New York State Teachers Retirement System Acquires 1,253 Shares of Garmin Ltd. (NYSE:GRMN)

New York State Teachers Retirement System increased its position in Garmin Ltd. (NYSE:GRMN) by 1.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 119,952 shares of the scientific and technical instruments company’s stock after buying an additional 1,253 shares during the quarter. New York State Teachers Retirement System owned 0.06% of Garmin worth $21,115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Sumitomo Life Insurance Co. lifted its position in Garmin by 0.9% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock worth $1,177,000 after buying an additional 61 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its position in Garmin by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock worth $2,290,000 after buying an additional 70 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in Garmin by 3.3% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock worth $344,000 after buying an additional 73 shares during the last quarter. UMB Bank n.a. lifted its position in Garmin by 2.6% in the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock worth $469,000 after buying an additional 74 shares during the last quarter. Finally, Brighton Jones LLC lifted its position in Garmin by 5.8% in the 2nd quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock worth $248,000 after buying an additional 83 shares during the last quarter. Institutional investors own 73.41% of the company’s stock.

Garmin Stock Performance

GRMN opened at $198.05 on Friday. Garmin Ltd. has a 52-week low of $112.01 and a 52-week high of $207.22. The stock has a market capitalization of $38.07 billion, a PE ratio of 25.13, a price-to-earnings-growth ratio of 3.52 and a beta of 0.99. The stock’s 50 day moving average price is $174.22 and its 200-day moving average price is $167.62.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the firm earned $1.41 earnings per share. The business’s revenue was up 24.1% compared to the same quarter last year. Research analysts forecast that Garmin Ltd. will post 6.09 EPS for the current fiscal year.

Insider Activity

In related news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale 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 company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,892 shares of company stock valued at $2,296,174. Company insiders own 19.54% of the company’s stock.

Wall Street Analysts Forecast Growth

GRMN has been the subject of a number of recent research reports. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial lifted their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Finally, Barclays lifted their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $162.67.

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.