Garmin (NYSE:GRMN) Posts Earnings Results, Beats Expectations By $0.01 EPS

Garmin (NYSE:GRMNGet Rating) released its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $1.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.01, MarketWatch Earnings reports. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.14 billion. Garmin had a net margin of 21.72% and a return on equity of 19.31%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.18 earnings per share. Garmin updated its FY22 guidance to $5.90 EPS.

Shares of NYSE:GRMN traded down $0.73 during midday trading on Wednesday, hitting $109.27. The company’s stock had a trading volume of 26,557 shares, compared to its average volume of 1,218,839. The business’s 50 day simple moving average is $113.68 and its 200 day simple moving average is $129.03. The company has a market cap of $21.07 billion, a P/E ratio of 19.50, a price-to-earnings-growth ratio of 2.77 and a beta of 1.02. Garmin has a 12-month low of $106.66 and a 12-month high of $178.80.

A number of analysts have recently weighed in on the stock. Bank of America upgraded shares of Garmin from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $165.00 to $140.00 in a research note on Friday, March 18th. Morgan Stanley cut their price objective on shares of Garmin from $141.00 to $127.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Garmin from a “hold” rating to a “buy” rating and increased their price objective for the stock from $148.00 to $160.00 in a research note on Wednesday, January 5th. Tigress Financial raised their price target on shares of Garmin from $202.00 to $205.00 in a research report on Friday, February 25th. Finally, Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating and set a $119.00 price target on the stock. in a research report on Friday, February 18th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $148.50.

Several large investors have recently bought and sold shares of GRMN. Deutsche Bank AG raised its stake in Garmin by 16.3% during the fourth quarter. Deutsche Bank AG now owns 699,923 shares of the scientific and technical instruments company’s stock worth $95,309,000 after purchasing an additional 97,956 shares during the period. California State Teachers Retirement System raised its stake in shares of Garmin by 2.6% in the 4th quarter. California State Teachers Retirement System now owns 273,603 shares of the scientific and technical instruments company’s stock valued at $37,257,000 after acquiring an additional 6,864 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Garmin by 8.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 34,093 shares of the scientific and technical instruments company’s stock valued at $4,642,000 after acquiring an additional 2,547 shares during the period. Integrated Wealth Concepts LLC raised its stake in shares of Garmin by 1.7% in the 4th quarter. Integrated Wealth Concepts LLC now owns 6,931 shares of the scientific and technical instruments company’s stock valued at $944,000 after acquiring an additional 113 shares during the period. Finally, Kingsview Wealth Management LLC purchased a new stake in shares of Garmin in the 4th quarter valued at approximately $765,000. 72.45% of the stock is currently owned by hedge funds and other institutional investors.

About Garmin (Get Rating)

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

Further Reading

Earnings History for Garmin (NYSE:GRMN)

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