Virginia Retirement Systems ET AL Has $20.15 Million Holdings in Garmin Ltd. (GRMN)

Virginia Retirement Systems ET AL cut its holdings in Garmin Ltd. (NASDAQ:GRMN) by 6.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 287,600 shares of the scientific and technical instruments company’s stock after selling 21,000 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Garmin were worth $20,146,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. OppenheimerFunds Inc. lifted its stake in shares of Garmin by 15.5% in the second quarter. OppenheimerFunds Inc. now owns 5,994 shares of the scientific and technical instruments company’s stock worth $366,000 after buying an additional 805 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Garmin by 2.5% in the second quarter. Millennium Management LLC now owns 33,946 shares of the scientific and technical instruments company’s stock worth $2,071,000 after buying an additional 842 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Garmin by 1.2% in the third quarter. Nisa Investment Advisors LLC now owns 73,130 shares of the scientific and technical instruments company’s stock worth $5,123,000 after buying an additional 860 shares during the last quarter. Green Square Capital LLC lifted its stake in shares of Garmin by 12.7% in the second quarter. Green Square Capital LLC now owns 7,932 shares of the scientific and technical instruments company’s stock worth $484,000 after buying an additional 892 shares during the last quarter. Finally, Segment Wealth Management LLC lifted its stake in shares of Garmin by 1.5% in the second quarter. Segment Wealth Management LLC now owns 60,235 shares of the scientific and technical instruments company’s stock worth $3,674,000 after buying an additional 905 shares during the last quarter. Hedge funds and other institutional investors own 38.91% of the company’s stock.

GRMN has been the subject of a number of analyst reports. ValuEngine upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. BidaskClub upgraded shares of Garmin from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 18th. Longbow Research set a $72.00 price objective on shares of Garmin and gave the stock a “buy” rating in a research note on Thursday, July 19th. Finally, Morgan Stanley set a $77.00 price objective on shares of Garmin and gave the stock an “equal weight” rating in a research note on Friday, September 21st. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Garmin presently has an average rating of “Hold” and a consensus target price of $67.40.

GRMN stock traded up $0.61 on Wednesday, reaching $65.17. 28,334 shares of the company were exchanged, compared to its average volume of 1,365,079. Garmin Ltd. has a 12 month low of $57.01 and a 12 month high of $70.77. The firm has a market capitalization of $13.10 billion, a P/E ratio of 22.17, a price-to-earnings-growth ratio of 2.59 and a beta of 0.98.

Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.24. Garmin had a net margin of 19.45% and a return on equity of 16.95%. The business had revenue of $810.01 million for the quarter, compared to analyst estimates of $784.06 million. During the same quarter in the previous year, the firm posted $0.75 earnings per share. Garmin’s revenue was up 7.8% compared to the same quarter last year. As a group, equities analysts anticipate that Garmin Ltd. will post 3.47 EPS for the current fiscal year.

In related news, insider Min H. Kao sold 678,401 shares of the business’s stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $66.13, for a total transaction of $44,862,658.13. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Min H. Kao sold 75,000 shares of the business’s stock in a transaction on Monday, October 22nd. The stock was sold at an average price of $62.27, for a total transaction of $4,670,250.00. Following the transaction, the chairman now directly owns 1,799,429 shares in the company, valued at approximately $112,050,443.83. The disclosure for this sale can be found here. Insiders have sold 3,726,768 shares of company stock worth $240,912,724 in the last ninety days. 17.85% of the stock is currently owned by insiders.

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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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