Garmin (NYSE:GRMN) Issues Quarterly Earnings Results

Garmin (NYSE:GRMN - Get Free Report) announced its earnings results on Wednesday. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.51, Zacks reports. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the business earned $1.72 earnings per share. The firm's quarterly revenue was up 22.9% compared to the same quarter last year. Garmin updated its FY 2025 guidance to 7.800-7.800 EPS and its FY25 guidance to approx $7.80 EPS.

Garmin Stock Performance

Shares of NYSE:GRMN traded down $4.34 during trading on Friday, reaching $224.67. 1,000,400 shares of the stock traded hands, compared to its average volume of 822,602. The stock has a 50-day moving average of $213.24 and a two-hundred day moving average of $195.07. Garmin has a 52-week low of $131.20 and a 52-week high of $246.50. The stock has a market cap of $43.14 billion, a P/E ratio of 30.73, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, March 13th. Garmin's payout ratio is 41.04%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Garmin to a "sell" rating and upped their target price for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. JPMorgan Chase & Co. upped their price target on shares of Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a research report on Thursday. Tigress Financial upped their price target on shares of Garmin from $215.00 to $265.00 and gave the company a "strong-buy" rating in a research report on Monday, December 16th. Finally, Barclays upped their price target on shares of Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a research report on Thursday. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $195.67.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,761 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 19.54% of the stock is currently owned by corporate 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.