Trimble Inc. $TRMB Stock Purchased by International Assets Investment Management LLC

International Assets Investment Management LLC grew its stake in shares of Trimble Inc. (NASDAQ:TRMB) by 456.8% during the third quarter, HoldingsChannel reports. The firm owned 15,000 shares of the scientific and technical instruments company’s stock after purchasing an additional 12,306 shares during the quarter. International Assets Investment Management LLC’s holdings in Trimble were worth $857,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. bought a new position in Trimble in the second quarter worth about $1,096,304,000. State Street Corp lifted its holdings in Trimble by 7.9% in the second quarter. State Street Corp now owns 11,644,706 shares of the scientific and technical instruments company’s stock worth $595,976,000 after buying an additional 849,549 shares during the period. Generation Investment Management LLP purchased a new stake in Trimble in the second quarter worth about $367,994,000. Primecap Management Co. CA bought a new stake in Trimble during the 2nd quarter valued at approximately $200,405,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in Trimble by 15.4% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,756,603 shares of the scientific and technical instruments company’s stock valued at $245,043,000 after acquiring an additional 501,853 shares in the last quarter. Hedge funds and other institutional investors own 93.21% of the company’s stock.

Insider Buying and Selling at Trimble

In other news, Director Kaigham Gabriel sold 2,476 shares of Trimble stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $65.00, for a total transaction of $160,940.00. Following the completion of the transaction, the director directly owned 14,950 shares in the company, valued at approximately $971,750. This trade represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.59% of the company’s stock.

Trimble Stock Down 17.3%

Shares of Trimble stock opened at $54.25 on Thursday. Trimble Inc. has a 1 year low of $47.92 and a 1 year high of $84.42. The firm has a market cap of $12.65 billion, a price-to-earnings ratio of -110.71, a PEG ratio of 2.12 and a beta of 1.32. The company has a 50-day moving average of $59.94 and a 200 day moving average of $60.68. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.95 and a quick ratio of 0.82.

Trimble (NASDAQ:TRMB) last posted its quarterly earnings data on Wednesday, November 4th. The scientific and technical instruments company reported $0.86 EPS for the quarter, hitting the consensus estimate of $0.86. The business had revenue of $966.80 million for the quarter, compared to analyst estimates of $966.41 million. Trimble had a negative net margin of 2.77% and a positive return on equity of 12.29%. Trimble’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 earnings per share. As a group, sell-side analysts anticipate that Trimble Inc. will post 3.10 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Piper Sandler reiterated an “overweight” rating and set a $87.00 target price on shares of Trimble in a report on Thursday, August 13th. Raymond James Financial cut Trimble from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Trimble from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Loop Capital started coverage on Trimble in a research report on Monday, October 26th. They set a “buy” rating and a $76.00 price target on the stock. Finally, Sanford C. Bernstein reduced their price target on Trimble from $85.00 to $73.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Nine research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Trimble currently has an average rating of “Moderate Buy” and an average price target of $79.56.

Key Headlines Impacting Trimble

Here are the key news stories impacting Trimble this week:

• Positive Sentiment: Trimble reported Q3 revenue of about $967 million, up 7.3% year over year, and adjusted EPS of $0.86, matching analysts’ estimates. The company also reported record annualized recurring revenue of $2.564 billion. Trimble Q3 results and guidance
• Neutral Sentiment: Management’s earnings call highlighted continued growth and progress on its Connect & Scale strategy, while acknowledging market headwinds. Earnings call highlights
• Negative Sentiment: The company lowered its growth outlook as the European freight market slowed. That guidance revision appears to have outweighed the modest revenue beat and recurring-revenue progress, prompting the sharp share-price decline. European freight slowdown and outlook

About Trimble

Trimble Inc develops technology solutions that connect the physical and digital worlds across construction, geospatial, transportation, agriculture, natural resources and other industrial markets. Its portfolio combines positioning technologies, field and office software, data services, connected devices and autonomous or machine-control systems to help customers plan, measure, build, manage and maintain physical assets.

The company’s products and services include surveying and mapping equipment, global navigation satellite system and positioning technologies, construction modeling and project-management software, machine-control systems, fleet and transportation-management solutions, and agricultural guidance and precision-farming tools.