Bank of New York Mellon Corp Sells 16,293 Shares of Garmin Ltd. $GRMN

Bank of New York Mellon Corp reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 1.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 856,567 shares of the scientific and technical instruments company’s stock after selling 16,293 shares during the quarter. Bank of New York Mellon Corp’s holdings in Garmin were worth $173,755,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of GRMN. Brighton Jones LLC boosted its stake 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 raised its stake in shares of 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 stake in shares of 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 worth $2,826,000 after buying an additional 3,757 shares during the last quarter. Focus Partners Wealth lifted its holdings in 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 valued at $1,479,000 after buying an additional 2,304 shares during the period. Finally, Sivia Capital Partners LLC lifted its holdings in Garmin by 17.0% in the second 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 during the period. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Trading Down 2.2%

Shares of GRMN opened at $236.62 on Friday. Garmin Ltd. has a 12 month low of $186.67 and a 12 month high of $273.32. The company has a market capitalization of $45.63 billion, a PE ratio of 26.38, a PEG ratio of 2.86 and a beta of 0.91. The stock’s 50-day moving average price is $244.62 and its two-hundred day moving average price is $225.18.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, topping the consensus estimate of $1.84 by $0.24. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The business had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter last year, the firm posted $1.61 earnings per share. The firm’s revenue was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Equities research analysts predict that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GRMN. Tigress Financial lifted their price objective on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a report on Wednesday, May 20th. Barclays decreased their target price on shares of Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a research report on Thursday, April 30th. Morgan Stanley set a $249.00 target price on shares of Garmin in a research report on Thursday, April 30th. Zacks Research downgraded shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Finally, Wall Street Zen raised Garmin from a “hold” rating to a “buy” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.40.

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.