Public Sector Pension Investment Board Grows Stock Position in Garmin Ltd. (NYSE:GRMN)

Public Sector Pension Investment Board boosted its holdings in Garmin Ltd. (NYSE:GRMN) by 71.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,982 shares of the scientific and technical instruments company’s stock after buying an additional 2,487 shares during the period. Public Sector Pension Investment Board’s holdings in Garmin were worth $975,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH increased its holdings in shares of Garmin by 10.3% during the 4th quarter. Allianz Asset Management GmbH now owns 53,479 shares of the scientific and technical instruments company’s stock worth $6,874,000 after buying an additional 4,978 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Garmin by 3.3% in the 4th quarter. California State Teachers Retirement System now owns 248,935 shares of the scientific and technical instruments company’s stock worth $31,998,000 after purchasing an additional 7,912 shares during the period. NEOS Investment Management LLC acquired a new position in shares of Garmin in the 4th quarter valued at about $273,000. Rafferty Asset Management LLC grew its holdings in shares of Garmin by 3.0% during the 4th quarter. Rafferty Asset Management LLC now owns 12,893 shares of the scientific and technical instruments company’s stock worth $1,657,000 after purchasing an additional 379 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Garmin by 28.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock worth $110,869,000 after purchasing an additional 190,739 shares in the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insiders Place Their Bets

In other news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The disclosure for this sale can be found here. Insiders have sold 12,892 shares of company stock worth $2,296,174 in the last three months. 19.54% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GRMN shares. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Tigress Financial upped their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Finally, Barclays lowered Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $181.00 to $133.00 in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $152.17.

Garmin Trading Down 0.4 %

GRMN opened at $172.05 on Thursday. Garmin Ltd. has a twelve month low of $99.61 and a twelve month high of $184.42. The firm has a market cap of $33.05 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 3.04 and a beta of 1.00. The company has a fifty day simple moving average of $174.86 and a 200 day simple moving average of $164.12.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the firm earned $1.45 earnings per share. The company’s revenue was up 14.3% on a year-over-year basis. On average, analysts forecast that Garmin Ltd. will post 6.05 earnings per share for the current fiscal year.

Garmin Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.