Garmin (GRMN) Scheduled to Post Quarterly Earnings on Wednesday

Garmin (NYSE:GRMN) will 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.Persons that are interested in participating in the company’s earnings conference call can do so using this link.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 EPS for the quarter, topping the consensus estimate of $1.40 by $0.32. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the company posted $1.35 earnings per share. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, analysts expect Garmin to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Garmin Trading Up 1.1 %

Shares of GRMN stock opened at $142.51 on Wednesday. The company has a market capitalization of $27.33 billion, a price-to-earnings ratio of 21.24, a P/E/G ratio of 4.58 and a beta of 0.98. Garmin has a 1-year low of $94.89 and a 1-year high of $149.54. The stock’s fifty day simple moving average is $141.30 and its 200-day simple moving average is $127.10.

Garmin Announces Dividend

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. The ex-dividend date is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a yield of 2.11%. Garmin’s dividend payout ratio is currently 43.52%.

Analysts Set New Price Targets

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

Insider Activity

In related news, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the transaction, the chief executive officer now owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the company’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 transaction, the director now directly owns 623,834 shares of the company’s stock, valued at approximately $91,173,339.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the transaction, the chief executive officer now directly owns 159,319 shares in the company, valued at $21,379,016.61. The disclosure for this sale can be found here. Insiders have sold a total of 99,476 shares of company stock worth $14,166,944 over the last three months. Corporate insiders own 19.89% of the company’s stock.

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.