Garmin Ltd. (NYSE:GRMN) Stock Position Increased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in shares of Garmin Ltd. (NYSE:GRMN) by 10.3% during the third quarter, Holdings Channel reports. The institutional investor owned 17,604 shares of the scientific and technical instruments company’s stock after acquiring 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.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. O Shaughnessy Asset Management LLC grew its stake in shares of Garmin by 37.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 4,767 shares of the scientific and technical instruments company’s stock worth $710,000 after purchasing an additional 1,298 shares during the last quarter. Bessemer Group Inc. grew its position in Garmin by 19.3% during the first quarter. Bessemer Group Inc. now owns 3,290 shares of the scientific and technical instruments company’s stock valued at $490,000 after purchasing an additional 533 shares in the last quarter. Advisors Asset Management Inc. purchased a new position in Garmin during the first quarter valued at approximately $1,091,000. Bayesian Capital Management LP purchased a new position in Garmin during the first quarter valued at approximately $849,000. Finally, Meiji Yasuda Life Insurance Co grew its position in Garmin by 11.5% during the first quarter. Meiji Yasuda Life Insurance Co now owns 4,178 shares of the scientific and technical instruments company’s stock valued at $622,000 after purchasing an additional 430 shares in the last quarter. 73.41% of the stock is currently owned by institutional investors.

Garmin Stock Performance

NYSE GRMN opened at $210.33 on Monday. The business has a 50 day simple moving average of $182.77 and a 200 day simple moving average of $174.00. Garmin Ltd. has a 52-week low of $119.15 and a 52-week high of $215.55. The stock has a market cap of $40.39 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 3.28 and a beta of 0.97.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.53. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period last year, the business earned $1.41 EPS. On average, analysts predict that Garmin Ltd. will post 6.68 EPS for the current year.

Insider Activity at Garmin

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on GRMN shares. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays boosted their price objective 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 cut shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Finally, Tigress Financial boosted their price target on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $162.67.

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.