Garmin (NYSE:GRMN – Get Rating) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided EPS guidance of $4.95-$4.95 for the period, compared to the consensus EPS estimate of $4.90. The company issued revenue guidance of $4.85 billion-$4.85 billion, compared to the consensus revenue estimate of $4.99 billion.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the stock. Tigress Financial cut their price objective on shares of Garmin from $208.00 to $165.00 and set a strong-buy rating for the company in a research note on Friday, August 5th. StockNews.com began coverage on Garmin in a research note on Wednesday, October 12th. They issued a hold rating for the company. Morgan Stanley decreased their price target on Garmin from $96.00 to $91.00 and set an equal weight rating on the stock in a research note on Monday, October 17th. TheStreet lowered Garmin from a b rating to a c+ rating in a research note on Wednesday, July 27th. Finally, Bank of America downgraded shares of Garmin from a buy rating to a neutral rating and decreased their target price for the stock from $137.00 to $109.00 in a research note on Tuesday, August 2nd. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $128.75.
Garmin Trading Up 0.8 %
Shares of GRMN stock traded up $0.68 during trading hours on Wednesday, reaching $85.57. 35,788 shares of the company’s stock were exchanged, compared to its average volume of 1,107,563. The stock’s 50 day moving average is $83.89 and its 200-day moving average is $94.96. The company has a market cap of $16.50 billion, a price-to-earnings ratio of 16.20, a P/E/G ratio of 3.07 and a beta of 0.98. Garmin has a fifty-two week low of $76.37 and a fifty-two week high of $164.81.
Garmin (NYSE:GRMN – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.02. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.37 billion. Garmin had a return on equity of 17.71% and a net margin of 20.31%. Garmin’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.68 earnings per share. Equities analysts anticipate that Garmin will post 4.82 EPS for the current year.
Insider Buying and Selling at Garmin
In other Garmin news, CEO Clifton A. Pemble sold 9,550 shares of the company’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $90.00, for a total transaction of $859,500.00. Following the completion of the transaction, the chief executive officer now directly owns 135,950 shares in the company, valued at $12,235,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Clifton A. Pemble sold 9,550 shares of the stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $90.00, for a total value of $859,500.00. Following the completion of the transaction, the chief executive officer now directly owns 135,950 shares of the company’s stock, valued at approximately $12,235,500. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Clifton A. Pemble sold 16,089 shares of Garmin stock in a transaction on Monday, August 1st. The stock was sold at an average price of $97.81, for a total transaction of $1,573,665.09. Following the sale, the chief executive officer now directly owns 145,500 shares in the company, valued at approximately $14,231,355. The disclosure for this sale can be found here. 20.34% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Garmin
Institutional investors have recently modified their holdings of the company. Evergreen Capital Management LLC increased its position in shares of Garmin by 3.0% during the first quarter. Evergreen Capital Management LLC now owns 4,449 shares of the scientific and technical instruments company’s stock worth $528,000 after acquiring an additional 129 shares during the period. XTX Topco Ltd grew its holdings in Garmin by 16.9% during the 1st quarter. XTX Topco Ltd now owns 2,319 shares of the scientific and technical instruments company’s stock worth $275,000 after acquiring an additional 335 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Garmin by 17.5% in the 1st quarter. Private Advisor Group LLC now owns 2,831 shares of the scientific and technical instruments company’s stock valued at $336,000 after purchasing an additional 422 shares during the last quarter. Atlas Capital Advisors LLC lifted its position in shares of Garmin by 297.6% during the 2nd quarter. Atlas Capital Advisors LLC now owns 668 shares of the scientific and technical instruments company’s stock worth $66,000 after purchasing an additional 500 shares during the last quarter. Finally, Utah Retirement Systems grew its stake in shares of Garmin by 1.9% during the second quarter. Utah Retirement Systems now owns 27,427 shares of the scientific and technical instruments company’s stock worth $2,695,000 after purchasing an additional 500 shares in the last quarter. 62.50% of the stock is owned by institutional investors and hedge funds.
About Garmin
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.
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