Garmin Ltd. $GRMN Stock Position Lowered by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in Garmin Ltd. (NYSE:GRMN) by 0.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 owned about 0.45% of Garmin worth $214,916,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Quaker Wealth Management LLC boosted its position in shares of Garmin by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock valued at $28,000 after purchasing an additional 264 shares in the last quarter. Richardson Financial Services Inc. lifted its stake in Garmin by 62.2% during the third quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 51 shares during the last quarter. Tradewinds Capital Management LLC bought a new stake in Garmin during the third quarter worth approximately $44,000. SJS Investment Consulting Inc. boosted its holdings in Garmin by 1,530.8% during the third quarter. SJS Investment Consulting Inc. now owns 212 shares of the scientific and technical instruments company’s stock worth $52,000 after buying an additional 199 shares in the last quarter. Finally, Mascoma Wealth Management LLC acquired a new position in Garmin in the third quarter worth approximately $54,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Garmin Trading Down 1.5%

Shares of Garmin stock opened at $201.48 on Friday. Garmin Ltd. has a 1 year low of $169.26 and a 1 year high of $261.69. The company has a market cap of $38.75 billion, a P/E ratio of 24.81, a P/E/G ratio of 2.16 and a beta of 1.00. The stock has a 50-day moving average price of $204.58 and a 200 day moving average price of $221.95.

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

Insiders Place Their Bets

In related news, CFO Douglas G. Boessen sold 2,485 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the completion of the sale, the chief financial officer directly owned 28,916 shares in the company, valued at approximately $5,964,214.16. This trade represents a 7.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Patrick Desbois sold 3,678 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $210.40, for a total value of $773,851.20. Following the completion of the transaction, the chief operating officer owned 61,798 shares in the company, valued at $13,002,299.20. This trade represents a 5.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 16,594 shares of company stock worth $3,437,592 in the last quarter. 15.38% of the stock is currently owned by corporate insiders.

Garmin Company 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.