Parcion Private Wealth LLC Grows Holdings in Garmin Ltd. (NYSE:GRMN)

Parcion Private Wealth LLC raised its holdings in Garmin Ltd. (NYSE:GRMN) by 1.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,315 shares of the scientific and technical instruments company’s stock after purchasing an additional 371 shares during the period. Parcion Private Wealth LLC’s holdings in Garmin were worth $6,569,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Park Avenue Securities LLC increased its stake in shares of Garmin by 12.1% in the first quarter. Park Avenue Securities LLC now owns 2,962 shares of the scientific and technical instruments company’s stock valued at $441,000 after purchasing an additional 319 shares during the period. Foguth Wealth Management LLC. acquired a new stake in shares of Garmin in the 1st quarter worth approximately $411,000. Guidance Capital Inc. bought a new position in shares of Garmin in the first quarter valued at approximately $924,000. SteelPeak Wealth LLC increased its position in shares of Garmin by 15.4% during the 1st quarter. SteelPeak Wealth LLC now owns 16,253 shares of the scientific and technical instruments company’s stock valued at $2,420,000 after purchasing an additional 2,166 shares during the period. Finally, Eagle Ridge Investment Management raised its position in Garmin by 0.9% in the first quarter. Eagle Ridge Investment Management now owns 87,609 shares of the scientific and technical instruments company’s stock worth $13,042,000 after acquiring an additional 739 shares in the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

Garmin Price Performance

Shares of GRMN opened at $162.30 on Friday. Garmin Ltd. has a one year low of $99.61 and a one year high of $184.42. The company’s fifty day moving average price is $173.31 and its 200 day moving average price is $166.17. The company has a market capitalization of $31.17 billion, a PE ratio of 22.89, a price-to-earnings-growth ratio of 2.85 and a beta of 0.99.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.18. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The firm’s revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.45 EPS. Analysts anticipate that Garmin Ltd. will post 6.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

GRMN has been the topic of several analyst reports. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $181.00 to $133.00 in a research note on Friday, September 13th. Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Finally, Tigress Financial upped their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Garmin has a consensus rating of “Hold” and a consensus target price of $158.50.

Insider Transactions at Garmin

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

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.