PNC Financial Services Group Inc. Acquires 4,425 Shares of Garmin Ltd. $GRMN

Key Points

• PNC Financial Services increased its Garmin stake by 23.7% in the first quarter, acquiring 4,425 shares and bringing its holdings to 23,130 shares valued at approximately $5.4 million. Institutional investors collectively own 81.6% of Garmin’s stock.
• Garmin reported quarterly EPS of $2.08, beating estimates of $1.84, while revenue rose 14% year over year to $1.75 billion. The company maintains fiscal 2026 guidance of $9.35 EPS.
• Analysts’ consensus rating remains “Moderate Buy,” with an average price target of $269.40 versus the stock’s reported $242.39 price. Meanwhile, Garmin’s CFO and a director recently sold shares.

PNC Financial Services Group Inc. lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 23.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,130 shares of the scientific and technical instruments company's stock after acquiring an additional 4,425 shares during the quarter. 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 institutional investors and hedge funds also recently added to or reduced their stakes in GRMN. Westmount Partners LLC increased its position in Garmin by 1.9% during the 1st quarter. Westmount Partners LLC now owns 2,205 shares of the scientific and technical instruments company's stock valued at $512,000 after purchasing an additional 42 shares during the period. Caldwell Trust Co boosted its stake in shares of Garmin by 4.4% during the 1st quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company's stock valued at $237,000 after purchasing an additional 43 shares in the last quarter. HHM Wealth Advisors LLC increased its position in shares of Garmin by 6.9% during the first 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 period. Fulton Bank N.A. increased its position in shares of Garmin by 2.9% during the first 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 period. Finally, S.A. Mason LLC raised its stake in Garmin by 2.4% in the fourth quarter. S.A. Mason LLC now owns 2,150 shares of the scientific and technical instruments company's stock worth $436,000 after buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

Shares of GRMN stock opened at $242.39 on Tuesday. The company has a market capitalization of $46.75 billion, a price-to-earnings ratio of 27.02, a price-to-earnings-growth ratio of 2.87 and a beta of 0.90. Garmin Ltd. has a one year low of $186.67 and a one year high of $273.32. The company's 50-day moving average is $239.13 and its 200 day moving average is $235.21.

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

Insider Buying and Selling

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

Analysts Set New Price Targets

Several analysts have commented on the stock. Zacks Research lowered shares of Garmin from a "strong-buy" rating to a "hold" rating in a report on Friday, May 1st. Morgan Stanley set a $249.00 target price on Garmin in a report on Thursday, April 30th. JPMorgan Chase & Co. raised their target price on Garmin from $265.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Tigress Financial raised their target price on Garmin from $320.00 to $325.00 and gave the company a "strong-buy" rating in a research note on Wednesday, May 20th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $269.40.

Garmin Company 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.

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