Teachers Retirement System of The State of Kentucky Cuts Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Teachers Retirement System of The State of Kentucky lowered its stake in shares of Garmin Ltd. (NYSE:GRMNGet Rating) by 4.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,781 shares of the scientific and technical instruments company’s stock after selling 469 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Garmin were worth $1,279,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Rafferty Asset Management LLC acquired a new position in Garmin in the fourth quarter valued at $216,000. Gotham Asset Management LLC grew its position in shares of Garmin by 16.2% in the fourth quarter. Gotham Asset Management LLC now owns 20,635 shares of the scientific and technical instruments company’s stock valued at $2,810,000 after purchasing an additional 2,874 shares during the last quarter. GSA Capital Partners LLP boosted its position in Garmin by 197.7% during the fourth quarter. GSA Capital Partners LLP now owns 5,981 shares of the scientific and technical instruments company’s stock worth $814,000 after acquiring an additional 3,972 shares during the last quarter. Blair William & Co. IL boosted its position in Garmin by 1.7% during the fourth quarter. Blair William & Co. IL now owns 6,453 shares of the scientific and technical instruments company’s stock worth $879,000 after acquiring an additional 107 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Garmin by 3.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 830,374 shares of the scientific and technical instruments company’s stock worth $113,071,000 after acquiring an additional 24,026 shares during the last quarter. Institutional investors and hedge funds own 62.50% of the company’s stock.

Garmin Price Performance

NYSE GRMN opened at $82.94 on Friday. The company’s 50 day simple moving average is $95.03 and its 200 day simple moving average is $102.78. Garmin Ltd. has a 12 month low of $82.70 and a 12 month high of $173.29. The company has a market capitalization of $16.00 billion, a P/E ratio of 15.83, a PEG ratio of 3.12 and a beta of 0.97.

Garmin (NYSE:GRMNGet Rating) last announced its quarterly earnings data on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.02. Garmin had a net margin of 20.31% and a return on equity of 17.71%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the firm posted $1.68 earnings per share. The firm’s revenue was down 6.5% on a year-over-year basis. On average, analysts anticipate that Garmin Ltd. will post 4.9 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on GRMN shares. TheStreet lowered shares of Garmin from a “b” rating to a “c+” rating in a report on Wednesday, July 27th. Bank of America downgraded shares of Garmin from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $137.00 to $109.00 in a research note on Tuesday, August 2nd. Morgan Stanley dropped their price target on shares of Garmin from $127.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 14th. Finally, Tigress Financial dropped their target price on shares of Garmin from $208.00 to $165.00 and set a “strong-buy” rating for the company in a research report on Friday, August 5th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $134.75.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 16,089 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $97.81, for a total transaction of $1,573,665.09. Following the completion of the transaction, the chief executive officer now directly owns 145,500 shares in the company, valued at approximately $14,231,355. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Clifton A. Pemble sold 16,089 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $97.81, for a total value of $1,573,665.09. Following the completion of the transaction, the chief executive officer now owns 145,500 shares in the company, valued at approximately $14,231,355. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Clifton A. Pemble sold 9,550 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $90.00, for a total transaction of $859,500.00. Following the completion of the sale, the chief executive officer now directly owns 135,950 shares in the company, valued at approximately $12,235,500. The disclosure for this sale can be found here. 20.34% of the stock is owned by insiders.

About Garmin

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Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

See Also

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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