PNC Financial Services Group Inc. grew its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 9.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,647 shares of the scientific and technical instruments company’s stock after purchasing an additional 933 shares during the period. PNC Financial Services Group Inc.’s holdings in Garmin were worth $744,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. OppenheimerFunds Inc. lifted its holdings in shares of Garmin by 15.5% during the 2nd quarter. OppenheimerFunds Inc. now owns 5,994 shares of the scientific and technical instruments company’s stock valued at $366,000 after purchasing an additional 805 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Garmin by 2.5% during the 2nd quarter. Millennium Management LLC now owns 33,946 shares of the scientific and technical instruments company’s stock valued at $2,071,000 after purchasing an additional 842 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Garmin by 1.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 73,130 shares of the scientific and technical instruments company’s stock valued at $5,123,000 after purchasing an additional 860 shares during the last quarter. Green Square Capital LLC lifted its holdings in shares of Garmin by 12.7% during the 2nd quarter. Green Square Capital LLC now owns 7,932 shares of the scientific and technical instruments company’s stock valued at $484,000 after purchasing an additional 892 shares during the last quarter. Finally, Wright Investors Service Inc. lifted its holdings in shares of Garmin by 3.6% during the 3rd quarter. Wright Investors Service Inc. now owns 26,555 shares of the scientific and technical instruments company’s stock valued at $1,860,000 after purchasing an additional 920 shares during the last quarter. Hedge funds and other institutional investors own 42.38% of the company’s stock.

Several analysts have recently commented on the company. Longbow Research set a $75.00 price objective on Garmin and gave the company a “buy” rating in a report on Thursday, September 20th. Morgan Stanley set a $77.00 target price on Garmin and gave the stock an “equal weight” rating in a research note on Friday, September 21st. BidaskClub lowered Garmin from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 4th. Finally, Bank of America set a $70.00 target price on Garmin and gave the stock a “sell” rating in a research note on Thursday, November 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $69.80.

Shares of GRMN stock opened at $65.14 on Friday. The firm has a market capitalization of $12.90 billion, a P/E ratio of 18.83, a PEG ratio of 2.56 and a beta of 0.97. Garmin Ltd. has a 1 year low of $57.01 and a 1 year high of $70.77.

Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.24. The company had revenue of $810.01 million during the quarter, compared to analyst estimates of $784.06 million. Garmin had a return on equity of 16.95% and a net margin of 19.45%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS. As a group, analysts forecast that Garmin Ltd. will post 3.47 earnings per share for the current fiscal year.

In related news, Chairman Min H. Kao sold 75,000 shares of the firm’s stock in a transaction on Monday, October 22nd. The stock was sold at an average price of $62.27, for a total value of $4,670,250.00. Following the completion of the transaction, the chairman now owns 1,799,429 shares in the company, valued at approximately $112,050,443.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Min H. Kao sold 479,645 shares of the firm’s stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $64.82, for a total value of $31,090,588.90. Following the completion of the transaction, the insider now owns 1,799,429 shares of the company’s stock, valued at approximately $116,638,987.78. The disclosure for this sale can be found here. Insiders sold a total of 2,314,037 shares of company stock valued at $149,595,036 in the last 90 days. 17.85% of the stock is currently owned by company insiders.

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Garmin Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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