PNC Financial Services Group Inc. Increases Position in Garmin Ltd. (NYSE:GRMN)

PNC Financial Services Group Inc. grew its holdings in Garmin Ltd. (NYSE:GRMN) by 10.3% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 17,604 shares of the scientific and technical instruments company’s stock after buying an additional 1,637 shares during the period. PNC Financial Services Group Inc.’s holdings in Garmin were worth $3,099,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. acquired a new position in Garmin during the second quarter worth about $31,000. Family Firm Inc. purchased a new position in shares of Garmin during the second quarter valued at approximately $35,000. Benjamin Edwards Inc. lifted its stake in shares of Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares during the period. Headlands Technologies LLC purchased a new position in shares of Garmin during the second quarter valued at approximately $46,000. Finally, West Oak Capital LLC purchased a new position in shares of Garmin during the second quarter valued at approximately $53,000. 73.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GRMN has been the topic of several recent analyst reports. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays increased their price target on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Finally, Tigress Financial increased their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $162.67.

Garmin Trading Up 0.6 %

Shares of GRMN stock opened at $210.33 on Monday. The company’s fifty day simple moving average is $182.77 and its 200-day simple moving average is $174.00. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $215.55. The company has a market cap of $40.39 billion, a PE ratio of 26.69, a P/E/G ratio of 3.28 and a beta of 0.97.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the firm posted $1.41 EPS. The business’s revenue for the quarter was up 24.1% compared to the same quarter last year. Equities research analysts expect that Garmin Ltd. will post 6.68 EPS for the current fiscal year.

Insider Activity at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This trade represents a 3.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the transaction, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,424 shares of company stock valued at $638,159. Corporate insiders own 19.54% of the company’s stock.

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.