Garmin (NYSE:GRMN – Get Free Report) posted its quarterly earnings results on Wednesday. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.53, Briefing.com reports. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business’s revenue was up 24.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.41 earnings per share. Garmin updated its FY 2024 guidance to 6.850-6.850 EPS and its FY24 guidance to $6.85 EPS.
Garmin Trading Down 2.8 %
Shares of GRMN traded down $5.82 during trading hours on Thursday, reaching $199.10. 1,152,343 shares of the stock traded hands, compared to its average volume of 846,413. Garmin has a 52 week low of $101.49 and a 52 week high of $207.22. The company has a market cap of $38.24 billion, a price-to-earnings ratio of 28.71, a PEG ratio of 2.81 and a beta of 0.99. The stock has a fifty day simple moving average of $173.44 and a 200 day simple moving average of $167.01.
Insider Buying and Selling at Garmin
In related news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the sale, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares in the company, 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 90 days, insiders sold 12,892 shares of company stock worth $2,296,174. Insiders own 19.54% of the company’s stock.
Analysts Set New Price Targets
Read Our Latest Report on GRMN
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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