Garmin Ltd. (GRMN) Shares Sold by Louisiana State Employees Retirement System
Louisiana State Employees Retirement System reduced its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 1.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,100 shares of the scientific and technical instruments company’s stock after selling 100 shares during the period. Louisiana State Employees Retirement System’s holdings in Garmin were worth $363,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of GRMN. Virtus Investment Advisers Inc. purchased a new position in shares of Garmin during the third quarter valued at about $143,000. Cigna Investments Inc. New bought a new stake in Garmin during the fourth quarter valued at $201,000. RB Capital Management LLC bought a new stake in Garmin during the fourth quarter valued at $203,000. Baker Avenue Asset Management LP bought a new stake in Garmin during the third quarter valued at $217,000. Finally, Tompkins Financial Corp bought a new stake in Garmin during the first quarter valued at $194,000. Hedge funds and other institutional investors own 41.92% of the company’s stock.
Garmin Ltd. (GRMN) traded down 0.70% during trading on Friday, reaching $51.34. The company’s stock had a trading volume of 950,266 shares. The company has a market cap of $9.66 billion, a P/E ratio of 14.67 and a beta of 0.78. Garmin Ltd. has a 52 week low of $39.29 and a 52 week high of $56.19. The company’s 50 day moving average price is $51.94 and its 200 day moving average price is $50.70.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, May 3rd. The scientific and technical instruments company reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.07. The company had revenue of $638.50 million during the quarter, compared to the consensus estimate of $629.11 million. Garmin had a net margin of 21.78% and a return on equity of 15.86%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.49 EPS. On average, equities analysts anticipate that Garmin Ltd. will post $2.69 earnings per share for the current fiscal year.
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Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised Garmin from a “sell” rating to a “hold” rating in a research note on Friday, February 24th. J P Morgan Chase & Co lowered Garmin from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $55.00 to $50.00 in a research note on Thursday, May 4th. Bank of America Corporation raised their target price on Garmin from $47.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, May 4th. Tigress Financial initiated coverage on Garmin in a research report on Tuesday, May 2nd. They issued a “buy” rating for the company. Finally, Goldman Sachs Group, Inc. (The) raised their target price on Garmin from $52.00 to $54.00 and gave the stock a “neutral” rating in a research report on Thursday, May 4th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $49.38.
In other news, major shareholder Jonathan Burrell sold 100,000 shares of the company’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $52.46, for a total value of $5,246,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 400,000 shares of company stock worth $20,891,000. 18.30% of the stock is owned by insiders.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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