State of New Jersey Common Pension Fund D Trims Stock Position in Garmin Ltd. (NYSE:GRMN)

State of New Jersey Common Pension Fund D reduced its stake in shares of Garmin Ltd. (NYSE:GRMNFree Report) by 5.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 76,332 shares of the scientific and technical instruments company’s stock after selling 4,397 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Garmin were worth $8,030,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in GRMN. Norges Bank purchased a new position in Garmin during the 4th quarter valued at $144,641,000. Select Equity Group L.P. grew its position in shares of Garmin by 108.1% in the 1st quarter. Select Equity Group L.P. now owns 1,868,540 shares of the scientific and technical instruments company’s stock worth $188,573,000 after buying an additional 970,527 shares during the period. Renaissance Technologies LLC grew its position in shares of Garmin by 195.2% in the 1st quarter. Renaissance Technologies LLC now owns 987,042 shares of the scientific and technical instruments company’s stock worth $117,073,000 after buying an additional 652,700 shares during the period. BlackRock Inc. grew its position in shares of Garmin by 3.5% in the 2nd quarter. BlackRock Inc. now owns 15,562,275 shares of the scientific and technical instruments company’s stock worth $1,622,990,000 after buying an additional 527,327 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Garmin by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 17,276,118 shares of the scientific and technical instruments company’s stock worth $2,049,121,000 after buying an additional 365,713 shares during the period. 63.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 1,095 shares of the company’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $125.89, for a total transaction of $137,849.55. Following the transaction, the chief executive officer now owns 130,365 shares in the company, valued at approximately $16,411,649.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Clifton A. Pemble sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $120.00, for a total value of $600,000.00. Following the transaction, the chief executive officer now owns 115,629 shares in the company, valued at approximately $13,875,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 1,095 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $125.89, for a total transaction of $137,849.55. Following the completion of the transaction, the chief executive officer now owns 130,365 shares in the company, valued at approximately $16,411,649.85. The disclosure for this sale can be found here. Company insiders own 19.89% of the company’s stock.

Garmin Stock Performance

GRMN opened at $123.27 on Monday. The stock has a market capitalization of $23.59 billion, a P/E ratio of 22.74, a P/E/G ratio of 4.02 and a beta of 0.97. The company’s 50-day simple moving average is $124.73 and its two-hundred day simple moving average is $113.97. Garmin Ltd. has a 52-week low of $93.22 and a 52-week high of $129.32.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Thursday, February 1st. Morgan Stanley reduced their target price on shares of Garmin from $103.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 2nd. Barclays upped their price target on shares of Garmin from $113.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 2nd. Finally, JPMorgan Chase & Co. cut shares of Garmin from an “overweight” rating to a “neutral” rating and set a $135.00 price target on the stock. in a research note on Monday, January 8th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $127.80.

Check Out Our Latest Research Report on Garmin

About Garmin

(Free Report)

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; fitness and cycling accessories.

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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