Bank of New York Mellon Corp Reduces Stock Holdings in Garmin Ltd. $GRMN

Bank of New York Mellon Corp trimmed its position in Garmin Ltd. (NYSE:GRMN) by 4.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 878,975 shares of the scientific and technical instruments company’s stock after selling 42,187 shares during the period. Bank of New York Mellon Corp owned about 0.46% of Garmin worth $183,460,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Garmin by 2.0% in the first quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company’s stock worth $4,000,656,000 after purchasing an additional 357,458 shares during the last quarter. Invesco Ltd. boosted its position in Garmin by 9.0% in the first quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company’s stock worth $404,329,000 after purchasing an additional 153,267 shares during the last quarter. AQR Capital Management LLC boosted its position in Garmin by 79.3% in the first quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock worth $340,574,000 after purchasing an additional 700,967 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Garmin by 21.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company’s stock worth $262,907,000 after purchasing an additional 211,731 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Garmin by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 892,606 shares of the scientific and technical instruments company’s stock worth $193,812,000 after purchasing an additional 2,768 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the transaction, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 15.38% of the company’s stock.

Garmin Trading Up 0.0%

Shares of GRMN opened at $205.47 on Thursday. The business’s 50 day moving average is $240.73 and its 200 day moving average is $222.02. The company has a market capitalization of $39.52 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01. Garmin Ltd. has a 12-month low of $169.26 and a 12-month high of $261.69.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 last year, the company earned $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. Equities research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on GRMN. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Tigress Financial raised their price objective on Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, September 30th. Barclays raised their price objective on Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Morgan Stanley raised their price objective on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Garmin presently has an average rating of “Hold” and a consensus target price of $239.50.

Garmin Company 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.