Garmin Ltd. (NASDAQ:GRMN) Raises Dividend to $0.57 Per Share

Garmin Ltd. (NASDAQ:GRMN) declared a quarterly dividend on Wednesday, February 20th, NASDAQ reports. Shareholders of record on Monday, June 17th will be given a dividend of 0.57 per share by the scientific and technical instruments company on Friday, June 28th. This represents a $2.28 annualized dividend and a yield of 2.85%. The ex-dividend date is Friday, June 14th. This is an increase from Garmin’s previous quarterly dividend of $0.53.

Garmin has raised its dividend payment by an average of 1.5% per year over the last three years. Garmin has a payout ratio of 69.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Garmin to earn $3.87 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 58.9%.

Shares of NASDAQ GRMN traded up $0.09 during mid-day trading on Monday, hitting $79.89. The company had a trading volume of 1,269,155 shares, compared to its average volume of 1,144,285. 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 firm’s 50-day moving average price is $78.97. Garmin has a 12 month low of $59.98 and a 12 month high of $89.72. The company has a market cap of $15.81 billion, a price-to-earnings ratio of 21.65, a P/E/G ratio of 2.90 and a beta of 0.94.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Garmin had a net margin of 20.72% and a return on equity of 17.60%. The company had revenue of $766.00 million during the quarter, compared to analyst estimates of $733.26 million. During the same quarter last year, the business posted $0.68 earnings per share. The company’s revenue was up 7.7% on a year-over-year basis. Analysts anticipate that Garmin will post 3.75 EPS for the current fiscal year.

A number of research analysts recently weighed in on GRMN shares. Tigress Financial reissued a “buy” rating on shares of Garmin in a research report on Tuesday, June 11th. JPMorgan Chase & Co. upgraded Garmin from an “underweight” rating to a “neutral” rating and cut their target price for the stock from $77.00 to $75.00 in a research report on Friday, June 7th. Morgan Stanley set a $81.00 target price on Garmin and gave the stock a “hold” rating in a research report on Thursday, May 2nd. BidaskClub downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Finally, Zacks Investment Research downgraded Garmin from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $78.66.

About Garmin

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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Dividend History for Garmin (NASDAQ:GRMN)

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