Teachers Retirement System of The State of Kentucky Sells 286,000 Shares of Garmin Ltd. (GRMN)
Teachers Retirement System of The State of Kentucky decreased its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 96.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,050 shares of the scientific and technical instruments company’s stock after selling 286,000 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Garmin were worth $615,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. US Bancorp DE lifted its stake in Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock valued at $113,000 after acquiring an additional 180 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in Garmin in the first quarter valued at $156,000. Cutler Group LP acquired a new stake in Garmin in the second quarter valued at $188,000. Benjamin F. Edwards & Company Inc. lifted its stake in Garmin by 72.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock valued at $191,000 after acquiring an additional 1,568 shares during the last quarter. Finally, Profund Advisors LLC acquired a new stake in Garmin in the second quarter valued at $202,000. Institutional investors and hedge funds own 39.59% of the company’s stock.
Shares of Garmin Ltd. (NASDAQ GRMN) opened at 55.15 on Tuesday. The firm has a 50-day moving average of $53.01 and a 200-day moving average of $51.72. Garmin Ltd. has a 52 week low of $46.80 and a 52 week high of $55.74. The firm has a market cap of $10.35 billion, a PE ratio of 15.50 and a beta of 0.86.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.07. The firm had revenue of $816.89 million for the quarter, compared to the consensus estimate of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.87 EPS. On average, analysts expect that Garmin Ltd. will post $2.80 EPS for the current year.
In other Garmin news, VP Andrew R. Etkind sold 2,189 shares of Garmin stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total transaction of $113,828.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Jonathan Burrell sold 253,000 shares of Garmin stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $52.13, for a total transaction of $13,188,890.00. The disclosure for this sale can be found here. Insiders have sold a total of 978,183 shares of company stock worth $50,616,903 over the last ninety days. Insiders own 18.30% of the company’s stock.
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GRMN has been the subject of a number of recent analyst reports. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a research note 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 research note on Monday, July 10th. Morgan Stanley set a $50.00 price target on shares of Garmin and gave the company a “hold” rating in a research note on Monday, July 31st. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Finally, BidaskClub cut shares of Garmin from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $52.80.
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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