Garmin (GRMN) to Release Earnings on Wednesday

Garmin (NYSE:GRMN) is set to post its quarterly earnings results before the market opens on Wednesday, October 30th. Analysts expect Garmin to post earnings of $1.45 per share for the quarter. Garmin has set its FY24 guidance at $6.00 EPS and its FY 2024 guidance at 6.000-6.000 EPS.Individual interested in participating in the company’s earnings conference call can do so using this link.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the previous year, the firm posted $1.45 earnings per share. Garmin’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, analysts expect Garmin to post $6 EPS for the current fiscal year and $7 EPS for the next fiscal year.

Garmin Stock Up 0.2 %

Shares of GRMN stock opened at $162.30 on Monday. The business has a 50 day moving average of $173.31 and a two-hundred day moving average of $166.30. Garmin has a 52 week low of $99.61 and a 52 week high of $184.42. The company has a market cap of $31.20 billion, a P/E ratio of 22.70, a PEG ratio of 2.81 and a beta of 0.99.

Insider Transactions at Garmin

In other news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,892 shares of company stock worth $2,296,174. Company insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on GRMN. Tigress Financial lifted their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $181.00 to $133.00 in a research note on Friday, September 13th. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $158.50.

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.