Bank of New York Mellon Corp Lowers Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Bank of New York Mellon trimmed its Garmin stake by 2.3% in the first quarter, selling 19,817 shares and ending with 836,750 shares valued at about $194.1 million.
• Garmin reported a strong quarter, posting $2.08 EPS on $1.75 billion in revenue, both ahead of expectations, with revenue up 14% year over year.
• Despite mixed analyst sentiment and some insider selling, Garmin’s stock remains closely watched, with a moderate buy consensus and an average price target of $269.40.

Bank of New York Mellon Corp cut its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 2.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 836,750 shares of the scientific and technical instruments company's stock after selling 19,817 shares during the period. Bank of New York Mellon Corp owned about 0.43% of Garmin worth $194,134,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in GRMN. Brighton Jones LLC increased its position in shares of Garmin by 31.3% in the 4th 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 during the last quarter. NewEdge Advisors LLC lifted its position in shares of Garmin by 6.2% during the 1st quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company's stock worth $1,278,000 after buying an additional 345 shares during the last quarter. Woodline Partners LP lifted its position 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 buying an additional 3,757 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Garmin by 51.1% in the 1st quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company's stock valued at $1,479,000 after buying an additional 2,304 shares in the last quarter. Finally, Sivia Capital Partners LLC boosted its holdings in shares of Garmin by 17.0% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company's stock valued at $347,000 after buying an additional 242 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Garmin Price Performance

NYSE:GRMN opened at $249.86 on Friday. The firm has a market cap of $48.19 billion, a price-to-earnings ratio of 27.85, a price-to-earnings-growth ratio of 2.95 and a beta of 0.90. The firm's fifty day moving average price is $238.18 and its 200 day moving average price is $233.46. Garmin Ltd. has a 1-year low of $186.67 and a 1-year high of $273.32.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, topping analysts' consensus estimates of $1.84 by $0.24. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a net margin of 23.26% and a return on equity of 20.07%. Garmin's quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, analysts expect that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Douglas G. Boessen sold 2,000 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of the sale, the chief financial officer owned 26,049 shares in the company, valued at $6,197,317.59. This trade represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph J. Hartnett sold 643 shares of Garmin stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total value of $169,475.51. Following the completion of the sale, the director directly owned 21,277 shares in the company, valued at $5,607,978.89. This represents a 2.93% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 14.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Morgan Stanley set a $249.00 price target on shares of Garmin in a research note on Thursday, April 30th. Wall Street Zen downgraded shares of Garmin from a "buy" rating to a "hold" rating in a research note on Saturday, June 20th. Tigress Financial raised their price objective on Garmin from $320.00 to $325.00 and gave the stock a "strong-buy" rating in a report on Wednesday, May 20th. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a research report on Monday, June 8th. Finally, JPMorgan Chase & Co. boosted their target price on Garmin from $265.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $269.40.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin's products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin's product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.

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