University of Texas Texas AM Investment Management Co. Invests $31,000 in Garmin Ltd. (NYSE:GRMN)

University of Texas Texas AM Investment Management Co. purchased a new position in shares of Garmin Ltd. (NYSE:GRMN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 190 shares of the scientific and technical instruments company’s stock, valued at approximately $31,000.

A number of other hedge funds have also bought and sold shares of the company. US Bancorp DE grew its position in shares of Garmin by 28.6% in the 4th quarter. US Bancorp DE now owns 8,246 shares of the scientific and technical instruments company’s stock worth $1,060,000 after acquiring an additional 1,832 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in Garmin by 10.3% in the fourth quarter. Allianz Asset Management GmbH now owns 53,479 shares of the scientific and technical instruments company’s stock worth $6,874,000 after purchasing an additional 4,978 shares during the period. Rathbones Group PLC bought a new stake in Garmin during the fourth quarter valued at $235,000. California State Teachers Retirement System raised its holdings in shares of Garmin by 3.3% during the fourth quarter. California State Teachers Retirement System now owns 248,935 shares of the scientific and technical instruments company’s stock worth $31,998,000 after purchasing an additional 7,912 shares during the period. Finally, NEOS Investment Management LLC bought a new position in shares of Garmin in the 4th quarter worth about $273,000. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 88,622 shares in the company, valued at $16,081,348.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 in the company, valued at approximately $7,257,359.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is owned by company insiders.

Garmin Trading Down 1.8 %

Shares of NYSE:GRMN opened at $172.82 on Wednesday. The firm’s 50 day moving average is $174.88 and its two-hundred day moving average is $164.06. Garmin Ltd. has a 52 week low of $99.61 and a 52 week high of $184.42. The firm has a market capitalization of $33.19 billion, a P/E ratio of 24.38, a PEG ratio of 3.04 and a beta of 1.00.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business earned $1.45 earnings per share. Garmin’s revenue was up 14.3% compared to the same quarter last year. Analysts predict that Garmin Ltd. will post 6.05 EPS for the current year.

Wall Street Analyst Weigh In

GRMN has been the subject of a number of recent research reports. Tigress Financial boosted their price objective on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $181.00 to $133.00 in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $152.17.

About Garmin

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.