Garmin Ltd – currently traded on the NASDAQ exchange (under the ticker symbol GRMN) – has confirmed that it will become a component in the S&P 500 index, following the close of trading yesterday, Tuesday 11 December.
“The S&P 500 index is widely recognized as a bellwether of the American equities market and we are honoured to be listed among some of the most recognizable and enduring brands in the world,” said Dr Min Kao, Chairman and CEO of Garmin.
“This is tremendous recognition for our company and our commitment to long-term, sustainable growth. We’d like to thank our associates for helping us achieve this significant milestone.”
The S&P 500 is an index of 500 large-cap companies from leading industries that is widely used as a benchmark for investors and a gauge of the overall performance of the US stock market. Garmin will be added to the S&P 500 GICS (Global Industry Classification Standard) Consumer Electronics Sub-Industry index.
Since its inception in 1989, Garmin has delivered more than 100 million products, most of them enabled with GPS. The company notes that this is far more than any other navigation provider. Garmin provides a wide range of products and applications in the navigation industry. It claims a leadership position in each of the markets it serves, including automotive, aviation, marine, fitness, and outdoor recreation.
Popular products across the multisport community include the Forerunner 910XT and the recently launched Garmin Swim – which lets users track stroke type, stroke count, distance, pace, lengths and more.