Garmin Ltd. (NASDAQ:GRMN) declared a quarterly dividend on Wednesday, June 10th, Wall Street Journal reports. Stockholders of record on Tuesday, December 15th will be given a dividend of 0.61 per share by the scientific and technical instruments company on Thursday, December 31st. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Monday, December 14th.
Garmin has a payout ratio of 74.4% indicating that its dividend is sufficiently covered by earnings. Research 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%.
GRMN stock traded down $4.48 during trading on Thursday, hitting $92.46. The company had a trading volume of 30,815 shares, compared to its average volume of 1,087,774. The company has a quick ratio of 2.74, a current ratio of 3.75 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $84.29 and a 200-day moving average price of $89.29. Garmin has a 12 month low of $61.04 and a 12 month high of $105.58. The stock 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.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $0.91 earnings per share for the quarter, topping the 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 firm had revenue of $856.11 million during the quarter, compared to analysts’ expectations of $817.65 million. During the same quarter in the previous year, the company posted $0.73 EPS. Garmin’s revenue was up 11.8% on a year-over-year basis. Equities analysts expect that Garmin will post 3.1 EPS for the current year.
In related news, Director Joseph J. Hartnett bought 650 shares of Garmin stock in a transaction that occurred on Friday, March 13th. The stock was purchased at an average cost of $74.53 per share, with a total value of $48,444.50. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Munn sold 1,500 shares of the company’s stock in a transaction on 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. 22.00% of the stock is owned by corporate insiders.
GRMN has been the subject of several recent research reports. Bank of America dropped their target price 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. JPMorgan Chase & Co. upped their target price on shares of Garmin from $92.00 to $101.00 and gave the company an “overweight” rating in a research report on Monday. Needham & Company LLC reiterated a “hold” rating on shares of Garmin in a research report on Thursday, April 30th. Tigress Financial reiterated a “buy” rating on shares of Garmin in a research report on Thursday, May 28th. Finally, Cfra dropped their target price 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. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus 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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