Bank of New York Mellon Corp Has $214.92 Million Position in Garmin Ltd. $GRMN

Bank of New York Mellon Corp cut its holdings in Garmin Ltd. (NYSE:GRMN) by 0.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 872,860 shares of the scientific and technical instruments company’s stock after selling 6,115 shares during the quarter. Bank of New York Mellon Corp’s holdings in Garmin were worth $214,916,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in GRMN. Brighton Jones LLC raised its holdings in shares of Garmin by 31.3% during 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 in the last quarter. NewEdge Advisors LLC increased its position in Garmin by 6.2% during the first 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 raised its holdings in Garmin by 40.6% during the first quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock valued at $2,826,000 after buying an additional 3,757 shares in the last quarter. Focus Partners Wealth lifted its position in shares of Garmin by 51.1% in the first quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company’s stock worth $1,479,000 after buying an additional 2,304 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its stake in shares of Garmin by 17.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company’s stock worth $347,000 after acquiring an additional 242 shares in the last quarter. 81.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on GRMN shares. Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a research note on Friday, December 19th. Morgan Stanley lifted their price target on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Barclays upgraded shares of Garmin from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $208.00 to $217.00 in a research note on Friday, January 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Thursday, January 22nd. Finally, Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a research report on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $244.40.

Insider Transactions at Garmin

In other news, COO Patrick Desbois sold 3,678 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $210.40, for a total transaction of $773,851.20. Following the sale, the chief operating officer directly owned 61,798 shares in the company, valued at approximately $13,002,299.20. The trade was a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 10,431 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the completion of the transaction, the chief executive officer owned 135,180 shares of the company’s stock, valued at $27,878,171.40. The trade was a 7.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 16,594 shares of company stock valued at $3,437,592. 15.38% of the stock is owned by corporate insiders.

Garmin Trading Down 1.5%

Shares of Garmin stock opened at $201.48 on Friday. The company has a market cap of $38.75 billion, a price-to-earnings ratio of 24.81, a PEG ratio of 2.16 and a beta of 1.00. Garmin Ltd. has a 1 year low of $169.26 and a 1 year high of $261.69. The company’s fifty day simple moving average is $204.58 and its 200-day simple moving average is $221.95.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period last year, the business posted $1.99 EPS. The business’s quarterly revenue was up 11.7% on a year-over-year basis. As a group, research analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Profile

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.