Bank of New York Mellon Corp Has $200.01 Million Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Bank of New York Mellon Corp trimmed its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 3.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 approximately 0.48% of Garmin worth $200,012,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of GRMN. Aster Capital Management DIFC Ltd lifted its holdings in Garmin by 864.3% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock worth $28,000 after acquiring an additional 121 shares during the last quarter. TFC Financial Management Inc. grew its holdings in Garmin by 1,633.3% in the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after buying an additional 147 shares in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Garmin during the first quarter valued at $34,000. Garde Capital Inc. acquired a new stake in Garmin in the first quarter worth about $40,000. Finally, Olde Wealth Management LLC bought a new position in shares of Garmin in the first quarter valued at approximately $43,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Garmin Stock Performance

NYSE:GRMN traded up $3.95 on Wednesday, hitting $217.36. 1,063,685 shares of the stock were exchanged, compared to its average volume of 908,606. Garmin Ltd. has a 52 week low of $160.71 and a 52 week high of $246.50. The stock has a market capitalization of $41.85 billion, a price-to-earnings ratio of 28.60, a P/E/G ratio of 2.39 and a beta of 0.97. The company's 50-day moving average price is $202.33 and its 200 day moving average price is $207.03.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). Garmin had a return on equity of 19.21% and a net margin of 22.76%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the firm earned $1.42 earnings per share. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Monday, June 16th were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.66%. Garmin's dividend payout ratio (DPR) is currently 47.37%.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 141,626 shares in the company, valued at $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the completion of the transaction, the chief financial officer directly owned 29,146 shares in the company, valued at $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.38% of the stock is currently owned by company insiders.

Garmin Company Profile

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.