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In the latest trading session, Garmin (GRMN - Free Report) closed at $168.80, marking a +1.22% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.55%. Elsewhere, the Dow saw an upswing of 0.62%, while the tech-heavy Nasdaq appreciated by 0.63%.
Heading into today, shares of the maker of personal navigation devices had gained 2.98% over the past month, lagging the Computer and Technology sector's gain of 5.73% and the S&P 500's gain of 4.28% in that time.
The investment community will be closely monitoring the performance of Garmin in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2024. It is anticipated that the company will report an EPS of $1.45, marking stability compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $1.48 billion, showing a 11.95% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.77 per share and revenue of $5.9 billion, which would represent changes of +3.22% and +12.94%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Garmin. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Garmin is currently sporting a Zacks Rank of #2 (Buy).
With respect to valuation, Garmin is currently being traded at a Forward P/E ratio of 28.89. This expresses a premium compared to the average Forward P/E of 20.77 of its industry.
It is also worth noting that GRMN currently has a PEG ratio of 3.59. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Electronics - Miscellaneous Products was holding an average PEG ratio of 2.87 at yesterday's closing price.
The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 202, which puts it in the bottom 20% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Garmin (GRMN) Rises Higher Than Market: Key Facts
In the latest trading session, Garmin (GRMN - Free Report) closed at $168.80, marking a +1.22% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.55%. Elsewhere, the Dow saw an upswing of 0.62%, while the tech-heavy Nasdaq appreciated by 0.63%.
Heading into today, shares of the maker of personal navigation devices had gained 2.98% over the past month, lagging the Computer and Technology sector's gain of 5.73% and the S&P 500's gain of 4.28% in that time.
The investment community will be closely monitoring the performance of Garmin in its forthcoming earnings report. The company is scheduled to release its earnings on July 31, 2024. It is anticipated that the company will report an EPS of $1.45, marking stability compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $1.48 billion, showing a 11.95% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.77 per share and revenue of $5.9 billion, which would represent changes of +3.22% and +12.94%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Garmin. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Garmin is currently sporting a Zacks Rank of #2 (Buy).
With respect to valuation, Garmin is currently being traded at a Forward P/E ratio of 28.89. This expresses a premium compared to the average Forward P/E of 20.77 of its industry.
It is also worth noting that GRMN currently has a PEG ratio of 3.59. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Electronics - Miscellaneous Products was holding an average PEG ratio of 2.87 at yesterday's closing price.
The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 202, which puts it in the bottom 20% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.