Garmin (GRMN) Set to Announce Earnings on Wednesday

Garmin (NYSE:GRMN) is scheduled to issue its quarterly earnings data before the market opens on Wednesday, May 1st. Analysts expect the company to announce 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.Investors interested in listening to the company’s conference call can do so using this link.

Garmin (NYSE:GRMN) 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. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.41 billion. Garmin had a return on equity of 16.60% and a net margin of 24.67%. Garmin’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the business 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

Shares of GRMN stock opened at $145.18 on Tuesday. The stock has a 50 day simple moving average of $142.97 and a 200-day simple moving average of $128.11. Garmin has a 1-year low of $95.79 and a 1-year high of $149.54. The company has a market cap of $27.89 billion, a price-to-earnings ratio of 21.64, a PEG ratio of 4.70 and a beta of 0.98.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.07%. The ex-dividend date is Friday, December 13th. Garmin’s payout ratio is 43.52%.

Insiders Place Their Bets

In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $146.15, for a total value of $2,192,250.00. Following the sale, the director now directly owns 623,834 shares in the company, valued at $91,173,339.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the sale, the director now owns 623,834 shares in the company, valued at $91,173,339.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Clifton A. Pemble sold 1,622 shares of Garmin 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 in the company, valued at approximately $21,379,016.61. The disclosure for this sale can be found here. Insiders sold 99,476 shares of company stock worth $14,166,944 in the last 90 days. Corporate insiders own 19.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Barrington Research raised their price objective on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, April 23rd. Tigress Financial reaffirmed a “strong-buy” rating and set a $175.00 price objective (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Bank of America raised their target price on shares of Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. upped their price target on Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $142.33.

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.