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

Garmin Ltd. (NYSE:GRMN) declared a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, March 13th.

Garmin has increased its dividend payment by an average of 4.4% per year over the last three years. Garmin has a payout ratio of 37.2% meaning its dividend is sufficiently covered by earnings. 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 %

NYSE GRMN opened at $228.61 on Friday. 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 has a twelve month low of $128.89 and a twelve month high of $246.50. The company’s 50-day simple moving average is $212.99 and its 200 day simple moving average is $194.84.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.51. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The company’s revenue was up 22.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.72 EPS. Research analysts anticipate that Garmin will post 7.8 earnings per share for the current year.

Insider Buying and Selling

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 19.54% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Garmin Company Profile

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.