Parcion Private Wealth LLC Sells 2,459 Shares of Garmin Ltd. (NYSE:GRMN)

Parcion Private Wealth LLC cut its holdings in Garmin Ltd. (NYSE:GRMN) by 6.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 36,944 shares of the scientific and technical instruments company’s stock after selling 2,459 shares during the period. Parcion Private Wealth LLC’s holdings in Garmin were worth $6,019,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of GRMN. Natixis Advisors L.P. boosted its holdings in shares of Garmin by 30.0% in the fourth quarter. Natixis Advisors L.P. now owns 30,041 shares of the scientific and technical instruments company’s stock worth $3,861,000 after acquiring an additional 6,939 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Garmin during the 1st quarter valued at $1,389,000. LBP AM SA grew its position in Garmin by 81.4% in the first quarter. LBP AM SA now owns 7,284 shares of the scientific and technical instruments company’s stock worth $1,084,000 after acquiring an additional 3,268 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in Garmin by 3.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 173,715 shares of the scientific and technical instruments company’s stock valued at $25,861,000 after acquiring an additional 5,945 shares during the last quarter. Finally, Cetera Investment Advisers lifted its stake in Garmin by 51.7% during the first quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock worth $4,227,000 after purchasing an additional 9,681 shares during the last quarter. 73.41% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Price Performance

Garmin stock traded down $0.61 during trading hours on Friday, reaching $180.17. The company had a trading volume of 627,748 shares, compared to its average volume of 839,482. The firm has a market cap of $34.61 billion, a price-to-earnings ratio of 25.40, a P/E/G ratio of 3.17 and a beta of 0.98. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $183.88. The company has a 50-day moving average price of $171.90 and a 200 day moving average price of $159.47.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.40 by $0.18. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.45 earnings per share. As a group, research analysts expect that Garmin Ltd. will post 6.05 earnings per share for the current year.

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, March 14th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.67%. Garmin’s dividend payout ratio is currently 42.31%.

Insider Buying and Selling

In other Garmin news, Director Philip Straub sold 2,750 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Garmin news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The disclosure for this sale can be found here. Insiders have sold 15,242 shares of company stock valued at $2,676,004 over the last ninety days. 19.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of research reports. Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Tigress Financial boosted their price objective on shares of Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $156.83.

Garmin Company 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.