Garmin (NYSE:GRMN) Announces Quarterly Earnings Results

Garmin (NYSE:GRMN) issued its earnings results on Wednesday. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53, Briefing.com reports. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the company posted $1.41 EPS. Garmin’s revenue was up 24.1% on a year-over-year basis. Garmin updated its FY 2024 guidance to 6.850-6.850 EPS and its FY24 guidance to $6.85 EPS.

Garmin Price Performance

NYSE GRMN traded down $6.57 on Thursday, hitting $198.35. The stock had a trading volume of 1,999,911 shares, compared to its average volume of 850,429. The business’s fifty day moving average price is $173.44 and its 200 day moving average price is $167.01. The stock has a market cap of $38.10 billion, a price-to-earnings ratio of 28.71, a price-to-earnings-growth ratio of 2.81 and a beta of 0.99. Garmin has a 52-week low of $101.49 and a 52-week high of $207.22.

Insider Activity

In other Garmin news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,892 shares of company stock worth $2,296,174. Insiders own 19.54% of the company’s stock.

Analyst Upgrades and Downgrades

GRMN has been the subject of several recent research reports. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $155.00 to $138.00 in a report on Monday, October 7th. Tigress Financial upped their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Barclays downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $158.50.

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.