.00 annualized dividend and a yield of 2.11%. Garmin’s dividend payout ratio is 43.52%.

Analyst Upgrades and Downgrades

GRMN has been the subject of a number of research reports. StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday. Bank of America upped their price objective on Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. raised their price objective on Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Tigress Financial reiterated a “strong-buy” rating and issued a $175.00 price target (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Finally, Barrington Research boosted their target price on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $142.33.

Insider Activity

In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $140.00, for a total value of $2,100,000.00. Following the sale, the director now owns 758,834 shares in the company, valued at $106,236,760. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Douglas G. Boessen sold 5,267 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $134.56, for a total transaction of $708,727.52. Following the completion of the sale, the chief financial officer now owns 30,360 shares of the company’s stock, valued at approximately $4,085,241.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $140.00, for a total value of $2,100,000.00. Following the transaction, the director now directly owns 758,834 shares in the company, valued at $106,236,760. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,476 shares of company stock valued at $14,166,944. 19.89% of the stock is currently owned by company insiders.

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.