Garmin Ltd. (NYSE:GRMN) Declares $0.75 Quarterly Dividend

Garmin Ltd. (NYSE:GRMNGet Free Report) announced a quarterly dividend on Wednesday, February 21st, NASDAQ reports. Investors of record on Monday, June 17th will be given a dividend of 0.75 per share by the scientific and technical instruments company on Friday, June 28th. This represents a $3.00 annualized dividend and a yield of 1.88%. The ex-dividend date is Monday, June 17th.

Garmin has raised its dividend by an average of 6.8% per year over the last three years. Garmin has a payout ratio of 47.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Garmin to earn $6.54 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 45.9%.

Garmin Trading Down 1.5 %

Shares of Garmin stock opened at $159.53 on Friday. The company’s 50-day moving average price is $158.06 and its two-hundred day moving average price is $140.52. Garmin has a 52 week low of $99.61 and a 52 week high of $171.64. The stock has a market cap of $30.64 billion, a PE ratio of 22.50, a price-to-earnings-growth ratio of 3.44 and a beta of 0.98.

Garmin (NYSE:GRMNGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.00 by $0.42. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the business earned $1.02 earnings per share. Garmin’s revenue for the quarter was up 20.4% compared to the same quarter last year. On average, equities analysts predict that Garmin will post 5.77 EPS for the current fiscal year.

Analyst Ratings Changes

GRMN has been the topic of several research reports. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price target on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Barrington Research boosted their price objective on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. Tigress Financial boosted their price objective on Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 14th. Finally, Barclays boosted their price objective on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $156.83.

Check Out Our Latest Analysis on GRMN

Insider Activity

In other news, CFO Douglas G. Boessen sold 2,350 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $161.63, for a total value of $379,830.50. Following the transaction, the chief financial officer now owns 28,010 shares in the company, valued at approximately $4,527,256.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value of $674,683.52. Following the transaction, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $161.63, for a total value of $379,830.50. Following the completion of the transaction, the chief financial officer now owns 28,010 shares in the company, valued at approximately $4,527,256.30. The disclosure for this sale can be found here. 19.54% of the stock is owned by corporate insiders.

Garmin Company Profile

(Get Free Report)

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.

See Also

Dividend History for Garmin (NYSE:GRMN)

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