Garmin Ltd. (GRMN) to Issue Quarterly Dividend of $0.73 on March 29th

Garmin Ltd. (NYSE:GRMNGet Free Report) announced a quarterly dividend on Wednesday, February 22nd, Wall Street Journal reports. Investors of record on Friday, March 15th will be given a dividend of 0.73 per share by the scientific and technical instruments company on Friday, March 29th. This represents a $2.92 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Thursday, March 14th.

Garmin has increased its dividend by an average of 6.8% annually over the last three years. Garmin has a dividend payout ratio of 48.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Garmin to earn $5.92 per share next year, which means the company should continue to be able to cover its $2.92 annual dividend with an expected future payout ratio of 49.3%.

Garmin Price Performance

GRMN opened at $146.07 on Tuesday. The stock has a market capitalization of $27.95 billion, a PE ratio of 21.77, a P/E/G ratio of 4.67 and a beta of 0.97. Garmin has a 12-month low of $93.52 and a 12-month high of $146.67. The firm’s fifty day moving average price is $127.44 and its 200 day moving average price is $118.23.

Garmin (NYSE:GRMNGet Free Report) last posted its quarterly earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.32. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the firm earned $1.35 earnings per share. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities research analysts forecast that Garmin will post 5.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GRMN has been the subject of a number of research reports. JPMorgan Chase & Co. downgraded shares of Garmin from an “overweight” rating to a “neutral” rating and set a $135.00 price objective for the company. in a report on Monday, January 8th. Barrington Research lifted their price target on shares of Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Tuesday, March 5th. Finally, Tigress Financial restated a “strong-buy” rating and issued a $175.00 target price (up from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Seven investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Garmin has an average rating of “Hold” and a consensus target price of $131.50.

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Insiders Place Their Bets

In other news, CEO Clifton A. Pemble sold 1,095 shares of the business’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $125.89, for a total transaction of $137,849.55. Following the sale, the chief executive officer now owns 130,365 shares in the company, valued at $16,411,649.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the transaction, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 1,095 shares of the company’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $125.89, for a total transaction of $137,849.55. Following the completion of the transaction, the chief executive officer now directly owns 130,365 shares in the company, valued at $16,411,649.85. The disclosure for this sale can be found here. Insiders sold a total of 55,571 shares of company stock worth $7,747,394 over the last ninety days. 19.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Garmin

Large investors have recently made changes to their positions in the company. Clear Street Markets LLC increased its position in Garmin by 107.1% during the first quarter. Clear Street Markets LLC now owns 321 shares of the scientific and technical instruments company’s stock worth $32,000 after buying an additional 166 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in shares of Garmin during the 4th quarter valued at about $53,000. Resurgent Financial Advisors LLC bought a new position in shares of Garmin in the 4th quarter valued at approximately $54,000. Atlas Capital Advisors LLC lifted its holdings in Garmin by 297.6% in the 2nd quarter. Atlas Capital Advisors LLC now owns 668 shares of the scientific and technical instruments company’s stock worth $66,000 after purchasing an additional 500 shares during the last quarter. Finally, UniSuper Management Pty Ltd bought a new stake in Garmin during the second quarter worth approximately $115,000. Institutional investors own 63.26% of the company’s stock.

Garmin Company Profile

(Get Free Report)

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. It operates through five segments: Fitness, Outdoor, Aviation, Marine, and Auto. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; and fitness accessories.

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Dividend History for Garmin (NYSE:GRMN)

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