Bank of New York Mellon Corp lowered its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 1.7% in the 2nd quarter, Holdings Channel reports. The fund owned 1,410,789 shares of the scientific and technical instruments company’s stock after selling 24,800 shares during the period. Bank of New York Mellon Corp’s holdings in Garmin were worth $86,058,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC bought a new position in shares of Garmin during the second quarter worth about $108,000. Sun Life Financial INC grew its position in shares of Garmin by 1,601.7% during the second quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock worth $120,000 after acquiring an additional 1,858 shares during the last quarter. Fort L.P. bought a new position in shares of Garmin during the second quarter worth about $121,000. Tower Research Capital LLC TRC grew its position in shares of Garmin by 3,291.9% during the second quarter. Tower Research Capital LLC TRC now owns 2,103 shares of the scientific and technical instruments company’s stock worth $128,000 after acquiring an additional 2,041 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new position in shares of Garmin during the second quarter worth about $201,000. Institutional investors and hedge funds own 38.91% of the company’s stock.
Several equities analysts have recently commented on GRMN shares. Longbow Research set a $72.00 price target on shares of Garmin and gave the stock a “buy” rating in a research report on Thursday, July 19th. BidaskClub lowered shares of Garmin from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 4th. Finally, Morgan Stanley set a $77.00 price target on shares of Garmin and gave the stock an “equal weight” rating in a research report on Friday, September 21st. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $67.40.
Shares of GRMN opened at $66.11 on Friday. The stock has a market capitalization of $13.02 billion, a P/E ratio of 22.49, a P/E/G ratio of 2.58 and a beta of 0.98. Garmin Ltd. has a 52-week low of $57.01 and a 52-week high of $70.77.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.24. The firm had revenue of $810.01 million during the quarter, compared to analyst estimates of $784.06 million. Garmin had a net margin of 19.45% and a return on equity of 16.95%. Garmin’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.75 EPS. On average, equities analysts forecast that Garmin Ltd. will post 3.47 earnings per share for the current fiscal year.
In related news, insider Min H. Kao sold 479,645 shares of the stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $64.82, for a total value of $31,090,588.90. Following the completion of the transaction, the insider now owns 1,799,429 shares in the company, valued at approximately $116,638,987.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Min H. Kao sold 75,000 shares of the stock in a transaction dated Monday, October 22nd. The shares were sold at an average price of $62.27, for a total transaction of $4,670,250.00. Following the completion of the transaction, the chairman now owns 1,799,429 shares of the company’s stock, valued at approximately $112,050,443.83. The disclosure for this sale can be found here. Insiders sold a total of 3,813,462 shares of company stock valued at $246,712,986 in the last quarter. 17.85% of the stock is currently owned by insiders.
Garmin Company Profile
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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