California State Teachers Retirement System Sells 13,110 Shares of Garmin Ltd. (NYSE:GRMN)

California State Teachers Retirement System lessened its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 4.8% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 260,962 shares of the scientific and technical instruments company's stock after selling 13,110 shares during the period. California State Teachers Retirement System owned 0.14% of Garmin worth $53,826,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Garmin in the 4th quarter valued at about $396,184,000. Northern Trust Corp raised its stake in Garmin by 20.2% in the fourth quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock valued at $352,394,000 after purchasing an additional 286,765 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in Garmin by 164.7% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,145 shares of the scientific and technical instruments company's stock valued at $82,121,000 after purchasing an additional 247,726 shares in the last quarter. Vanguard Group Inc. lifted its position in Garmin by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company's stock valued at $3,726,645,000 after purchasing an additional 215,344 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Garmin in the 4th quarter worth approximately $39,748,000. Institutional investors own 81.60% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on GRMN. Barclays lowered their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Morgan Stanley raised their price target on Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. cut their price objective on Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Finally, Tigress Financial increased their price objective on Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Garmin has an average rating of "Hold" and a consensus price target of $206.00.

Garmin Stock Down 0.1%

Shares of NYSE GRMN traded down $0.11 during midday trading on Friday, reaching $202.73. The company had a trading volume of 2,404,248 shares, compared to its average volume of 884,076. The firm's fifty day moving average price is $196.54 and its 200-day moving average price is $208.16. Garmin Ltd. has a one year low of $158.38 and a one year high of $246.50. The stock has a market cap of $39.03 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 1.36 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. Garmin's revenue was up 11.1% on a year-over-year basis. During the same period last year, the business earned $1.42 EPS. As a group, equities research analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Insider Buying and Selling

In other news, VP Susan Lyman sold 2,829 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the completion of the transaction, the vice president now owns 8,432 shares in the company, valued at $1,817,180.32. This trade represents a 25.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.38% of the stock is currently owned by insiders.

Garmin 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.