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

Bank of New York Mellon Corp lowered its holdings in Garmin Ltd. (NYSE:GRMN) by 31.1% during the second quarter, Holdings Channel reports. The fund 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’s holdings in Garmin were worth $167,809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Epoch Investment Partners Inc. purchased a new stake in Garmin in the 4th quarter worth approximately $54,460,000. M&G Plc purchased a new stake in Garmin during the first quarter worth $38,727,000. SW Investment Management LLC acquired a new stake in Garmin during the fourth quarter valued at $28,279,000. Goldman Sachs Group Inc. raised its position in shares of Garmin by 28.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock worth $110,869,000 after acquiring an additional 190,739 shares during the period. Finally, Norges Bank purchased a new stake in shares of Garmin during the 4th quarter worth about $20,848,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Activity at Garmin

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

Analyst Ratings Changes

A number of research firms have recently commented on GRMN. JPMorgan Chase & Co. boosted their price objective on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. StockNews.com upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, August 20th. Barclays lifted their target price on shares of Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research report on Thursday, May 2nd. Tigress Financial raised their price target 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. Finally, Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $165.00 to $150.00 in a research note on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Garmin has a consensus rating of “Hold” and an average price target of $156.83.

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. The business has a 50 day moving average price of $167.96 and a 200-day moving average price of $155.88. Garmin Ltd. has a 1 year low of $99.61 and a 1 year high of $181.26. The firm has a market capitalization of $34.48 billion, a price-to-earnings ratio of 25.35, a P/E/G ratio of 3.55 and a beta of 0.98.

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

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.75 dividend. 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 is currently 42.31%.

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.