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

Garmin Ltd. (NYSE:GRMN) announced a quarterly dividend on Friday, June 6th, RTT News reports. Shareholders of record on Monday, June 16th will be given a dividend of 0.90 per share by the scientific and technical instruments company on Friday, June 27th. This represents a $3.60 dividend on an annualized basis and a yield of 1.73%.

Garmin has raised its dividend by an average of 4.4% annually over the last three years and has increased its dividend every year for the last 8 years. Garmin has a dividend payout ratio of 42.8% indicating that 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 $3.60 annual dividend with an expected future payout ratio of 45.1%.

Garmin Stock Performance

Garmin stock opened at $207.50 on Friday. Garmin has a fifty-two week low of $158.38 and a fifty-two week high of $246.50. The firm has a market capitalization of $39.95 billion, a price-to-earnings ratio of 28.39, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. The stock’s fifty day moving average is $195.40 and its two-hundred day moving average is $208.05.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.01). Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the company posted $1.42 earnings per share. Garmin’s revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts forecast that Garmin will post 7.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on GRMN. JPMorgan Chase & Co. lowered their price target on shares of Garmin from $220.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Tigress Financial upped their target price on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research note on Wednesday, February 26th. Morgan Stanley raised their price target on Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a research report on Thursday, May 1st. Finally, Barclays cut their price target on Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and an average price target of $206.00.

Insider Transactions at Garmin

In other Garmin news, VP Susan Lyman sold 2,829 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $215.51, for a total transaction of $609,677.79. Following the transaction, the vice president now owns 8,432 shares of the company’s stock, valued at $1,817,180.32. This represents a 25.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 15.38% of the company’s stock.

Institutional Investors Weigh In On Garmin

Hedge funds and other institutional investors have recently made changes to their positions in the business. Woodline Partners LP increased its stake in Garmin by 40.6% in the first quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock valued at $2,826,000 after purchasing an additional 3,757 shares during the last quarter. Focus Partners Wealth boosted its stake in Garmin by 51.1% in the 1st quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company’s stock worth $1,479,000 after buying an additional 2,304 shares during the last quarter. Brighton Jones LLC grew its holdings in Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after buying an additional 463 shares during the period. Finally, NewEdge Advisors LLC increased its stake in shares of Garmin by 6.2% during the 1st quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company’s stock valued at $1,278,000 after acquiring an additional 345 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

About Garmin

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.