PNC Financial Services Group Inc. Boosts Stock Holdings in Garmin Ltd. $GRMN

PNC Financial Services Group Inc. lifted its position in shares of Garmin Ltd. (NYSE:GRMN) by 2.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,255 shares of the scientific and technical instruments company’s stock after acquiring an additional 483 shares during the period. PNC Financial Services Group Inc.’s holdings in Garmin were worth $4,019,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. AQR Capital Management LLC increased its holdings in shares of Garmin by 79.3% in the 1st quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock worth $340,574,000 after purchasing an additional 700,967 shares in the last quarter. Nuveen LLC purchased a new stake in Garmin in the first quarter worth approximately $78,900,000. Vanguard Group Inc. grew its position in Garmin by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company’s stock worth $4,000,656,000 after purchasing an additional 357,458 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Garmin by 21.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company’s stock valued at $262,907,000 after buying an additional 211,731 shares during the last quarter. Finally, Clark Capital Management Group Inc. bought a new position in shares of Garmin during the 1st quarter valued at $40,322,000. 81.60% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the completion of the sale, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 15.38% of the company’s stock.

Garmin Stock Performance

GRMN opened at $189.73 on Tuesday. Garmin Ltd. has a fifty-two week low of $169.26 and a fifty-two week high of $261.69. The firm’s fifty day moving average is $234.20 and its 200 day moving average is $222.43. The stock has a market cap of $36.49 billion, a price-to-earnings ratio of 23.37, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.99. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. Garmin had a return on equity of 19.42% and a net margin of 22.63%.Garmin’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, equities research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on GRMN shares. Barclays upped their price objective on Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Tigress Financial increased their price objective on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, September 30th. Finally, Morgan Stanley boosted their target price on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Garmin currently has an average rating of “Hold” and an average target price of $239.50.

Garmin Company 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.