Garmin Ltd. (NYSE:GRMN) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its position in Garmin Ltd. (NYSE:GRMN) by 31.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,030,009 shares of the scientific and technical instruments company’s stock after selling 463,964 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.54% of Garmin worth $167,809,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Dorsey & Whitney Trust CO LLC increased its position in Garmin by 3.3% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock worth $344,000 after buying an additional 73 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in Garmin by 17.6% in the first quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock valued at $81,000 after purchasing an additional 81 shares during the period. 1620 Investment Advisors Inc. boosted its holdings in Garmin by 4.0% in the 4th quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock valued at $279,000 after purchasing an additional 84 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Garmin by 3.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,629 shares of the scientific and technical instruments company’s stock worth $428,000 after buying an additional 86 shares in the last quarter. Finally, Trust Co. of Vermont boosted its stake in shares of Garmin by 18.4% in the second quarter. Trust Co. of Vermont now owns 592 shares of the scientific and technical instruments company’s stock valued at $96,000 after buying an additional 92 shares in the last quarter. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insider Activity

In other Garmin news, CFO Douglas G. Boessen sold 2,350 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the sale, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Douglas G. Boessen sold 2,350 shares of Garmin stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $161.63, for a total value of $379,830.50. Following the completion of the transaction, the chief financial officer now owns 28,010 shares in the company, valued at approximately $4,527,256.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,531 shares of company stock valued at $2,835,858. 19.54% of the stock is currently owned by insiders.

Garmin Trading Down 0.1 %

GRMN stock traded down $0.23 during trading on Monday, reaching $179.53. 624,423 shares of the stock were exchanged, compared to its average volume of 844,138. Garmin Ltd. has a twelve month low of $99.61 and a twelve month high of $181.26. The company has a market capitalization of $34.48 billion, a P/E ratio of 25.35, a price-to-earnings-growth ratio of 3.55 and a beta of 0.98. The stock has a 50 day simple moving average of $167.96 and a 200-day simple moving average of $155.88.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period last year, the firm earned $1.45 EPS. Equities analysts predict that Garmin Ltd. will post 6 EPS for the current year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.00 annualized dividend and a dividend yield of 1.67%. Garmin’s dividend payout ratio (DPR) is currently 42.31%.

Wall Street Analyst Weigh In

Several brokerages recently commented on GRMN. JPMorgan Chase & Co. upped their price target on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. Bank of America downgraded shares of Garmin from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $165.00 to $150.00 in a research report on Wednesday, May 22nd. Barclays increased their price target on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. Finally, Tigress Financial boosted their target price on shares of Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $156.83.

Garmin 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.