56,104 Shares in Garmin Ltd. $GRMN Bought by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio purchased a new stake in Garmin Ltd. (NYSE:GRMN) in the 2nd quarter, HoldingsChannel reports. The fund purchased 56,104 shares of the scientific and technical instruments company’s stock, valued at approximately $13,327,000.

Several other hedge funds have also recently added to or reduced their stakes in GRMN. Westmount Partners LLC increased its position in Garmin by 1.9% in the 1st quarter. Westmount Partners LLC now owns 2,205 shares of the scientific and technical instruments company’s stock valued at $512,000 after buying an additional 42 shares in the last quarter. Caldwell Trust Co grew its position in Garmin by 4.4% in the 1st quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company’s stock worth $237,000 after purchasing an additional 43 shares in the last quarter. HHM Wealth Advisors LLC increased its stake in Garmin by 6.9% in the 1st quarter. HHM Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company’s stock valued at $162,000 after buying an additional 45 shares during the last quarter. Fulton Bank N.A. lifted its position in shares of Garmin by 2.9% during the 1st quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company’s stock worth $388,000 after buying an additional 47 shares in the last quarter. Finally, SJS Investment Consulting Inc. lifted its position in shares of Garmin by 23.9% during the 1st quarter. SJS Investment Consulting Inc. now owns 264 shares of the scientific and technical instruments company’s stock worth $61,000 after buying an additional 51 shares in the last quarter. Institutional investors own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on GRMN shares. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. Barclays lifted their price target on Garmin from $238.00 to $297.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Zacks Research upgraded Garmin from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. UBS Group set a $370.00 target price on Garmin in a research report on Thursday, August 6th. Finally, Morgan Stanley boosted their price target on shares of Garmin from $249.00 to $289.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Garmin currently has a consensus rating of “Moderate Buy” and a consensus price target of $310.17.

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 9,941 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the completion of the transaction, the insider owned 29,506 shares of the company’s stock, valued at approximately $8,832,916.16. The trade was a 25.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 4,029 shares of the firm’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,208,700.00. Following the completion of the transaction, the chief executive officer directly owned 120,127 shares of the company’s stock, valued at approximately $36,038,100. The trade was a 3.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 18,751 shares of company stock valued at $5,454,095. Company insiders own 14.80% of the company’s stock.

Garmin Stock Performance

Shares of Garmin stock opened at $285.70 on Monday. The stock has a market capitalization of $55.10 billion, a P/E ratio of 29.45, a P/E/G ratio of 3.19 and a beta of 0.87. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $314.28. The stock’s 50-day simple moving average is $268.59 and its 200 day simple moving average is $250.62.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.51. The company had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.93 billion. Garmin had a net margin of 24.47% and a return on equity of 20.95%. Garmin’s revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.17 EPS. Equities research analysts forecast that Garmin Ltd. will post 10.08 EPS for the current fiscal year.

Garmin Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.