Parcion Private Wealth LLC Reduces Stock Position in Garmin Ltd. (NYSE:GRMN)

Parcion Private Wealth LLC reduced its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 3.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,183 shares of the scientific and technical instruments company's stock after selling 1,132 shares during the period. Parcion Private Wealth LLC's holdings in Garmin were worth $7,463,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in GRMN. Geneos Wealth Management Inc. increased its holdings in Garmin by 1.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company's stock worth $591,000 after acquiring an additional 49 shares during the period. Curbstone Financial Management Corp grew its position in shares of Garmin by 1.3% during the 4th quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company's stock valued at $802,000 after purchasing an additional 50 shares in the last quarter. HB Wealth Management LLC increased its holdings in shares of Garmin by 1.4% in the fourth quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company's stock worth $788,000 after purchasing an additional 53 shares during the period. Outlook Wealth Advisors LLC raised its position in shares of Garmin by 2.6% in the fourth quarter. Outlook Wealth Advisors LLC now owns 2,332 shares of the scientific and technical instruments company's stock worth $481,000 after buying an additional 58 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in Garmin by 8.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 804 shares of the scientific and technical instruments company's stock valued at $166,000 after buying an additional 63 shares during the period. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GRMN shares. Barclays upped their target price on Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a research note on Thursday. Morgan Stanley upgraded shares of Garmin to a "sell" rating and upped their price objective for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. JPMorgan Chase & Co. lifted their target price on shares of Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a research report on Thursday. Finally, Tigress Financial boosted their price target on shares of Garmin from $215.00 to $265.00 and gave the stock a "strong-buy" rating in a research note on Monday, December 16th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Garmin presently has an average rating of "Hold" and an average target price of $195.67.

Insider Transactions at Garmin

In related news, CFO Douglas G. Boessen sold 1,761 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 19.54% of the company's stock.

Garmin Stock Performance

NYSE:GRMN traded down $4.34 during mid-day trading on Friday, reaching $224.67. The stock had a trading volume of 1,072,638 shares, compared to its average volume of 838,615. The stock has a market capitalization of $43.14 billion, a P/E ratio of 30.73, a P/E/G ratio of 1.44 and a beta of 0.98. The firm has a 50 day moving average price of $213.24 and a two-hundred day moving average price of $195.07. Garmin Ltd. has a one year low of $131.20 and a one year high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the business posted $1.72 EPS. The business's quarterly revenue was up 22.9% on a year-over-year basis. Research analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a $0.90 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a dividend yield of 1.60%. Garmin's dividend payout ratio is currently 41.04%.

Garmin 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.