New Mexico Educational Retirement Board Has $790,000 Stake in Garmin Ltd. (NASDAQ:GRMN)

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New Mexico Educational Retirement Board decreased its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 2.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,900 shares of the scientific and technical instruments company’s stock after selling 200 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Garmin were worth $790,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hilton Capital Management LLC acquired a new stake in shares of Garmin during the 1st quarter valued at $29,000. Hanseatic Management Services Inc. acquired a new stake in shares of Garmin during the 1st quarter valued at $30,000. Trust Co. of Vermont boosted its holdings in shares of Garmin by 762.1% during the 1st quarter. Trust Co. of Vermont now owns 500 shares of the scientific and technical instruments company’s stock valued at $43,000 after acquiring an additional 442 shares in the last quarter. Amica Retiree Medical Trust acquired a new position in Garmin during the 2nd quarter worth about $43,000. Finally, Farmers National Bank acquired a new position in Garmin during the 1st quarter worth about $44,000. 42.49% of the stock is currently owned by institutional investors.

In related news, Chairman Min H. Kao sold 196,836 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $79.53, for a total value of $15,654,367.08. Following the completion of the sale, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at approximately $143,108,588.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Biddlecombe sold 316 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $80.39, for a total value of $25,403.24. The disclosure for this sale can be found here. Insiders sold a total of 5,419,461 shares of company stock worth $426,224,632 over the last three months. 23.83% of the stock is owned by company insiders.

Several research analysts have commented on the company. ValuEngine downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. raised Garmin from an “underweight” rating to a “neutral” rating and cut their target price for the stock from $77.00 to $75.00 in a report on Friday, June 7th. BidaskClub raised Garmin from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Morgan Stanley set a $81.00 target price on Garmin and gave the stock a “hold” rating in a report on Thursday, May 2nd. Finally, Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $78.66.

Shares of NASDAQ:GRMN traded up $0.04 during midday trading on Wednesday, reaching $79.85. The company’s stock had a trading volume of 3,008 shares, compared to its average volume of 1,393,657. The firm has a market capitalization of $15.52 billion, a price-to-earnings ratio of 21.53, a PEG ratio of 2.74 and a beta of 0.91. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.76 and a current ratio of 2.39. The firm has a 50 day moving average price of $78.71 and a two-hundred day moving average price of $80.74. Garmin Ltd. has a fifty-two week low of $59.98 and a fifty-two week high of $89.72.

Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $955.00 million for the quarter, compared to the consensus estimate of $930.98 million. Garmin had a return on equity of 17.97% and a net margin of 21.32%. The firm’s revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.99 EPS. As a group, research analysts anticipate that Garmin Ltd. will post 3.9 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Friday, September 13th. Garmin’s dividend payout ratio is 61.79%.

Garmin 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.

See Also: Diversification For Individual Investors

Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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