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

Garmin Ltd. (NYSE:GRMN) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors 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 yield of 1.57%. The ex-dividend date is Friday, March 13th. This is a positive change from Garmin’s previous quarterly dividend of $0.75.

Garmin has raised its dividend by an average of 4.4% per year 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 5.5 %

Shares of GRMN stock opened at $228.61 on Friday. The company’s fifty day simple moving average is $212.99 and its two-hundred day simple moving average is $194.84. Garmin has a 52 week low of $128.89 and a 52 week high of $246.50. The stock has a market cap of $43.90 billion, a P/E ratio of 31.27, a PEG ratio of 1.44 and a beta of 0.98.

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

Insider Activity

In related news, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the transaction, the chief financial officer now owns 27,612 shares of the company’s stock, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

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

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.