LONDON, UK / ACCESSWIRE / September 12, 2017 / Pro-Trader Daily takes a closer look at Garmin Ltd (NASDAQ: GRMN) as the Company's stock will begin trading ex-dividend on September 13, 2017. In order to capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on September 12, 2017. Are you looking for research on dividend stocks? If so, register with us now for your free membership at:
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Dividend Declared
On September 01, 2017, Garmin's (NASDAQ: GRMN) Board of Directors has established September 29, 2017 as the payment date for the next dividend installment of $0.51 per share with a record date of September 14, 2017. At the 2017 annual shareholders' meeting, Garmin's shareholders in accordance with Swiss corporate law, approved a cash dividend in the total amount of $2.04 per share, payable in four equal installments on dates to be determined by the board in its discretion. The first payment was made on June 30, 2017.
Garmin's indicated dividend represents a yield of 3.90%, which is more than the double the average dividend yield of 1.42% for the Technology sector. The Company has raised its dividend for five consecutive years.
Dividend Insights
Garmin (NASDAQ: GRMN) has a dividend payout ratio of 73.1%, which indicates that the Company distributes approximately $0.73 for every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add its cash reserves.
According to analysts' estimates, Garmin is forecasted to report earnings of $2.84 for the next year which is substantially ahead of the Company's annualized dividend of $2.04.
In Q2 2017, Garmin generated $129 million of free cash flow. The Company continued to return cash to shareholders with its quarterly dividend of approximately $96 million and share repurchases activity, which totaled approximately $36 million in Q2 2017. Garmin ended the quarter with cash and marketable securities of approximately $2.3 billion. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain its dividend distribution for a long period.
Recent Development for Garmin
On August 31, 2017, FitPay, Inc., a wholly-owned subsidiary of NXT-ID, Inc., and a provider of payment, credential management, and authentication platform services, announced that it is powering the payment capabilities for the vívoactive-3, a new smartwatch by leading wearables company, Garmin. The new feature, called Garmin Pay, enables consumers to make contactless payments at near-field communication-enabled (NFC) point-of-sale (POS) locations, adding a powerful new feature to one of the most complete smartwatches on the market for the active consumer.
About Garmin (NASDAQ: GRMN)
Garmin is incorporated in Switzerland and its principal subsidiaries are located in the United States, Taiwan, and the United Kingdom. For more than 25 years, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary business units, including automotive, aviation, fitness, marine, and outdoor recreation.
Stock Performance
Garmin's share price finished yesterday's trading session at $52.15, marginally sliding 0.21%. A total volume of 982.88 thousand shares have exchanged hands. The Company's stock price advanced 0.46% in the last three months, 0.58% in the past six months, and 9.93% in the previous twelve months. Additionally, the stock gained 7.55% since the start of the year. Shares of the Company have a PE ratio of 14.70 and have a dividend yield of 3.91%. The stock currently has a market cap of $10.27 billion.
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