Garmin (NYSE:GRMN) Updates FY24 Earnings Guidance

Garmin (NYSE:GRMN - Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $6.85 for the period, compared to the consensus 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 Stock Performance

GRMN traded up $38.65 during trading on Wednesday, reaching $204.92. The stock had a trading volume of 3,005,281 shares, compared to its average volume of 844,829. The stock has a market cap of $39.36 billion, a PE ratio of 29.13, a PEG ratio of 2.81 and a beta of 0.99. The business has a 50-day moving average of $172.91 and a 200-day moving average of $166.75. Garmin has a one year low of $101.49 and a one year high of $207.22.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The company had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.42 billion. During the same period last year, the firm earned $1.45 earnings per share. Garmin's quarterly revenue was up 14.3% on a year-over-year basis. Equities research analysts forecast that Garmin will post 6.08 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Morgan Stanley downgraded Garmin from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Barclays downgraded Garmin from an "equal weight" rating to an "underweight" rating and lowered their price target for the company from $181.00 to $133.00 in a report on Friday, September 13th. Tigress Financial raised their price target on shares of Garmin from $210.00 to $215.00 and gave the company a "strong-buy" rating in a report on Thursday, September 19th. Finally, StockNews.com cut 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 given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $158.50.

Insider Transactions at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the business's stock in a transaction 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 transaction, the director now owns 88,622 shares in the company, valued at $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. 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 can be accessed through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the business's 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 sale, the insider now directly owns 40,965 shares of the company's stock, valued at $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 have sold 12,892 shares of company stock valued at $2,296,174 in the last ninety days. Corporate insiders own 19.54% of the company's stock.

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.