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

Garmin Ltd. (NYSE:GRMN) declared a quarterly dividend on Monday, June 17th, Wall Street Journal reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.75 per share by the scientific and technical instruments company on Friday, March 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Friday, March 14th.

Garmin has raised its dividend by an average of 6.8% annually over the last three years. Garmin has a dividend payout ratio of 47.6% meaning its dividend is sufficiently covered by earnings. 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 Stock Performance

Shares of GRMN opened at $160.45 on Tuesday. Garmin has a 52 week low of $99.61 and a 52 week high of $171.64. The company has a market capitalization of $30.82 billion, a PE ratio of 22.63, a PEG ratio of 3.44 and a beta of 0.98. The company’s 50 day moving average price is $158.29 and its 200 day moving average price is $140.93.

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on GRMN shares. Tigress Financial boosted their target price on shares of Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, May 14th. Barclays lifted 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. Bank of America cut shares of Garmin from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. upped their target price on shares of Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Finally, Barrington Research lifted their price objective on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $156.83.

Insider Transactions at Garmin

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

About Garmin

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.