Garmin Ltd. $GRMN Stock Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund cut its stake in shares of Garmin Ltd. (NYSE:GRMN) by 10.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 60,156 shares of the scientific and technical instruments company’s stock after selling 6,883 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Garmin were worth $17,255,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the company. Confluence Wealth Services Inc. grew its position in shares of Garmin by 0.4% in the third quarter. Confluence Wealth Services Inc. now owns 7,814 shares of the scientific and technical instruments company’s stock valued at $2,241,000 after purchasing an additional 35 shares during the last quarter. Green Alpha Advisors LLC increased its stake in shares of Garmin by 0.7% during the third quarter. Green Alpha Advisors LLC now owns 6,324 shares of the scientific and technical instruments company’s stock worth $1,814,000 after purchasing an additional 43 shares during the period. Quadrant Capital Group LLC boosted its stake in Garmin by 0.9% in the 3rd quarter. Quadrant Capital Group LLC now owns 4,919 shares of the scientific and technical instruments company’s stock valued at $1,360,000 after purchasing an additional 43 shares during the period. Yousif Capital Management LLC boosted its stake in Garmin by 0.3% in the 3rd quarter. Yousif Capital Management LLC now owns 15,863 shares of the scientific and technical instruments company’s stock valued at $4,550,000 after purchasing an additional 43 shares during the period. Finally, Frank Rimerman Advisors LLC boosted its stake in Garmin by 0.8% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 6,240 shares of the scientific and technical instruments company’s stock valued at $1,790,000 after purchasing an additional 49 shares during the period. Institutional investors own 81.60% of the company’s stock.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 9,941 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 29,506 shares of the company’s stock, valued at $8,832,916.16. The trade was a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 14.80% of the company’s stock.

Garmin Price Performance

Garmin stock opened at $293.85 on Thursday. The stock’s fifty day moving average price is $282.31 and its two-hundred day moving average price is $256.70. Garmin Ltd. has a one year low of $186.67 and a one year high of $314.28. The firm has a market cap of $56.63 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 2.86 and a beta of 0.90.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.38. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Garmin had a return on equity of 21.94% and a net margin of 25.58%. The company’s revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.99 EPS. Sell-side analysts expect that Garmin Ltd. will post 10.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on GRMN. JPMorgan Chase & Co. upped their price objective on Garmin from $295.00 to $310.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. Weiss Ratings raised shares of Garmin from a “buy (b)” rating to a “buy (b+)” rating in a research report on Wednesday, October 28th. Bank of America restated an “underperform” rating on shares of Garmin in a research note on Monday, November 2nd. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a research report on Thursday, August 6th. Finally, Zacks Research cut shares of Garmin from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $315.29.

Garmin Profile

Garmin Ltd. develops, manufactures and markets navigation, communication and information devices and applications. Its products include GPS-enabled watches and fitness trackers, handheld outdoor navigation devices, marine electronics, aviation systems and automotive navigation technology. Founded in 1989 by Gary Burrell and Min Kao, Garmin serves consumers and businesses around the world. Its products are used in activities ranging from fitness and outdoor recreation to boating, aviation and transportation.