Teachers Retirement System of The State of Kentucky Sells 691 Shares of Garmin Ltd. (NYSE:GRMN)

Teachers Retirement System of The State of Kentucky trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 5.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,463 shares of the scientific and technical instruments company’s stock after selling 691 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Garmin were worth $2,018,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Citigroup Inc. lifted its stake in Garmin by 123.2% in the third quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock valued at $49,889,000 after buying an additional 156,441 shares during the period. Algert Global LLC acquired a new position in shares of Garmin in the second quarter valued at approximately $508,000. Dynamic Advisor Solutions LLC bought a new position in Garmin during the 3rd quarter worth about $695,000. Trajan Wealth LLC raised its position in Garmin by 9.1% in the 3rd quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock valued at $14,498,000 after buying an additional 6,878 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Garmin by 24.2% in the third quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock valued at $3,086,000 after purchasing an additional 3,415 shares during the last quarter. 81.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on GRMN shares. Barclays upped their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial upped their price objective on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday. Finally, Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $171.00.

Insiders Place Their Bets

In other news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 19.54% of the company’s stock.

Garmin Price Performance

Shares of NYSE:GRMN opened at $214.79 on Tuesday. Garmin Ltd. has a 1 year low of $119.15 and a 1 year high of $222.97. The stock has a market capitalization of $41.25 billion, a price-to-earnings ratio of 27.26, a price-to-earnings-growth ratio of 1.46 and a beta of 0.97. The company’s 50 day simple moving average is $196.62 and its 200 day simple moving average is $179.47.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.41 earnings per share. As a group, analysts anticipate that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

About Garmin

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.