Garmin Ltd . (NYSE:GRMN) shares have reached an unprecedented peak, touching an all-time high of $214.83. This milestone underscores a period of significant growth for the tech company, known for its GPS technology and wearable devices. Over the past year, Garmin has seen its stock value surge, with an impressive 1-year change of 80.69%. This remarkable ascent reflects investor confidence and the company's successful expansion in sectors such as aviation, marine, and outdoor activities. Garmin's consistent innovation and strategic partnerships have played a crucial role in driving the stock to these record levels, signaling a robust financial performance and a positive outlook for the future.
In other recent news, Garmin Ltd. has been making substantial strides in its financial performance. The company recently reported record-breaking third-quarter results for 2024, with a 24% increase in consolidated revenue, amounting to $1.59 billion. This was accompanied by a 62% year-over-year increase in operating income, leading to a pro forma EPS growth of 41% to $1.99. Garmin also revised its full-year guidance upward, anticipating roughly $6.12 billion in revenue and a pro forma EPS of $6.85.
JPMorgan responded to these developments by raising its price target for Garmin from $178 to $212, while retaining a neutral rating on the stock. This adjustment was triggered by Garmin's robust earnings beat and a revised full-year guidance surpassing expectations. Despite some challenges in the Auto OEM business, Garmin's Fitness and Outdoor segments reported robust margins, contributing to the company's overall strong performance.
These recent developments reflect Garmin's ongoing growth across all business segments, particularly in the wearables sector. Analysts from JPMorgan have revised their earnings outlook for Garmin to $7.60 per share in 2025 and $8.50 per share in 2026, signaling confidence in the company's financial trajectory.
InvestingPro Insights
Garmin's recent stock performance aligns with several key financial metrics and insights from InvestingPro. The company's market capitalization stands at an impressive $41.12 billion, reflecting its strong position in the tech industry. Garmin's revenue growth has been particularly noteworthy, with a 24.15% increase in the most recent quarter, demonstrating the company's ability to expand its market presence and capitalize on growing demand for its products.
InvestingPro Tips highlight Garmin's financial strength and shareholder-friendly policies. The company holds more cash than debt on its balance sheet, indicating a solid financial foundation. Additionally, Garmin has maintained dividend payments for 22 consecutive years and has raised its dividend for 7 consecutive years, showcasing its commitment to returning value to shareholders.
The stock's recent performance is further supported by a strong return over the last month (26.8%) and three months (25.8%), as reported by InvestingPro Data. This aligns with the article's mention of Garmin's impressive 1-year change of 80.69%. The company's price is currently at 99.32% of its 52-week high, confirming the all-time high mentioned in the article.
For investors seeking more comprehensive analysis, InvestingPro offers 19 additional tips for Garmin, providing a deeper understanding of the company's financial health and market position.
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