Garmin Ltd. $GRMN Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in shares of Garmin Ltd. (NYSE:GRMN) by 2.3% during the first quarter, Holdings Channel reports. The institutional investor owned 836,750 shares of the scientific and technical instruments company’s stock after selling 19,817 shares during the period. Bank of New York Mellon Corp’s holdings in Garmin were worth $194,134,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in GRMN. State Street Corp raised its holdings in Garmin by 1.8% during the third quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company’s stock worth $1,785,304,000 after purchasing an additional 126,677 shares during the last quarter. Norges Bank purchased a new stake in shares of Garmin in the 4th quarter worth about $395,234,000. Northern Trust Corp grew its stake in Garmin by 3.8% in the 4th quarter. Northern Trust Corp now owns 1,719,677 shares of the scientific and technical instruments company’s stock valued at $348,836,000 after acquiring an additional 63,283 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Garmin by 6.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,591,369 shares of the scientific and technical instruments company’s stock valued at $322,837,000 after acquiring an additional 96,850 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN increased its holdings in Garmin by 0.4% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company’s stock valued at $296,250,000 after acquiring an additional 5,213 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Garmin

In other news, Director Joseph J. Hartnett sold 643 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the transaction, the director directly owned 21,277 shares in the company, valued at $5,607,978.89. This trade represents a 2.93% 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 2,000 shares of Garmin stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of the transaction, the chief financial officer directly owned 26,049 shares in the company, valued at $6,197,317.59. This represents a 7.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 14.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Morgan Stanley set a $249.00 target price on shares of Garmin in a research report on Thursday, April 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. Barclays cut their price objective on Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a research report on Thursday, April 30th. Tigress Financial upped their target price on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a research note on Wednesday, May 20th. Finally, Wall Street Zen cut Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $269.40.

Garmin Stock Down 0.5%

GRMN stock opened at $249.86 on Friday. The company has a market cap of $48.19 billion, a price-to-earnings ratio of 27.85, a PEG ratio of 2.95 and a beta of 0.90. The business has a fifty day simple moving average of $238.18 and a 200-day simple moving average of $233.46. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $273.32.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share 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 for the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the company posted $1.61 EPS. The business’s quarterly revenue was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, analysts expect that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

About Garmin

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.