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

Bank of New York Mellon Corp lessened its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 3.7% during the first quarter, according to its most recent Form 13F filing with the Securities & 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 approximately 0.48% of Garmin worth $200,012,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of GRMN. Brighton Jones LLC lifted its holdings in shares of Garmin by 31.3% in the fourth 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 in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Garmin by 45.0% in the fourth quarter. Victory Capital Management Inc. now owns 137,136 shares of the scientific and technical instruments company's stock valued at $28,286,000 after purchasing an additional 42,571 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Garmin during the fourth quarter worth $31,454,000. Raymond James Financial Inc. purchased a new position in Garmin in the fourth quarter worth $32,795,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in Garmin in the fourth quarter worth $321,000. Institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

GRMN stock traded down $1.01 during trading on Tuesday, hitting $213.42. 798,898 shares of the company traded hands, compared to its average volume of 905,887. The firm has a market capitalization of $41.09 billion, a PE ratio of 28.08, a P/E/G ratio of 2.41 and a beta of 0.97. Garmin Ltd. has a 1 year low of $160.71 and a 1 year high of $246.50. The company has a 50-day moving average of $202.15 and a 200-day moving average of $206.98.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share 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 the consensus estimate of $1.50 billion. Garmin had a return on equity of 19.21% and a net margin of 22.76%. Garmin's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.42 earnings per share. Sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Monday, June 16th were given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.69%. Garmin's dividend payout ratio is currently 47.37%.

Insider Buying and Selling

In other 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 owned 141,626 shares in the company, valued at $28,785,484.50. This trade represents a 5.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief financial officer owned 29,146 shares of the company's stock, valued at approximately $6,266,390. The trade was a 6.00% decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GRMN shares. JPMorgan Chase & Co. cut their price objective on Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Morgan Stanley increased their price objective on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a report on Thursday, May 1st. Finally, Barclays decreased their target price on Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 30th. Two research 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's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target 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.