Garmin Ltd. (GRMN) Increases Dividend to $0.53 Per Share

Garmin Ltd. (NASDAQ:GRMN) announced a quarterly dividend on Wednesday, February 21st, RTT News reports. Stockholders of record on Monday, June 18th will be given a dividend of 0.53 per share by the scientific and technical instruments company on Friday, June 29th. This represents a $2.12 annualized dividend and a dividend yield of 3.43%. This is a boost from Garmin’s previous quarterly dividend of $0.51.

Garmin (NASDAQ GRMN) opened at $61.86 on Thursday. Garmin has a twelve month low of $48.50 and a twelve month high of $65.96. The firm has a market cap of $12,161.25, a PE ratio of 16.86, a P/E/G ratio of 2.62 and a beta of 0.94.

Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.04. Garmin had a net margin of 22.65% and a return on equity of 15.23%. The business had revenue of $888.49 million for the quarter, compared to analysts’ expectations of $872.73 million. During the same period in the previous year, the company earned $0.73 earnings per share. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. analysts forecast that Garmin will post 2.9 EPS for the current fiscal year.

GRMN has been the topic of several analyst reports. ValuEngine upgraded shares of Garmin from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Morgan Stanley boosted their price target on shares of Garmin from $52.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, November 2nd. BidaskClub cut shares of Garmin from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Thursday, January 4th. Finally, Credit Suisse Group restated an “underperform” rating and set a $58.00 price target (up from $48.00) on shares of Garmin in a report on Tuesday, December 12th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $56.71.

In other Garmin news, insider Clifton A. Pemble sold 36,208 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $65.00, for a total value of $2,353,520.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Jonathan Burrell sold 254,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $62.45, for a total transaction of $15,862,300.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 290,963 shares of company stock worth $18,261,724. Corporate insiders own 18.30% of the company’s stock.

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About Garmin

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.

Dividend History for Garmin (NASDAQ:GRMN)

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