Bank of New York Mellon Corp Decreases Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Bank of New York Mellon Corp cut its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 921,162 shares of the scientific and technical instruments company's stock after selling 35,717 shares during the quarter. Bank of New York Mellon Corp owned about 0.48% of Garmin worth $200,012,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of GRMN. Norges Bank acquired a new stake in shares of Garmin during the 4th quarter valued at $396,184,000. GAMMA Investing LLC grew its holdings in Garmin by 25,047.9% during the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock worth $192,259,000 after acquiring an additional 881,935 shares during the period. Congress Asset Management Co. lifted its stake in Garmin by 673.4% in the first quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock valued at $95,823,000 after buying an additional 384,258 shares during the period. Northern Trust Corp grew its holdings in Garmin by 20.2% in the fourth quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock worth $352,394,000 after purchasing an additional 286,765 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in Garmin by 164.7% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,145 shares of the scientific and technical instruments company's stock worth $82,121,000 after buying an additional 247,726 shares during the period. 81.60% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total value of $1,605,471.75. Following the sale, the chief executive officer owned 141,626 shares of the company's stock, valued at $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 15.38% of the company's stock.

Garmin Stock Down 0.9%

Shares of NYSE GRMN traded down $2.05 during trading on Friday, reaching $215.75. The company had a trading volume of 652,142 shares, compared to its average volume of 908,400. The stock has a market cap of $41.54 billion, a PE ratio of 28.39, a P/E/G ratio of 2.44 and a beta of 0.97. Garmin Ltd. has a 12-month low of $160.71 and a 12-month high of $246.50. The business's 50-day moving average is $203.56 and its 200 day moving average is $207.16.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). The business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.50 billion. Garmin had a return on equity of 19.21% and a net margin of 22.76%. The business's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.42 EPS. On average, analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 16th were given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.67%. Garmin's dividend payout ratio is currently 47.37%.

Analyst Ratings Changes

Several analysts have recently commented on GRMN shares. JPMorgan Chase & Co. lowered their target price on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Morgan Stanley boosted their price target on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research report on Thursday, May 1st. Finally, Barclays lowered their price objective on Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $206.00.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.