Garmin Ltd. (NYSE:GRMN) Announces Quarterly Dividend of $0.90

Garmin Ltd. (NYSE:GRMN) declared a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Stockholders of record on Friday, March 13th will be given a dividend of 0.90 per share by the scientific and technical instruments company on Friday, March 27th. This represents a $3.60 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Friday, March 13th.

Garmin has increased its dividend by an average of 4.4% per year over the last three years. Garmin has a dividend payout ratio of 37.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Garmin to earn $7.98 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 37.6%.

Garmin Price Performance

GRMN opened at $228.61 on Friday. The business has a 50 day moving average price of $212.99 and a two-hundred day moving average price of $194.84. The company has a market capitalization of $43.90 billion, a price-to-earnings ratio of 31.27, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. Garmin has a 1-year low of $128.89 and a 1-year high of $246.50.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the business posted $1.72 earnings per share. The company’s quarterly revenue was up 22.9% on a year-over-year basis. Equities analysts expect that Garmin will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. This represents a 6.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 19.54% of the company’s stock.

Analyst Upgrades and Downgrades

GRMN has been the topic of several research reports. Tigress Financial upped their price target on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday, December 16th. Morgan Stanley raised shares of Garmin to a “sell” rating and boosted their price objective for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Barclays upped their target price on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $195.67.

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.