California Public Employees Retirement System Purchases 115,228 Shares of Garmin Ltd. (GRMN)

California Public Employees Retirement System boosted its position in Garmin Ltd. (NASDAQ:GRMN) by 31.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 481,904 shares of the scientific and technical instruments company’s stock after purchasing an additional 115,228 shares during the quarter. California Public Employees Retirement System owned about 0.24% of Garmin worth $29,396,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Point72 Asia Hong Kong Ltd increased its stake in Garmin by 105.4% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,736 shares of the scientific and technical instruments company’s stock valued at $102,000 after buying an additional 891 shares during the period. Flagship Harbor Advisors LLC acquired a new position in Garmin during the 2nd quarter valued at about $108,000. Sun Life Financial INC increased its stake in Garmin by 1,601.7% during the 2nd quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock valued at $120,000 after buying an additional 1,858 shares during the period. Fort L.P. acquired a new position in Garmin during the 2nd quarter valued at about $121,000. Finally, Tower Research Capital LLC TRC increased its stake in Garmin by 3,291.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,103 shares of the scientific and technical instruments company’s stock valued at $128,000 after buying an additional 2,041 shares during the period. 39.81% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have commented on GRMN. Longbow Research set a $75.00 target price on shares of Garmin and gave the company a “buy” rating in a research note on Thursday, September 20th. Morgan Stanley set a $77.00 target price on shares of Garmin and gave the company an “equal weight” rating in a research note on Friday, September 21st. BidaskClub raised shares of Garmin from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 18th. Finally, ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. Five investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $67.40.

Shares of GRMN opened at $69.57 on Thursday. The company has a market capitalization of $13.80 billion, a PE ratio of 23.70, a price-to-earnings-growth ratio of 2.88 and a beta of 1.03. Garmin Ltd. has a 12-month low of $53.45 and a 12-month high of $70.75.

Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.12. The company had revenue of $894.50 million for the quarter, compared to analysts’ expectations of $844.76 million. Garmin had a net margin of 18.72% and a return on equity of 15.98%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 EPS. research analysts expect that Garmin Ltd. will post 3.3 earnings per share for the current fiscal year.

In other news, insider Clifton A. Pemble sold 15,637 shares of Garmin stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $70.00, for a total value of $1,094,590.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Min H. Kao sold 100,000 shares of Garmin stock in a transaction that occurred on Monday, July 9th. The stock was sold at an average price of $61.88, for a total transaction of $6,188,000.00. Following the completion of the transaction, the chairman now directly owns 5,377,290 shares in the company, valued at approximately $332,746,705.20. The disclosure for this sale can be found here. Insiders sold a total of 4,499,404 shares of company stock worth $288,723,323 in the last ninety days. Corporate insiders own 17.85% of the company’s stock.

About Garmin

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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