Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Garmin Ltd. (NASDAQ:GRMN) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,089 shares of the scientific and technical instruments company’s stock after acquiring an additional 497 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Garmin were worth $612,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in GRMN. Oregon Public Employees Retirement Fund lifted its stake in Garmin by 5,916.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,586,799 shares of the scientific and technical instruments company’s stock worth $25,000 after acquiring an additional 1,560,423 shares in the last quarter. Norges Bank purchased a new stake in Garmin in the 4th quarter worth about $82,766,000. Vanguard Group Inc lifted its stake in Garmin by 9.0% in the 3rd quarter. Vanguard Group Inc now owns 12,760,863 shares of the scientific and technical instruments company’s stock worth $893,899,000 after acquiring an additional 1,057,737 shares in the last quarter. BlackRock Inc. lifted its stake in Garmin by 7.1% in the 4th quarter. BlackRock Inc. now owns 12,886,129 shares of the scientific and technical instruments company’s stock worth $815,948,000 after acquiring an additional 852,593 shares in the last quarter. Finally, Hexavest Inc. purchased a new stake in Garmin in the 1st quarter worth about $37,769,000. 42.10% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Patrick Desbois sold 1,749 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $86.00, for a total transaction of $150,414.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 17.85% of the stock is owned by company insiders.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.02. Garmin had a return on equity of 17.60% and a net margin of 20.72%. The company had revenue of $766.00 million during the quarter, compared to the consensus estimate of $733.26 million. During the same period last year, the business earned $0.68 EPS. The business’s quarterly revenue was up 7.7% on a year-over-year basis. On average, research analysts forecast that Garmin Ltd. will post 3.75 EPS for the current fiscal year.
GRMN has been the subject of several research analyst reports. Credit Suisse Group increased their price objective on Garmin from $58.00 to $71.00 and gave the stock an “underperform” rating in a research note on Monday, February 25th. BidaskClub downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Longbow Research set a $75.00 price objective on Garmin and gave the stock a “buy” rating in a research note on Tuesday, February 19th. ValuEngine downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. Finally, Morgan Stanley set a $81.00 price objective on Garmin and gave the stock a “hold” rating in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. Garmin currently has an average rating of “Hold” and an average target price of $79.39.
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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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