Garmin Ltd. (NYSE:GRMN) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its position in shares of Garmin Ltd. (NYSE:GRMN) by 29.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 57,521 shares of the scientific and technical instruments company’s stock after selling 24,219 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Garmin were worth $9,371,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. GSA Capital Partners LLP acquired a new position in shares of Garmin in the first quarter worth $1,389,000. LBP AM SA increased its stake in Garmin by 81.4% in the first quarter. LBP AM SA now owns 7,284 shares of the scientific and technical instruments company’s stock valued at $1,084,000 after purchasing an additional 3,268 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in Garmin by 3.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 173,715 shares of the scientific and technical instruments company’s stock valued at $25,861,000 after purchasing an additional 5,945 shares during the last quarter. Cetera Investment Advisers increased its stake in Garmin by 51.7% in the first quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock valued at $4,227,000 after purchasing an additional 9,681 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Garmin by 4.4% in the first quarter. Russell Investments Group Ltd. now owns 178,073 shares of the scientific and technical instruments company’s stock valued at $26,500,000 after purchasing an additional 7,553 shares during the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock worth $2,296,174 in the last 90 days. 19.54% of the stock is owned by insiders.

Garmin Stock Down 5.1 %

GRMN opened at $172.68 on Friday. The firm has a market cap of $33.19 billion, a PE ratio of 24.36, a P/E/G ratio of 3.16 and a beta of 1.00. The business has a fifty day simple moving average of $173.80 and a 200-day simple moving average of $161.32. Garmin Ltd. has a fifty-two week low of $99.61 and a fifty-two week high of $184.42.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.18. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.45 EPS. On average, equities research analysts anticipate that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Friday, March 14th. Garmin’s dividend payout ratio is 42.31%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday. Bank of America downgraded Garmin from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $165.00 to $150.00 in a research report on Wednesday, May 22nd. Finally, Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $181.00 to $133.00 in a research report on Friday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, Garmin currently has a consensus rating of “Hold” and an average price target of $151.33.

Garmin Company 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.