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

Bank of New York Mellon Corp cut its holdings in Garmin Ltd. (NYSE:GRMN) by 3.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 956,879 shares of the scientific and technical instruments company’s stock after selling 31,341 shares during the period. Bank of New York Mellon Corp owned about 0.50% of Garmin worth $197,366,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of GRMN. Citigroup Inc. lifted its position in shares of Garmin by 123.2% during the 3rd quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock worth $49,889,000 after buying an additional 156,441 shares during the last quarter. Passumpsic Savings Bank acquired a new position in Garmin in the third quarter valued at $3,137,000. Advisors Asset Management Inc. grew its holdings in shares of Garmin by 24.2% during the third quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock worth $3,086,000 after purchasing an additional 3,415 shares during the last quarter. National Pension Service increased its position in shares of Garmin by 25.7% during the third quarter. National Pension Service now owns 284,065 shares of the scientific and technical instruments company’s stock worth $50,004,000 after purchasing an additional 58,025 shares in the last quarter. Finally, Diversified Trust Co purchased a new stake in shares of Garmin in the 4th quarter valued at about $734,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the completion of the sale, the chief executive officer now directly owns 149,525 shares in the company, valued at approximately $33,963,108.50. This trade represents a 4.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Patrick Desbois sold 6,911 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total value of $1,569,833.65. Following the completion of the sale, the chief operating officer now owns 63,048 shares in the company, valued at approximately $14,321,353.20. This represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,874 shares of company stock valued at $3,571,966 over the last quarter. Company insiders own 19.54% of the company’s stock.

Garmin Price Performance

Shares of NYSE GRMN opened at $223.98 on Friday. The stock has a fifty day moving average price of $214.66 and a 200 day moving average price of $197.16. Garmin Ltd. has a 1-year low of $134.11 and a 1-year high of $246.50. The company has a market cap of $43.09 billion, a PE ratio of 30.64, a P/E/G ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.51. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business’s revenue was up 22.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.72 earnings per share. Analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a $0.90 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.61%. Garmin’s dividend payout ratio (DPR) is presently 41.04%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Barclays raised their price target on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. lifted their target price on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Morgan Stanley upgraded shares of Garmin to a “sell” rating and increased their price target for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Finally, Tigress Financial raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research report on Wednesday. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Garmin currently has a consensus rating of “Hold” and a consensus price target of $210.80.

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.