Garmin Ltd. (NYSE:GRMN) to Issue $0.90 Quarterly Dividend

Garmin Ltd. (NYSE:GRMN) announced a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Stockholders of record on Friday, March 13th will be paid a dividend of 0.90 per share by the scientific and technical instruments company on Friday, March 27th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, March 13th.

Garmin has increased its dividend by an average of 4.4% annually over the last three years. Garmin has a payout ratio of 37.2% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Down 1.9 %

Shares of Garmin stock opened at $224.67 on Friday. Garmin has a 12-month low of $131.20 and a 12-month high of $246.50. The firm has a market capitalization of $43.23 billion, a PE ratio of 30.73, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. The stock’s fifty day moving average is $213.43 and its 200-day moving average is $195.51.

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

Insider Activity at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the 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 transaction, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Tigress Financial raised their target price on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research report on Monday, December 16th. JPMorgan Chase & Co. upped their target price on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday. Morgan Stanley upgraded shares of Garmin to a “sell” rating and upped their price objective for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Finally, Barclays lifted their target price on shares of Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $206.80.

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.