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Why the Market Dipped But Garmin (GRMN) Gained Today
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The most recent trading session ended with Garmin (GRMN - Free Report) standing at $162.30, reflecting a +0.23% shift from the previouse trading day's closing. The stock's performance was ahead of the S&P 500's daily loss of 0.03%. Meanwhile, the Dow experienced a drop of 0.61%, and the technology-dominated Nasdaq saw an increase of 0.56%.
Prior to today's trading, shares of the maker of personal navigation devices had lost 7.38% over the past month. This has lagged the Computer and Technology sector's gain of 1.65% and the S&P 500's gain of 1.39% 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 October 30, 2024. The company is predicted to post an EPS of $1.46, indicating a 3.55% growth compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $1.44 billion, indicating a 12.99% growth compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $6.08 per share and revenue of $5.99 billion, indicating changes of +8.77% and +14.6%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Garmin. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.45% higher. Garmin presently features a Zacks Rank of #2 (Buy).
In the context of valuation, Garmin is at present trading with a Forward P/E ratio of 26.64. Its industry sports an average Forward P/E of 17.37, so one might conclude that Garmin is trading at a premium comparatively.
One should further note that GRMN currently holds a PEG ratio of 2.79. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Electronics - Miscellaneous Products industry was having an average PEG ratio of 1.93.
The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Why the Market Dipped But Garmin (GRMN) Gained Today
The most recent trading session ended with Garmin (GRMN - Free Report) standing at $162.30, reflecting a +0.23% shift from the previouse trading day's closing. The stock's performance was ahead of the S&P 500's daily loss of 0.03%. Meanwhile, the Dow experienced a drop of 0.61%, and the technology-dominated Nasdaq saw an increase of 0.56%.
Prior to today's trading, shares of the maker of personal navigation devices had lost 7.38% over the past month. This has lagged the Computer and Technology sector's gain of 1.65% and the S&P 500's gain of 1.39% 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 October 30, 2024. The company is predicted to post an EPS of $1.46, indicating a 3.55% growth compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $1.44 billion, indicating a 12.99% growth compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $6.08 per share and revenue of $5.99 billion, indicating changes of +8.77% and +14.6%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Garmin. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.45% higher. Garmin presently features a Zacks Rank of #2 (Buy).
In the context of valuation, Garmin is at present trading with a Forward P/E ratio of 26.64. Its industry sports an average Forward P/E of 17.37, so one might conclude that Garmin is trading at a premium comparatively.
One should further note that GRMN currently holds a PEG ratio of 2.79. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Electronics - Miscellaneous Products industry was having an average PEG ratio of 1.93.
The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.