Garmin Ltd. (GRMN) Plans Quarterly Dividend of $0.51
Garmin Ltd. (NASDAQ:GRMN) declared a quarterly dividend on Wednesday, July 5th, Zacks reports. Stockholders of record on Friday, September 15th will be paid a dividend of 0.51 per share by the scientific and technical instruments company on Friday, September 29th. This represents a $2.04 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Thursday, September 14th.
Shares of Garmin (NASDAQ:GRMN) traded up 0.58% during trading on Friday, hitting $52.26. The stock had a trading volume of 740,497 shares. The stock’s 50 day moving average is $51.69 and its 200 day moving average is $51.44. The stock has a market capitalization of $9.81 billion, a price-to-earnings ratio of 14.68 and a beta of 0.85. Garmin has a 52 week low of $46.05 and a 52 week high of $55.74.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The firm had revenue of $816.89 million during the quarter, compared to analysts’ expectations of $806.67 million. During the same quarter in the previous year, the company posted $0.87 EPS. Garmin’s revenue was up .7% on a year-over-year basis. On average, equities research analysts expect that Garmin will post $2.80 earnings per share for the current fiscal year.
In related news, VP Andrew R. Etkind sold 2,189 shares of the company’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total value of $113,828.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Jonathan Burrell sold 231,500 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $51.20, for a total transaction of $11,852,800.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 467,386 shares of company stock valued at $23,970,104. Company insiders own 18.30% of the company’s stock.
Several analysts have commented on the stock. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub cut shares of Garmin from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Tigress Financial restated a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a research report on Tuesday, August 8th. Finally, Morgan Stanley set a $50.00 price objective on shares of Garmin and gave the company a “hold” rating in a research report on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $53.50.
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Garmin Company Profile
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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