Garmin Ltd. (NYSE:GRMN) Plans Quarterly Dividend of $0.73

Garmin Ltd. (NYSE:GRMN – Get Rating) declared a quarterly dividend on Friday, June 10th, RTT News reports. Investors of record on Monday, June 20th will be given a dividend of 0.73 per share by the scientific and technical instruments company on Thursday, June 30th. This represents a $2.92 annualized dividend and a yield of 2.94%. This is a boost from Garmin’s previous quarterly dividend of $0.67.

Garmin has increased its dividend payment by an average of 5,666.7% annually over the last three years and has increased its dividend every year for the last 5 years.

NYSE GRMN traded down $2.43 on Friday, hitting $99.45. 3,455 shares of the company traded hands, compared to its average volume of 753,900. The company has a market capitalization of $19.21 billion, a price-to-earnings ratio of 18.36, a P/E/G ratio of 3.13 and a beta of 1.02. The business’s 50 day moving average price is $107.67 and its 200-day moving average price is $119.10. Garmin has a 52-week low of $96.79 and a 52-week high of $178.80.

Garmin (NYSE:GRMN – Get Rating) last released its earnings results on Wednesday, April 27th. The scientific and technical instruments company reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.04). The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Garmin had a net margin of 21.12% and a return on equity of 18.67%. Garmin’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.18 earnings per share. As a group, analysts anticipate that Garmin will post 5.9 EPS for the current year.

Several large investors have recently made changes to their positions in GRMN. Renaissance Technologies LLC boosted its position in shares of Garmin by 195.2% during the first quarter. Renaissance Technologies LLC now owns 987,042 shares of the scientific and technical instruments company’s stock valued at $117,073,000 after buying an additional 652,700 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Garmin by 2.2% in the first quarter. Vanguard Group Inc. now owns 17,276,118 shares of the scientific and technical instruments company’s stock valued at $2,049,121,000 after purchasing an additional 365,713 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Garmin by 24.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,033,889 shares of the scientific and technical instruments company’s stock valued at $122,629,000 after purchasing an additional 203,515 shares during the period. Invesco Ltd. boosted its holdings in shares of Garmin by 18.4% in the first quarter. Invesco Ltd. now owns 1,040,471 shares of the scientific and technical instruments company’s stock valued at $123,409,000 after purchasing an additional 161,580 shares during the period. Finally, UBS Group AG boosted its holdings in shares of Garmin by 38.9% in the first quarter. UBS Group AG now owns 367,082 shares of the scientific and technical instruments company’s stock valued at $43,540,000 after purchasing an additional 102,837 shares during the period. Institutional investors and hedge funds own 72.11% of the company’s stock.

A number of equities research analysts have commented on the company. Morgan Stanley decreased their price target on Garmin from $141.00 to $127.00 and set an “equal weight” rating on the stock in a report on Thursday, February 17th. Bank of America raised Garmin from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $165.00 to $140.00 in a report on Friday, March 18th. Zacks Investment Research raised Garmin from a “sell” rating to a “hold” rating and set a $115.00 target price on the stock in a report on Monday, May 2nd. Tigress Financial lifted their target price on Garmin from $205.00 to $208.00 in a report on Friday, May 6th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Garmin from $160.00 to $150.00 in a research report on Thursday, April 28th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Garmin presently has a consensus rating of “Buy” and a consensus price target of $148.00.

About Garmin (Get Rating)

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

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