Kentucky Retirement Systems Insurance Trust Fund Sells 403 Shares of Garmin Ltd. (NYSE:GRMN)

Kentucky Retirement Systems Insurance Trust Fund decreased its position in Garmin Ltd. (NYSE:GRMN) by 8.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,553 shares of the scientific and technical instruments company’s stock after selling 403 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Garmin were worth $801,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. CIBC Asset Management Inc lifted its holdings in shares of Garmin by 9.8% in the 3rd quarter. CIBC Asset Management Inc now owns 17,998 shares of the scientific and technical instruments company’s stock worth $3,168,000 after buying an additional 1,607 shares during the period. OneDigital Investment Advisors LLC raised its holdings in shares of Garmin by 11.0% in the third quarter. OneDigital Investment Advisors LLC now owns 7,318 shares of the scientific and technical instruments company’s stock valued at $1,288,000 after acquiring an additional 725 shares in the last quarter. Lifeworks Advisors LLC raised its holdings in shares of Garmin by 8.3% in the third quarter. Lifeworks Advisors LLC now owns 20,111 shares of the scientific and technical instruments company’s stock valued at $3,540,000 after acquiring an additional 1,538 shares in the last quarter. Metis Global Partners LLC lifted its stake in Garmin by 6.8% in the third quarter. Metis Global Partners LLC now owns 9,554 shares of the scientific and technical instruments company’s stock worth $1,682,000 after acquiring an additional 606 shares during the period. Finally, KBC Group NV increased its position in Garmin by 560.8% during the 3rd quarter. KBC Group NV now owns 203,713 shares of the scientific and technical instruments company’s stock valued at $35,860,000 after purchasing an additional 172,883 shares during the period. Institutional investors own 73.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GRMN. Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Tigress Financial increased their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Barclays lifted their price target on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Finally, StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $162.67.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The trade was a 19.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,479 shares of company stock worth $2,419,502. 19.54% of the stock is owned by corporate insiders.

Garmin Trading Down 1.4 %

Shares of GRMN opened at $208.43 on Monday. The firm has a market cap of $40.02 billion, a PE ratio of 26.45, a P/E/G ratio of 3.17 and a beta of 0.97. Garmin Ltd. has a 12 month low of $118.51 and a 12 month high of $215.55. The stock has a fifty day moving average price of $179.96 and a 200-day moving average price of $172.51.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the business posted $1.41 earnings per share. The firm’s revenue was up 24.1% compared to the same quarter last year. As a group, research analysts forecast that Garmin Ltd. will post 6.88 EPS for the current 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.