Garmin Ltd. $GRMN Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System cut its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 2.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 250,122 shares of the scientific and technical instruments company's stock after selling 6,756 shares during the quarter. California State Teachers Retirement System owned 0.13% of Garmin worth $59,413,980 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the business. Groupe la Francaise boosted its stake in Garmin by 346.4% during the first quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company's stock worth $29,000 after buying an additional 97 shares in the last quarter. Reflection Asset Management bought a new stake in Garmin in the 4th quarter worth about $32,000. Archer Investment Corp purchased a new position in shares of Garmin during the first quarter worth about $37,000. SHP Wealth Management purchased a new stake in Garmin in the fourth quarter worth about $44,000. Finally, Cassaday & Co Wealth Management LLC purchased a new position in shares of Garmin during the first quarter valued at approximately $44,000. Institutional investors own 81.60% of the company's stock.

Garmin Trading Down 0.2%

Shares of GRMN stock traded down $0.46 during trading hours on Tuesday, hitting $279.92. 165,905 shares of the company were exchanged, compared to its average volume of 898,246. The business has a 50 day moving average of $277.23 and a two-hundred day moving average of $254.56. The company has a market capitalization of $53.98 billion, a PE ratio of 28.88, a PEG ratio of 3.16 and a beta of 0.85. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $314.28.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.51. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%.Garmin's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.17 earnings per share. On average, research analysts forecast that Garmin Ltd. will post 10.08 EPS for the current year.

Analyst Upgrades and Downgrades

GRMN has been the subject of several recent analyst reports. Barclays raised their target price on Garmin from $238.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Tigress Financial reiterated a "strong-buy" rating on shares of Garmin in a research report on Thursday, August 6th. Zacks Research upgraded shares of Garmin from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Weiss Ratings reissued a "buy (b)" rating on shares of Garmin in a report on Friday, September 4th. Finally, Morgan Stanley upped their price target on shares of Garmin from $249.00 to $289.00 and gave the company an "equal weight" rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Garmin presently has an average rating of "Moderate Buy" and an average target price of $310.17.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 9,941 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total value of $2,975,937.76. Following the completion of the sale, the insider directly owned 29,506 shares of the company's stock, valued at $8,832,916.16. This trade represents a 25.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sean Biddlecombe sold 986 shares of the company's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $292.88, for a total transaction of $288,779.68. Following the completion of the transaction, the director owned 6,021 shares of the company's stock, valued at approximately $1,763,430.48. This trade represents a 14.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 16,108 shares of company stock valued at $4,808,799 in the last 90 days. Corporate insiders own 14.80% of the company's stock.

Garmin Profile

Garmin Ltd. is a technology company that develops products and services based on global positioning system (GPS) and other navigation technologies. The company serves consumers, businesses and specialized markets through its fitness, outdoor, aviation, marine and automotive original equipment manufacturer (OEM) segments.

Its product portfolio includes smartwatches and cycling computers, sports and activity trackers, outdoor navigation devices, satellite communication products, aviation avionics and navigation systems, marine chartplotters and sonar equipment, and in-vehicle navigation and infotainment solutions.

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