Garmin Ltd. (NASDAQ:GRMN) announced a quarterly dividend on Wednesday, June 10th, Wall Street Journal reports. Stockholders of record on Monday, March 15th will be paid a dividend of 0.61 per share by the scientific and technical instruments company on Wednesday, March 31st. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date is Friday, March 12th.
Garmin has a payout ratio of 74.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Garmin to earn $4.08 per share next year, which means the company should continue to be able to cover its $2.44 annual dividend with an expected future payout ratio of 59.8%.
Shares of Garmin stock traded down $4.48 during trading on Thursday, reaching $92.46. The company’s stock had a trading volume of 30,815 shares, compared to its average volume of 1,087,774. Garmin has a 52-week low of $61.04 and a 52-week high of $105.58. The company has a market cap of $17.72 billion, a price-to-earnings ratio of 18.22, a PEG ratio of 4.24 and a beta of 0.99. The firm’s 50-day moving average is $84.29 and its two-hundred day moving average is $89.29. The company has a quick ratio of 2.74, a current ratio of 3.75 and a debt-to-equity ratio of 0.01.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.07. Garmin had a net margin of 25.30% and a return on equity of 19.38%. The company had revenue of $856.11 million during the quarter, compared to analysts’ expectations of $817.65 million. During the same quarter in the prior year, the company earned $0.73 EPS. The firm’s revenue was up 11.8% on a year-over-year basis. On average, equities research analysts anticipate that Garmin will post 3.1 EPS for the current year.
In other Garmin news, Director Joseph J. Hartnett purchased 650 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The stock was bought at an average cost of $74.53 per share, for a total transaction of $48,444.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Matthew Munn sold 1,500 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $80.84, for a total transaction of $121,260.00. The disclosure for this sale can be found here. Company insiders own 22.00% of the company’s stock.
Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Garmin from $92.00 to $101.00 and gave the company an “overweight” rating in a research report on Monday. Cfra dropped their price target on shares of Garmin from $104.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Credit Suisse Group increased their price target on shares of Garmin from $100.00 to $104.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. BidaskClub raised shares of Garmin from a “sell” rating to a “hold” rating in a research report on Friday, May 29th. Finally, Bank of America dropped their price target on shares of Garmin from $85.00 to $76.00 and set an “underperform” rating for the company in a research report on Monday, May 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $91.50.
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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