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

Parcion Private Wealth LLC cut its stake in Garmin Ltd. (NYSE:GRMN) by 6.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 SEC filing.

Several other institutional investors also recently modified their holdings of the company. Clearstead Trust LLC bought a new position in shares of Garmin in the 1st quarter worth $30,000. Frazier Financial Advisors LLC acquired a new position in shares of Garmin during the 4th quarter worth about $33,000. Family Firm Inc. acquired a new position in shares of Garmin during the 2nd quarter worth about $35,000. West Oak Capital LLC bought a new stake in shares of Garmin in the 2nd quarter valued at about $53,000. Finally, Principal Securities Inc. bought a new position in shares of Garmin during the fourth quarter worth $65,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insider Activity

In related news, CFO Douglas G. Boessen sold 2,350 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the transaction, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at $4,527,256.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred 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 sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $161.63, for a total value of $379,830.50. Following the transaction, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at $4,527,256.30. The disclosure for this sale can be found here. Insiders sold 15,242 shares of company stock worth $2,676,004 over the last three months. 19.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

Garmin Price Performance

Shares of GRMN stock traded down $0.61 on Friday, hitting $180.17. 627,748 shares of the company’s stock were exchanged, compared to its average volume of 839,482. The company has a 50 day moving average of $171.90 and a 200 day moving average of $159.47. The stock has a market cap of $34.61 billion, a P/E ratio of 25.40, a price-to-earnings-growth 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.

Garmin (NYSE:GRMN) last posted 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. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the company earned $1.45 EPS. The firm’s revenue was up 14.3% compared to the same quarter last year. Sell-side analysts predict that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

Garmin Dividend Announcement

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

About Garmin

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.