Garmin (GRMN) Scheduled to Post Earnings on Wednesday

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

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period last year, the business posted $1.45 earnings per share. On average, analysts expect Garmin to post $6 EPS for the current fiscal year and $7 EPS for the next fiscal year.

Garmin Price Performance

Shares of Garmin stock opened at $162.96 on Wednesday. The firm has a market cap of $31.30 billion, a price-to-earnings ratio of 22.98, a price-to-earnings-growth ratio of 2.85 and a beta of 0.99. The stock’s 50-day moving average is $173.85 and its 200-day moving average is $166.14. Garmin has a one year low of $99.61 and a one year high of $184.42.

Analyst Upgrades and Downgrades

GRMN has been the topic of a number of recent analyst reports. Tigress Financial boosted their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the stock 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $158.50.

Insiders Place Their Bets

In related news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock valued at $2,296,174 in the last 90 days. 19.54% of the stock is currently owned by corporate insiders.

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.