State Treasurer State of Michigan lessened its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 3.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,562 shares of the scientific and technical instruments company’s stock after selling 1,100 shares during the period. State Treasurer State of Michigan’s holdings in Garmin were worth $1,940,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. WFG Advisors LP grew its holdings in Garmin by 11.5% in the second quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock valued at $111,000 after purchasing an additional 225 shares during the last quarter. Bank of Hawaii acquired a new stake in Garmin in the third quarter valued at $206,000. Cambridge Advisors Inc. acquired a new stake in Garmin in the third quarter valued at $208,000. Garrison Financial Corp acquired a new stake in Garmin in the fourth quarter valued at $211,000. Finally, Koch Industries Inc. acquired a new stake in Garmin in the second quarter valued at $220,000. 41.05% of the stock is currently owned by hedge funds and other institutional investors.

In related news, insider Sean Biddlecombe sold 755 shares of the stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $60.80, for a total transaction of $45,904.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Jonathan Burrell sold 254,000 shares of the stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $62.45, for a total value of $15,862,300.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 257,208 shares of company stock worth $16,060,069. Corporate insiders own 18.30% of the company’s stock.

Several analysts have weighed in on GRMN shares. Zacks Investment Research lowered Garmin from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. KeyCorp reissued a “hold” rating on shares of Garmin in a report on Wednesday, November 1st. Morgan Stanley upped their target price on Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, November 2nd. ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Finally, BidaskClub lowered Garmin from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $56.71.

Shares of Garmin Ltd. (GRMN) opened at $62.43 on Wednesday. The company has a market capitalization of $11,619.38, a price-to-earnings ratio of 17.01, a P/E/G ratio of 2.51 and a beta of 0.95. Garmin Ltd. has a 52 week low of $48.50 and a 52 week high of $64.96.

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About Garmin

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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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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