California Public Employees Retirement System lifted its position in Garmin Ltd. (NASDAQ:GRMN) by 31.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 481,904 shares of the scientific and technical instruments company’s stock after buying an additional 115,228 shares during the quarter. California Public Employees Retirement System’s holdings in Garmin were worth $29,396,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN boosted its holdings in shares of Garmin by 10.4% during the first quarter. Wells Fargo & Company MN now owns 227,952 shares of the scientific and technical instruments company’s stock worth $13,432,000 after purchasing an additional 21,381 shares during the period. US Bancorp DE boosted its holdings in shares of Garmin by 317.4% during the first quarter. US Bancorp DE now owns 10,949 shares of the scientific and technical instruments company’s stock worth $646,000 after purchasing an additional 8,326 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Garmin by 24.7% during the first quarter. Toronto Dominion Bank now owns 60,403 shares of the scientific and technical instruments company’s stock worth $3,560,000 after purchasing an additional 11,952 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Garmin by 40.4% during the first quarter. JPMorgan Chase & Co. now owns 864,999 shares of the scientific and technical instruments company’s stock worth $50,974,000 after purchasing an additional 249,009 shares during the period. Finally, Norinchukin Bank The boosted its holdings in shares of Garmin by 16.0% during the first quarter. Norinchukin Bank The now owns 14,976 shares of the scientific and technical instruments company’s stock worth $883,000 after purchasing an additional 2,064 shares during the period. 39.81% of the stock is currently owned by institutional investors and hedge funds.

GRMN stock opened at $69.57 on Thursday. The company has a market cap of $13.80 billion, a P/E ratio of 23.70, a P/E/G ratio of 2.88 and a beta of 1.03. Garmin Ltd. has a 52 week low of $53.45 and a 52 week high of $70.75.

Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.12. The firm had revenue of $894.50 million during the quarter, compared to analysts’ expectations of $844.76 million. Garmin had a net margin of 18.72% and a return on equity of 15.98%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 earnings per share. analysts anticipate that Garmin Ltd. will post 3.3 EPS for the current year.

Several analysts recently commented on the stock. BidaskClub upgraded shares of Garmin from a “hold” rating to a “buy” rating in a report on Thursday, August 30th. Longbow Research set a $75.00 price target on shares of Garmin and gave the stock a “buy” rating in a report on Thursday, September 20th. Morgan Stanley set a $77.00 price target on shares of Garmin and gave the stock an “equal weight” rating in a report on Friday, September 21st. Finally, ValuEngine upgraded shares of Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $67.40.

In other Garmin news, insider Clifton A. Pemble sold 15,637 shares of Garmin stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $70.00, for a total value of $1,094,590.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Min H. Kao sold 95,814 shares of Garmin stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $69.70, for a total transaction of $6,678,235.80. Following the completion of the sale, the insider now owns 1,901,429 shares of the company’s stock, valued at $132,529,601.30. The disclosure for this sale can be found here. Insiders sold 4,499,404 shares of company stock valued at $288,723,323 over the last quarter. Corporate insiders own 17.85% of the company’s stock.

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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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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