New York State Common Retirement Fund Decreases Stake in Garmin Ltd. (NYSE:GRMN)

New York State Common Retirement Fund reduced its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 16.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 191,211 shares of the scientific and technical instruments company's stock after selling 38,900 shares during the period. New York State Common Retirement Fund owned approximately 0.10% of Garmin worth $33,659,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Reston Wealth Management LLC purchased a new stake in shares of Garmin during the 3rd quarter valued at $108,000. Financial Advocates Investment Management increased its position in shares of Garmin by 2.3% during the 3rd quarter. Financial Advocates Investment Management now owns 6,166 shares of the scientific and technical instruments company's stock valued at $1,085,000 after purchasing an additional 140 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of Garmin by 1.1% during the 3rd quarter. New York State Teachers Retirement System now owns 119,952 shares of the scientific and technical instruments company's stock valued at $21,115,000 after purchasing an additional 1,253 shares during the last quarter. Trajan Wealth LLC increased its position in shares of Garmin by 9.1% during the 3rd quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company's stock valued at $14,498,000 after purchasing an additional 6,878 shares during the last quarter. Finally, abrdn plc increased its holdings in Garmin by 6.3% in the 3rd quarter. abrdn plc now owns 67,616 shares of the scientific and technical instruments company's stock worth $11,823,000 after acquiring an additional 4,005 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Philip Straub sold 2,750 shares of the company's stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now directly owns 88,622 shares of the company's stock, valued at $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the transaction, the director now owns 88,622 shares of the company's stock, valued at $16,081,348.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of the company's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,892 shares of company stock valued at $2,296,174. Company insiders own 19.54% of the company's stock.

Garmin Price Performance

Garmin stock traded down $0.17 during trading hours on Friday, reaching $198.18. The company had a trading volume of 1,708,179 shares, compared to its average volume of 944,625. The company has a 50-day moving average price of $174.22 and a 200 day moving average price of $167.99. The firm has a market cap of $38.05 billion, a price-to-earnings ratio of 25.15, a P/E/G ratio of 3.03 and a beta of 0.97. Garmin Ltd. has a 12-month low of $112.01 and a 12-month high of $207.22.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.44 billion. During the same period in the previous year, the firm earned $1.41 EPS. The business's quarterly revenue was up 24.1% on a year-over-year basis. As a group, research analysts expect that Garmin Ltd. will post 6.85 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on GRMN shares. Barclays lifted their price objective on Garmin from $133.00 to $158.00 and gave the stock an "underweight" rating in a report on Friday. StockNews.com lowered Garmin from a "buy" rating to a "hold" rating in a report on Thursday, September 12th. Tigress Financial lifted their price target on Garmin from $210.00 to $215.00 and gave the company a "strong-buy" rating in a research report on Thursday, September 19th. Finally, Morgan Stanley downgraded Garmin from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Garmin currently has an average rating of "Hold" and an average price target of $162.67.

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.