Garmin (GRMN) will increase its quarterly dividend by 3.9 percent to $0.53 per share in 2018. This marks the first dividend hike by the navigation company since 2015. The new dividend yield for GRMN is 3.2%.

The board of directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 8, 2018, a cash dividend in the amount of $2.12 per share (subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting), payable in four equal installments on dates to be determined by the Board. 

In addition, the board of directors has established March 30, 2018 as the payment date and March 15, 2018 as the record date for the final dividend installment of $0.51 per share, per the prior approval at the 2017 annual shareholders’ meeting. The first, second and third payments of $0.51 per share were made on June 30, 2017, September 29, 2017, and December 29, 2017, respectively.

Garmin Ltd. offers global positioning system (GPS) navigation and wireless devices and applications. The Switzerland based company offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. Garmin offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices. The company went public in 2000 and has paid a dividend every year since 2003.