State of Tennessee Treasury Department Increases Stock Holdings in Garmin Ltd. (NASDAQ:GRMN)

State of Tennessee Treasury Department lifted its position in Garmin Ltd. (NASDAQ:GRMN) by 28.3% in the third quarter, HoldingsChannel reports. The firm owned 35,856 shares of the scientific and technical instruments company’s stock after buying an additional 7,915 shares during the period. State of Tennessee Treasury Department’s holdings in Garmin were worth $3,037,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Pearl River Capital LLC purchased a new stake in shares of Garmin in the second quarter valued at about $31,000. Quest Capital Management Inc. ADV purchased a new position in Garmin during the third quarter worth about $38,000. HM Payson & Co. purchased a new position in Garmin during the second quarter worth about $37,000. Amica Retiree Medical Trust purchased a new position in Garmin during the second quarter worth about $43,000. Finally, CSat Investment Advisory L.P. boosted its stake in Garmin by 103.4% during the second quarter. CSat Investment Advisory L.P. now owns 708 shares of the scientific and technical instruments company’s stock worth $56,000 after buying an additional 360 shares during the period. 42.08% of the stock is owned by hedge funds and other institutional investors.

Shares of GRMN stock opened at $95.89 on Friday. The company has a 50-day moving average of $87.50 and a two-hundred day moving average of $81.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.64 and a quick ratio of 1.93. Garmin Ltd. has a 1-year low of $59.98 and a 1-year high of $96.44. The firm has a market cap of $18.48 billion, a PE ratio of 25.99, a price-to-earnings-growth ratio of 3.05 and a beta of 0.91.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.32. Garmin had a net margin of 21.79% and a return on equity of 18.73%. The business had revenue of $934.38 million during the quarter, compared to analyst estimates of $869.02 million. During the same quarter last year, the firm posted $1.00 earnings per share. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. Sell-side analysts anticipate that Garmin Ltd. will post 4.16 EPS for the current fiscal year.

In other Garmin news, insider Min H. Kao sold 448,427 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $78.41, for a total transaction of $35,161,161.07. Following the sale, the insider now owns 1,779,429 shares of the company’s stock, valued at $139,525,027.89. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Min H. Kao sold 241,179 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $76.81, for a total transaction of $18,524,958.99. Following the sale, the insider now directly owns 1,779,429 shares in the company, valued at approximately $136,677,941.49. The disclosure for this sale can be found here. In the last three months, insiders sold 1,792,547 shares of company stock valued at $155,189,747. Insiders own 23.83% of the company’s stock.

GRMN has been the subject of several research analyst reports. ValuEngine lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research note on Friday, August 16th. Morgan Stanley increased their target price on shares of Garmin from $81.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. Finally, BidaskClub raised shares of Garmin from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $79.33.

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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