Garmin Ltd. (NASDAQ:GRMN) declared a quarterly dividend on Wednesday, February 22nd, NASDAQ reports. Shareholders of record on Monday, June 19th will be given a dividend of 0.51 per share by the scientific and technical instruments company on Friday, June 30th. This represents a $2.04 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Thursday, June 15th.
Garmin (NASDAQ GRMN) traded down 0.70% during trading on Friday, reaching $51.34. 950,266 shares of the company’s stock traded hands. The stock has a market capitalization of $9.66 billion, a P/E ratio of 14.67 and a beta of 0.78. The company has a 50-day moving average of $51.94 and a 200 day moving average of $50.70. Garmin has a 12 month low of $39.29 and a 12 month high of $56.19.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.07. Garmin had a return on equity of 15.86% and a net margin of 21.78%. The business had revenue of $638.50 million for the quarter, compared to analyst estimates of $629.11 million. During the same quarter last year, the firm earned $0.49 EPS. Garmin’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts expect that Garmin will post $2.69 earnings per share for the current fiscal year.
In other news, major shareholder Jonathan Burrell sold 200,000 shares of Garmin stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $52.11, for a total transaction of $10,422,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 400,000 shares of company stock valued at $20,891,000 over the last quarter. 18.30% of the stock is currently owned by corporate insiders.
A number of brokerages recently issued reports on GRMN. Zacks Investment Research lowered Garmin from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Garmin in a research report on Thursday, February 23rd. Tigress Financial began coverage on Garmin in a research report on Tuesday, May 2nd. They issued a “buy” rating on the stock. Goldman Sachs Group, Inc. (The) raised Garmin from a “sell” rating to a “neutral” rating and lifted their target price for the company from $48.00 to $52.00 in a research report on Monday, March 6th. They noted that the move was a valuation call. Finally, Bank of America Corporation lifted their target price on Garmin from $47.00 to $50.00 and gave the company an “underperform” rating in a research report on Thursday, May 4th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $49.38.
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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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