Garmin (GRMN) Scheduled to Post Earnings on Wednesday

Garmin (NYSE:GRMN) is scheduled to be announcing its earnings results 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 registering for the company’s earnings conference call can do so using this link.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 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%. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $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 Trading Up 0.3 %

NYSE:GRMN opened at $143.45 on Monday. The company has a market capitalization of $27.55 billion, a P/E ratio of 21.38, a P/E/G ratio of 4.70 and a beta of 0.98. Garmin has a 12 month low of $95.40 and a 12 month high of $149.54. The business’s 50-day moving average is $142.51 and its 200 day moving average is $127.85.

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 annualized dividend and a yield of 2.09%. Garmin’s payout ratio is currently 43.52%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction on Friday, March 15th. The shares were sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the completion of the sale, the director now directly owns 623,834 shares of the company’s stock, valued at approximately $91,173,339.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Clifton A. Pemble sold 1,622 shares of the business’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 sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the completion of the sale, the director now directly owns 623,834 shares of the company’s stock, valued at $91,173,339.10. The disclosure for this sale can be found here. Insiders sold a total of 99,476 shares of company stock worth $14,166,944 over the last 90 days. 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.