Garmin Ltd. (NASDAQ:GRMN) Announces $0.57 Quarterly Dividend
Garmin Ltd. (NASDAQ:GRMN) declared a quarterly dividend on Tuesday, June 11th, Wall Street Journal reports. Shareholders of record on Monday, September 16th will be given a dividend of 0.57 per share by the scientific and technical instruments company on Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Friday, September 13th.
Garmin has increased its dividend payment by an average of 1.5% per year over the last three years. Garmin has a dividend payout ratio of 69.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Garmin to earn $3.84 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 59.4%.
NASDAQ:GRMN traded up $0.40 during trading hours on Wednesday, reaching $80.61. 23,866 shares of the company were exchanged, compared to its average volume of 1,156,126. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.07 and a current ratio of 4.04. The stock has a market capitalization of $15.92 billion, a PE ratio of 21.85, a P/E/G ratio of 2.87 and a beta of 0.95. Garmin has a twelve month low of $59.39 and a twelve month high of $89.72.
In other news, EVP Patrick Desbois sold 1,749 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $86.00, for a total value of $150,414.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 23.83% of the stock is owned by corporate insiders.
A number of equities analysts have weighed in on the stock. BidaskClub cut shares of Garmin from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 16th. Credit Suisse Group upped their price objective on shares of Garmin from $58.00 to $71.00 and gave the stock an “underperform” rating in a research report on Monday, February 25th. Zacks Investment Research cut shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. upgraded shares of Garmin from an “underweight” rating to a “neutral” rating and reduced their price objective for the stock from $77.00 to $75.00 in a research report on Friday, June 7th. Finally, Tigress Financial restated a “buy” rating on shares of Garmin in a research report on Tuesday. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Garmin currently has an average rating of “Hold” and an average target price of $78.66.
Garmin Company Profile
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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