PNC Financial Services Group Inc. Boosts Holdings in Garmin Ltd. (NYSE:GRMN)

PNC Financial Services Group Inc. raised its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 0.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,741 shares of the scientific and technical instruments company’s stock after acquiring an additional 137 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Garmin were worth $3,659,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in GRMN. Golden State Wealth Management LLC purchased a new stake in shares of Garmin during the fourth quarter worth about $26,000. Pinnacle Bancorp Inc. purchased a new stake in shares of Garmin during the fourth quarter worth about $29,000. Larson Financial Group LLC grew its holdings in shares of Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 162 shares in the last quarter. SOA Wealth Advisors LLC. purchased a new stake in shares of Garmin during the fourth quarter worth about $37,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Garmin during the third quarter worth about $39,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Garmin

In other news, VP Susan Lyman sold 2,829 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $215.51, for a total transaction of $609,677.79. Following the transaction, the vice president now directly owns 8,432 shares of the company’s stock, valued at approximately $1,817,180.32. The trade was a 25.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction 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 approximately $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,103 shares of company stock valued at $5,852,364 over the last ninety days. Corporate insiders own 19.54% of the company’s stock.

Garmin Stock Performance

GRMN opened at $208.95 on Friday. The company’s 50 day simple moving average is $216.85 and its 200 day simple moving average is $200.32. Garmin Ltd. has a 1 year low of $138.86 and a 1 year high of $246.50. The stock has a market capitalization of $40.20 billion, a PE ratio of 28.58, a P/E/G ratio of 1.36 and a beta of 0.96.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. Garmin’s revenue was up 22.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.72 earnings per share. As a group, sell-side analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a yield of 1.72%. Garmin’s dividend payout ratio (DPR) is 41.04%.

Wall Street Analyst Weigh In

GRMN has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Barclays lifted their price target on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Morgan Stanley raised shares of Garmin to a “sell” rating and raised their target price for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. Finally, Tigress Financial raised their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $210.80.

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.