Teacher Retirement System of Texas Sells 8,628 Shares of Garmin Ltd. (GRMN)
Teacher Retirement System of Texas lowered its stake in Garmin Ltd. (NASDAQ:GRMN) by 68.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,042 shares of the scientific and technical instruments company’s stock after selling 8,628 shares during the period. Teacher Retirement System of Texas’ holdings in Garmin were worth $206,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Garmin by 4,403.5% in the first quarter. BlackRock Inc. now owns 10,889,195 shares of the scientific and technical instruments company’s stock valued at $556,544,000 after buying an additional 10,647,400 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Garmin by 313.2% in the first quarter. Renaissance Technologies LLC now owns 820,142 shares of the scientific and technical instruments company’s stock valued at $41,917,000 after buying an additional 621,665 shares in the last quarter. WINTON GROUP Ltd raised its stake in shares of Garmin by 473.0% in the first quarter. WINTON GROUP Ltd now owns 485,123 shares of the scientific and technical instruments company’s stock valued at $23,339,000 after buying an additional 400,452 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Garmin by 83.7% in the first quarter. UBS Asset Management Americas Inc. now owns 753,945 shares of the scientific and technical instruments company’s stock valued at $38,534,000 after buying an additional 343,489 shares in the last quarter. Finally, Todd Asset Management LLC raised its stake in shares of Garmin by 1,113.9% in the first quarter. Todd Asset Management LLC now owns 323,519 shares of the scientific and technical instruments company’s stock valued at $16,535,000 after buying an additional 296,868 shares in the last quarter. Institutional investors and hedge funds own 39.76% of the company’s stock.
Garmin Ltd. (NASDAQ GRMN) opened at 51.73 on Thursday. The firm has a market capitalization of $9.71 billion, a P/E ratio of 14.53 and a beta of 0.86. The firm’s 50-day moving average is $51.37 and its 200 day moving average is $51.33. Garmin Ltd. has a 52-week low of $46.05 and a 52-week high of $55.74.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The company had revenue of $816.89 million for the quarter, compared to analyst estimates of $806.67 million. During the same period last year, the firm earned $0.87 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Equities analysts anticipate that Garmin Ltd. will post $2.80 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend is Thursday, September 14th. Garmin’s payout ratio is currently 57.46%.
GRMN has been the subject of several recent research reports. Zacks Investment Research upgraded Garmin from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Thursday, May 4th. Bank of America Corporation increased their price objective on Garmin from $47.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, May 4th. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Wednesday, July 19th. They noted that the move was a valuation call. Tigress Financial reiterated a “buy” rating on shares of Garmin in a report on Monday, July 10th. Finally, J P Morgan Chase & Co lowered Garmin from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $55.00 to $50.00 in a report on Thursday, May 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Garmin presently has a consensus rating of “Hold” and an average price target of $53.50.
In related news, insider Sean Biddlecombe sold 1,697 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $51.83, for a total transaction of $87,955.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jonathan Burrell sold 231,500 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $51.20, for a total transaction of $11,852,800.00. The disclosure for this sale can be found here. Insiders have sold 465,197 shares of company stock worth $23,856,276 over the last three months. 18.30% of the stock is owned by insiders.
Garmin Company Profile
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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