Garmin (NYSE:GRMN - Get Free Report) is set to post its quarterly earnings results 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 that wish to listen to the company's earnings conference call can do so using this link.
Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results 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. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the business posted $1.35 earnings per share. The business's revenue was up 13.3% compared to the same quarter last year. On average, analysts expect Garmin to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.
Garmin Stock Performance
GRMN traded up $0.29 during trading on Wednesday, reaching $142.80. The company's stock had a trading volume of 612,575 shares, compared to its average volume of 944,136. The company has a market capitalization of $27.39 billion, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 4.62 and a beta of 0.98. The company's fifty day moving average price is $141.70 and its 200-day moving average price is $127.21. Garmin has a 52-week low of $94.89 and a 52-week high of $149.54.
Garmin Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 2.10%. Garmin's payout ratio is currently 44.71%.
Insider Activity at Garmin
In other news, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $148.89, for a total transaction of $2,233,350.00. Following the sale, the director now owns 653,834 shares in the company, valued at $97,349,344.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the company's stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the transaction, the chief executive officer now directly owns 159,319 shares of the company's stock, valued at approximately $21,379,016.61. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $148.89, for a total value of $2,233,350.00. Following the transaction, the director now owns 653,834 shares of the company's stock, valued at $97,349,344.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 99,476 shares of company stock worth $14,166,944. 19.89% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
GRMN has been the topic of a number of research reports. Tigress Financial restated a "strong-buy" rating and issued a $175.00 price target (up previously from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Bank of America increased their price target on shares of Garmin from $120.00 to $165.00 and gave the company a "neutral" rating in a research report on Wednesday, April 3rd. StockNews.com upgraded Garmin from a "hold" rating to a "buy" rating in a research report on Tuesday. Barrington Research lifted their target price on shares of Garmin from $119.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 22nd. Finally, JPMorgan Chase & Co. increased their price target on Garmin from $139.00 to $155.00 and gave the stock a "neutral" rating in a research note on Thursday, April 11th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Garmin presently has an average rating of "Hold" and a consensus price target of $142.33.
Check Out Our Latest Research Report on GRMN
About Garmin
(
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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.
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