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

Garmin Ltd. (NYSE:GRMN - Get Free Report) announced a quarterly dividend on Friday, June 6th, RTT News reports. Investors 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 increased its dividend by an average of 4.4% per year over the last three years and has increased its dividend every year for the last 8 years. Garmin has a payout ratio of 42.8% indicating that its dividend is sufficiently covered by earnings. Equities 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 Up 1.0%

GRMN traded up $2.02 during trading on Friday, hitting $207.50. The company's stock had a trading volume of 750,745 shares, compared to its average volume of 883,542. The business's 50 day simple moving average is $195.60 and its 200-day simple moving average is $208.05. The firm has a market cap of $39.95 billion, a PE ratio of 28.39, a P/E/G ratio of 1.36 and a beta of 0.99. Garmin has a one year low of $158.38 and a one year high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.01). The company had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.50 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The company's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $1.42 earnings per share. Equities research analysts expect that Garmin will post 7.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Morgan Stanley raised their target price on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research note on Thursday, May 1st. Tigress Financial raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lowered their target price on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Finally, Barclays dropped their target price on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a report on Wednesday, April 30th. Two research 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $206.00.

Insider Activity

In other Garmin news, VP Susan Lyman sold 2,829 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $215.51, for a total transaction of $609,677.79. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 15.38% of the company's stock.

Hedge Funds Weigh In On Garmin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Woodline Partners LP raised its holdings in shares of Garmin by 40.6% during the 1st quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company's stock worth $2,826,000 after acquiring an additional 3,757 shares in the last quarter. Focus Partners Wealth increased its position in Garmin by 51.1% in the first quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company's stock worth $1,479,000 after purchasing an additional 2,304 shares during the last quarter. Brighton Jones LLC raised its stake in Garmin by 31.3% during the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock valued at $401,000 after purchasing an additional 463 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in Garmin by 6.2% during the first quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company's stock valued at $1,278,000 after purchasing an additional 345 shares in the last quarter. 81.60% of the stock is owned by institutional investors.

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.

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