Virginia Retirement Systems ET AL Decreases Stock Holdings in Garmin Ltd. (NASDAQ:GRMN)

Virginia Retirement Systems ET AL trimmed its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 9.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 166,300 shares of the scientific and technical instruments company’s stock after selling 17,500 shares during the period. Virginia Retirement Systems ET AL owned approximately 0.09% of Garmin worth $24,054,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Garmin by 1.0% during the second quarter. Vanguard Group Inc. now owns 16,584,987 shares of the scientific and technical instruments company’s stock valued at $2,398,854,000 after buying an additional 158,533 shares during the last quarter. BlackRock Inc. increased its holdings in Garmin by 0.6% during the second quarter. BlackRock Inc. now owns 13,104,948 shares of the scientific and technical instruments company’s stock valued at $1,895,499,000 after buying an additional 81,216 shares during the last quarter. Geode Capital Management LLC increased its holdings in Garmin by 3.9% during the second quarter. Geode Capital Management LLC now owns 3,019,252 shares of the scientific and technical instruments company’s stock valued at $435,631,000 after buying an additional 113,717 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Garmin by 5.0% during the second quarter. JPMorgan Chase & Co. now owns 2,834,951 shares of the scientific and technical instruments company’s stock valued at $410,049,000 after buying an additional 135,449 shares during the last quarter. Finally, FMR LLC increased its holdings in Garmin by 5.2% during the second quarter. FMR LLC now owns 2,353,066 shares of the scientific and technical instruments company’s stock valued at $340,347,000 after buying an additional 116,418 shares during the last quarter. 51.64% of the stock is owned by institutional investors and hedge funds.

A number of research firms have weighed in on GRMN. Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating and set a $163.00 price target for the company. in a research report on Tuesday, October 5th. Tigress Financial reiterated a “strong-buy” rating and issued a $198.00 price target (up from $174.00) on shares of Garmin in a research report on Wednesday, August 4th. Bank of America lowered shares of Garmin from a “buy” rating to a “neutral” rating and set a $155.00 target price for the company. in a research report on Tuesday, June 22nd. Morgan Stanley upped their target price on shares of Garmin from $138.00 to $147.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 29th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Garmin from $140.00 to $155.00 and gave the stock a “hold” rating in a research report on Thursday, July 29th. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $155.86.

In other news, CEO Clifton A. Pemble sold 2,333 shares of the stock in a transaction on Friday, August 6th. The shares were sold at an average price of $165.00, for a total value of $384,945.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Sean Biddlecombe sold 405 shares of the stock in a transaction on Wednesday, August 4th. The shares were sold at an average price of $161.14, for a total transaction of $65,261.70. The disclosure for this sale can be found here. Corporate insiders own 21.39% of the company’s stock.

GRMN stock traded up $3.20 during trading on Thursday, hitting $157.97. 3,442 shares of the company’s stock traded hands, compared to its average volume of 662,383. Garmin Ltd. has a 52 week low of $97.35 and a 52 week high of $178.80. The business has a fifty day simple moving average of $166.80 and a 200 day simple moving average of $151.34. The stock has a market capitalization of $30.38 billion, a price-to-earnings ratio of 25.73, a P/E/G ratio of 4.53 and a beta of 0.99.

Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, July 28th. The scientific and technical instruments company reported $1.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.45. Garmin had a net margin of 24.36% and a return on equity of 21.68%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.07 billion. As a group, analysts expect that Garmin Ltd. will post 5.6 earnings per share for the current year.

About Garmin

Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following five segments: Marine, Outdoor, Fitness, Auto and Aviation. The Marine segment manufactures and offers recreational marine electronics such as cartography, Sounders, Radar, Autopilot Systems and Sailing.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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