Garmin (NYSE:GRMN – Get Free Report) posted its earnings results on Wednesday. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.18, Briefing.com reports. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The business 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 business earned $1.45 EPS. The business’s quarterly revenue was up 14.3% on a year-over-year basis. Garmin updated its FY24 guidance to $6.00 EPS and its FY 2024 guidance to 6.000-6.000 EPS.
Garmin Price Performance
NYSE GRMN traded down $0.54 on Thursday, hitting $170.71. 627,506 shares of the company’s stock were exchanged, compared to its average volume of 855,261. The firm has a market cap of $32.79 billion, a price-to-earnings ratio of 24.15, a P/E/G ratio of 3.90 and a beta of 0.98. The firm’s 50-day moving average price is $165.28 and its two-hundred day moving average price is $150.02. Garmin has a fifty-two week low of $99.61 and a fifty-two week high of $179.76.
Garmin Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.76%. The ex-dividend date is Friday, March 14th. Garmin’s payout ratio is 42.31%.
Wall Street Analyst Weigh In
Check Out Our Latest Report on Garmin
Insider Buying and Selling
In related news, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value of $674,683.52. Following the sale, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Douglas G. Boessen sold 2,350 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $161.63, for a total value of $379,830.50. Following the sale, the chief financial officer now owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the sale, the executive vice president now directly owns 58,412 shares in the company, valued at approximately $9,551,530.24. The disclosure for this sale can be found here. Insiders own 19.54% of the company’s stock.
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.
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