Garmin Ltd. (NASDAQ:GRMN) announced a quarterly dividend on Friday, June 8th, NASDAQ reports. Shareholders of record on Friday, September 14th will be paid a dividend of 0.53 per share by the scientific and technical instruments company on Friday, September 28th. This represents a $2.12 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Thursday, September 13th. This is an increase from Garmin’s previous quarterly dividend of $0.51.
Garmin has raised its dividend by an average of 2.6% annually over the last three years. Garmin has a payout ratio of 64.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Garmin to earn $3.36 per share next year, which means the company should continue to be able to cover its $2.12 annual dividend with an expected future payout ratio of 63.1%.
Garmin stock traded down $1.11 on Friday, hitting $67.92. The company’s stock had a trading volume of 1,156,122 shares, compared to its average volume of 1,093,860. The firm has a market capitalization of $13.67 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 2.85 and a beta of 1.03. Garmin has a one year low of $51.57 and a one year high of $69.11.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.12. Garmin had a net margin of 18.72% and a return on equity of 15.98%. The firm had revenue of $894.50 million for the quarter, compared to analyst estimates of $844.76 million. During the same quarter in the previous year, the firm posted $0.88 EPS. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. sell-side analysts forecast that Garmin will post 3.3 EPS for the current year.
In related news, insider Min H. Kao sold 9,010 shares of the company’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $67.92, for a total transaction of $611,959.20. Following the transaction, the insider now owns 1,901,429 shares in the company, valued at approximately $129,145,057.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Sean Biddlecombe sold 1,308 shares of the company’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $64.89, for a total transaction of $84,876.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,657,487 shares of company stock worth $297,502,351. 17.85% of the stock is owned by insiders.
Several equities research analysts have recently weighed in on GRMN shares. ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. BidaskClub raised shares of Garmin from a “hold” rating to a “buy” rating in a report on Wednesday, May 30th. Finally, Longbow Research set a $72.00 target price on shares of Garmin and gave the stock a “buy” rating in a report on Thursday, July 19th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Garmin has a consensus rating of “Hold” and an average price target of $62.80.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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