Parcion Private Wealth LLC Has $7.97 Million Holdings in Garmin Ltd. (NYSE:GRMN)

Parcion Private Wealth LLC lifted its position in shares of Garmin Ltd. (NYSE:GRMN) by 1.5% during the first quarter, Holdings Channel.com reports. The firm owned 36,718 shares of the scientific and technical instruments company’s stock after purchasing an additional 535 shares during the period. Parcion Private Wealth LLC’s holdings in Garmin were worth $7,973,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Bridgewater Advisors Inc. acquired a new position in shares of Garmin during the first quarter worth approximately $379,000. Wealthfront Advisers LLC raised its position in shares of Garmin by 12.7% during the first quarter. Wealthfront Advisers LLC now owns 32,785 shares of the scientific and technical instruments company’s stock worth $7,119,000 after purchasing an additional 3,703 shares during the period. Hager Investment Management Services LLC grew its holdings in Garmin by 40.0% during the first quarter. Hager Investment Management Services LLC now owns 350 shares of the scientific and technical instruments company’s stock worth $76,000 after buying an additional 100 shares in the last quarter. Signaturefd LLC grew its holdings in Garmin by 2.9% during the first quarter. Signaturefd LLC now owns 5,314 shares of the scientific and technical instruments company’s stock worth $1,154,000 after buying an additional 151 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in Garmin during the first quarter worth $5,343,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Price Performance

Shares of NYSE:GRMN opened at $216.01 on Wednesday. The company has a market capitalization of $41.59 billion, a PE ratio of 28.42, a price-to-earnings-growth ratio of 2.44 and a beta of 0.97. The business has a fifty day moving average price of $205.16 and a two-hundred day moving average price of $207.25. Garmin Ltd. has a 1 year low of $160.71 and a 1 year high of $246.50.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.01). The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a net margin of 22.76% and a return on equity of 19.21%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.42 EPS. Sell-side analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Monday, June 16th were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.67%. Garmin’s dividend payout ratio (DPR) is presently 47.37%.

Analyst Upgrades and Downgrades

GRMN has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price target on Garmin from $220.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, May 1st. Barclays cut their price target on shares of Garmin from $188.00 to $152.00 and set an “underweight” rating on the stock in a report on Wednesday, April 30th. Finally, Morgan Stanley boosted their price target on shares of Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a report on Thursday, May 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Garmin has a consensus rating of “Hold” and a consensus price target of $206.00.

Insiders Place Their Bets

In other news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the transaction, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the transaction, the chief financial officer owned 29,146 shares of the company’s stock, valued at $6,266,390. The trade was a 6.00% decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is owned by corporate 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.