VIRGINIA RETIREMENT SYSTEMS ET Al Invests $6.18 Million in Garmin Ltd. $GRMN

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Garmin Ltd. (NYSE:GRMN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 26,000 shares of the scientific and technical instruments company’s stock, valued at approximately $6,176,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its holdings in Garmin by 23,029.3% during the 2nd quarter. California State Teachers Retirement System now owns 59,413,980 shares of the scientific and technical instruments company’s stock worth $14,113,197,000 after acquiring an additional 59,157,102 shares in the last quarter. Norges Bank acquired a new stake in shares of Garmin in the 4th quarter valued at $395,234,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Garmin in the 4th quarter valued at $214,382,000. Man Group plc lifted its position in shares of Garmin by 232.0% during the 4th quarter. Man Group plc now owns 812,390 shares of the scientific and technical instruments company’s stock worth $164,793,000 after purchasing an additional 567,711 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Garmin by 73.8% during the 1st quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock worth $300,499,000 after purchasing an additional 549,954 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Performance

Shares of GRMN stock opened at $275.55 on Wednesday. The stock’s 50-day moving average is $274.35 and its two-hundred day moving average is $253.71. Garmin Ltd. has a 1 year low of $186.67 and a 1 year high of $314.28. The firm has a market cap of $53.14 billion, a price-to-earnings ratio of 28.41, a PEG ratio of 3.10 and a beta of 0.85.

Garmin (NYSE:GRMN) last posted its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.51. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.17 EPS. As a group, research analysts predict that Garmin Ltd. will post 10.08 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on GRMN shares. Wall Street Zen lowered Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Tigress Financial restated a “strong-buy” rating on shares of Garmin in a research note on Thursday, August 6th. Barclays upped their price target on Garmin from $238.00 to $297.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a report on Friday. Finally, KeyCorp restated a “sector weight” rating on shares of Garmin in a research report on Wednesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $310.17.

Insider Transactions at Garmin

In other Garmin news, VP Joshua Maxfield sold 1,152 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $291.13, for a total value of $335,381.76. Following the completion of the sale, the vice president owned 15,042 shares in the company, valued at approximately $4,379,177.46. The trade was a 7.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cheng-Wei Wang sold 9,941 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total value of $2,975,937.76. Following the completion of the sale, the insider directly owned 29,506 shares of the company’s stock, valued at $8,832,916.16. The trade was a 25.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,108 shares of company stock worth $4,808,799 in the last three months. Corporate insiders own 14.80% of the company’s stock.

About Garmin

Garmin Ltd. is a technology company that develops products and services based on global positioning system (GPS) and other navigation technologies. The company serves consumers, businesses and specialized markets through its fitness, outdoor, aviation, marine and automotive original equipment manufacturer (OEM) segments.

Its product portfolio includes smartwatches and cycling computers, sports and activity trackers, outdoor navigation devices, satellite communication products, aviation avionics and navigation systems, marine chartplotters and sonar equipment, and in-vehicle navigation and infotainment solutions.