Teacher Retirement System of Texas Cuts Stake in Garmin Ltd. (GRMN)

Teacher Retirement System of Texas decreased its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 20.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 287,849 shares of the scientific and technical instruments company’s stock after selling 75,519 shares during the period. Teacher Retirement System of Texas’ holdings in Garmin were worth $24,856,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in GRMN. Toronto Dominion Bank boosted its stake in Garmin by 15.6% during the first quarter. Toronto Dominion Bank now owns 86,918 shares of the scientific and technical instruments company’s stock worth $7,503,000 after acquiring an additional 11,706 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in Garmin by 4.4% during the first quarter. Mn Services Vermogensbeheer B.V. now owns 64,056 shares of the scientific and technical instruments company’s stock worth $5,531,000 after acquiring an additional 2,700 shares in the last quarter. State Treasurer State of Michigan boosted its stake in Garmin by 1.2% during the first quarter. State Treasurer State of Michigan now owns 34,962 shares of the scientific and technical instruments company’s stock worth $3,019,000 after acquiring an additional 400 shares in the last quarter. Cetera Advisors LLC bought a new stake in Garmin during the first quarter worth about $217,000. Finally, Cetera Investment Advisers boosted its stake in Garmin by 9.7% during the first quarter. Cetera Investment Advisers now owns 7,133 shares of the scientific and technical instruments company’s stock worth $613,000 after acquiring an additional 632 shares in the last quarter. 43.42% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts recently commented on GRMN shares. BidaskClub raised shares of Garmin from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, February 13th. ValuEngine lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. Morgan Stanley set a $81.00 price objective on shares of Garmin and gave the stock a “hold” rating in a research note on Thursday, May 2nd. Longbow Research lowered shares of Garmin from a “buy” rating to a “neutral” rating and set a $81.95 price objective on the stock. in a research note on Thursday, February 21st. They noted that the move was a valuation call. Finally, Credit Suisse Group boosted their price objective on shares of Garmin from $58.00 to $71.00 and gave the stock an “underperform” rating in a research note on Monday, February 25th. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the company. The stock has an average rating of “Hold” and a consensus target price of $79.39.

In other news, insider Clifton A. Pemble sold 2,683 shares of the company’s stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $82.38, for a total value of $221,025.54. Following the transaction, the insider now owns 141,883 shares in the company, valued at $11,688,321.54. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Patrick Desbois sold 1,749 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $86.00, for a total transaction of $150,414.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,932 shares of company stock worth $496,705. Insiders own 17.85% of the company’s stock.

Shares of NASDAQ GRMN opened at $78.09 on Wednesday. The company has a market capitalization of $15.31 billion, a PE ratio of 21.16, a PEG ratio of 2.81 and a beta of 0.90. Garmin Ltd. has a 52-week low of $58.71 and a 52-week high of $89.72.

Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.02. The firm had revenue of $766.00 million for the quarter, compared to the consensus estimate of $733.26 million. Garmin had a net margin of 20.72% and a return on equity of 17.60%. The business’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.68 earnings per share. On average, research analysts forecast that Garmin Ltd. will post 3.75 EPS for the current year.

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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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