PNC Financial Services Group Inc. Increases Stock Position in Garmin Ltd. $GRMN

PNC Financial Services Group Inc. lifted its stake in Garmin Ltd. (NYSE:GRMN) by 23.7% in the first quarter, HoldingsChannel.com reports. The fund owned 23,130 shares of the scientific and technical instruments company’s stock after purchasing an additional 4,425 shares during the period. PNC Financial Services Group Inc.’s holdings in Garmin were worth $5,366,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Westmount Partners LLC boosted its holdings in Garmin by 1.9% in the first quarter. Westmount Partners LLC now owns 2,205 shares of the scientific and technical instruments company’s stock worth $512,000 after purchasing an additional 42 shares during the last quarter. Caldwell Trust Co grew its position in Garmin by 4.4% in the 1st quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company’s stock worth $237,000 after purchasing an additional 43 shares during the period. HHM Wealth Advisors LLC raised its stake in Garmin by 6.9% during the 1st quarter. HHM Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company’s stock valued at $162,000 after buying an additional 45 shares during the last quarter. Fulton Bank N.A. raised its stake in Garmin by 2.9% during the 1st quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company’s stock valued at $388,000 after buying an additional 47 shares during the last quarter. Finally, S.A. Mason LLC lifted its holdings in shares of Garmin by 2.4% during the 4th quarter. S.A. Mason LLC now owns 2,150 shares of the scientific and technical instruments company’s stock valued at $436,000 after buying an additional 50 shares during the period. Institutional investors own 81.60% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Morgan Stanley set a $249.00 price target on Garmin in a research note on Thursday, April 30th. Tigress Financial upped their price objective on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a research report on Wednesday, May 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research report on Monday, June 8th. Wall Street Zen lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $269.40.

Garmin Trading Down 0.3%

NYSE:GRMN opened at $242.39 on Tuesday. The stock has a 50-day moving average price of $239.13 and a 200 day moving average price of $235.21. The stock has a market capitalization of $46.75 billion, a P/E ratio of 27.02, a P/E/G ratio of 2.87 and a beta of 0.90. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $273.32.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.24. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the firm earned $1.61 EPS. The firm’s revenue was up 14.0% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, research analysts predict that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Garmin

In other news, CFO Douglas G. Boessen sold 2,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the transaction, the chief financial officer owned 26,049 shares of the company’s stock, valued at approximately $6,197,317.59. The trade was a 7.13% 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 Joseph J. Hartnett sold 643 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total transaction of $169,475.51. Following the transaction, the director owned 21,277 shares of the company’s stock, valued at approximately $5,607,978.89. This represents a 2.93% decrease in their position. The SEC filing for this sale provides additional information. 14.80% of the stock is currently owned by insiders.

Garmin Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.