Garmin Ltd. (NASDAQ:GRMN) Shares Sold by Virginia Retirement Systems ET AL

Virginia Retirement Systems ET AL decreased its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 9.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 166,300 shares of the scientific and technical instruments company’s stock after selling 17,500 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Garmin were worth $24,054,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Renasant Bank boosted its position in shares of Garmin by 2.3% during the 1st quarter. Renasant Bank now owns 3,222 shares of the scientific and technical instruments company’s stock valued at $425,000 after acquiring an additional 72 shares during the last quarter. Lazard Asset Management LLC lifted its position in Garmin by 2.1% in the first quarter. Lazard Asset Management LLC now owns 3,537 shares of the scientific and technical instruments company’s stock valued at $466,000 after buying an additional 73 shares during the last quarter. Arkadios Wealth Advisors lifted its position in Garmin by 34.4% in the second quarter. Arkadios Wealth Advisors now owns 289 shares of the scientific and technical instruments company’s stock valued at $41,000 after buying an additional 74 shares during the last quarter. Bessemer Group Inc. lifted its position in Garmin by 11.7% in the second quarter. Bessemer Group Inc. now owns 735 shares of the scientific and technical instruments company’s stock valued at $106,000 after buying an additional 77 shares during the last quarter. Finally, Koss Olinger Consulting LLC lifted its position in Garmin by 2.7% in the second quarter. Koss Olinger Consulting LLC now owns 3,087 shares of the scientific and technical instruments company’s stock valued at $447,000 after buying an additional 80 shares during the last quarter. 51.64% of the stock is currently owned by hedge funds and other institutional investors.

Shares of GRMN stock traded up $3.20 during trading hours on Thursday, reaching $157.97. 3,442 shares of the stock were exchanged, compared to its average volume of 662,383. The business’s fifty day moving average is $166.80 and its two-hundred day moving average is $151.34. The firm has a market capitalization of $30.38 billion, a P/E ratio of 25.73, a P/E/G ratio of 4.53 and a beta of 0.99. Garmin Ltd. has a 12-month low of $97.35 and a 12-month high of $178.80.

Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, July 28th. The scientific and technical instruments company reported $1.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.45. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.07 billion. Garmin had a return on equity of 21.68% and a net margin of 24.36%. As a group, research analysts predict that Garmin Ltd. will post 5.6 EPS for the current year.

In other news, CEO Clifton A. Pemble sold 2,333 shares of the stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $165.00, for a total value of $384,945.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sean Biddlecombe sold 405 shares of the stock in a transaction that occurred on Wednesday, August 4th. The shares were sold at an average price of $161.14, for a total value of $65,261.70. The disclosure for this sale can be found here. Corporate insiders own 21.39% of the company’s stock.

A number of brokerages have issued reports on GRMN. Bank of America lowered shares of Garmin from a “buy” rating to a “neutral” rating and set a $155.00 price target on the stock. in a research note on Tuesday, June 22nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Garmin from $140.00 to $155.00 and gave the stock a “hold” rating in a research note on Thursday, July 29th. Morgan Stanley boosted their price target on shares of Garmin from $138.00 to $147.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 29th. Tigress Financial reiterated a “strong-buy” rating and set a $198.00 price target (up from $174.00) on shares of Garmin in a research note on Wednesday, August 4th. Finally, Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating and set a $163.00 price target on the stock. in a research note on Tuesday, October 5th. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $155.86.

Garmin Profile

Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following five segments: Marine, Outdoor, Fitness, Auto and Aviation. The Marine segment manufactures and offers recreational marine electronics such as cartography, Sounders, Radar, Autopilot Systems and Sailing.

Featured Story: History of the Euro STOXX 50 Index

Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NASDAQ:GRMN).

Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

Receive News & Ratings for Garmin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garmin and related companies with MarketBeat.com's FREE daily email newsletter.