Trimble (NASDAQ:TRMB) Shares Down 6.2%

Trimble Inc. (NASDAQ:TRMB)’s stock price was down 6.2% during mid-day trading on Friday . The company traded as low as $56.05 and last traded at $56.39. Approximately 433,607 shares were traded during trading, a decline of 68% from the average daily volume of 1,361,404 shares. The stock had previously closed at $60.09.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TRMB. StockNews.com cut shares of Trimble from a “buy” rating to a “hold” rating in a report on Saturday, February 10th. JPMorgan Chase & Co. lifted their price objective on Trimble from $57.00 to $67.00 and gave the company a “neutral” rating in a report on Wednesday. Robert W. Baird upped their target price on Trimble from $59.00 to $65.00 and gave the company an “outperform” rating in a research report on Tuesday, February 13th. Piper Sandler restated an “overweight” rating and issued a $73.00 price target on shares of Trimble in a research report on Monday, April 15th. Finally, Oppenheimer increased their price objective on shares of Trimble from $65.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, March 14th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Trimble has a consensus rating of “Moderate Buy” and a consensus target price of $66.67.

Trimble Stock Down 6.9 %

The company has a market capitalization of $13.66 billion, a price-to-earnings ratio of 44.74, a P/E/G ratio of 2.69 and a beta of 1.51. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.00 and a quick ratio of 0.87. The firm’s fifty day moving average price is $61.55 and its 200-day moving average price is $53.80.

Trimble (NASDAQ:TRMB) last announced its earnings results on Monday, February 12th. The scientific and technical instruments company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. The company had revenue of $932.40 million for the quarter, compared to analyst estimates of $908.43 million. Trimble had a return on equity of 12.59% and a net margin of 8.19%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 EPS. Sell-side analysts expect that Trimble Inc. will post 2.23 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert G. Painter sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $54.75, for a total value of $136,875.00. Following the completion of the sale, the chief executive officer now directly owns 239,901 shares in the company, valued at approximately $13,134,579.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Robert G. Painter sold 2,500 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $54.75, for a total value of $136,875.00. Following the transaction, the chief executive officer now directly owns 239,901 shares in the company, valued at approximately $13,134,579.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Peter Large sold 1,447 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $59.10, for a total transaction of $85,517.70. Following the sale, the senior vice president now owns 8,220 shares of the company’s stock, valued at approximately $485,802. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,828 shares of company stock worth $1,013,519. Company insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Trimble

Hedge funds have recently added to or reduced their stakes in the stock. Frazier Financial Advisors LLC bought a new position in shares of Trimble in the fourth quarter valued at approximately $26,000. Tobam bought a new stake in shares of Trimble in the 1st quarter worth $35,000. Operose Advisors LLC purchased a new stake in shares of Trimble in the third quarter valued at about $43,000. Principal Securities Inc. bought a new position in shares of Trimble during the fourth quarter valued at about $52,000. Finally, Sound Income Strategies LLC boosted its holdings in Trimble by 171.9% during the first quarter. Sound Income Strategies LLC now owns 998 shares of the scientific and technical instruments company’s stock worth $64,000 after purchasing an additional 631 shares during the last quarter. Institutional investors and hedge funds own 93.21% of the company’s stock.

About Trimble

Trimble Inc provides technology solutions that enable professionals and field mobile workers to enhance or transform their work processes worldwide. The company's Buildings and Infrastructure segment offers field and office software for project design and visualization; systems to guide and control construction equipment; software for 3D design and data sharing; systems to monitor, track, and manage assets, equipment, and workers; software to share and communicate data; program management solutions for construction owners; 3D conceptual design and modeling software; building information modeling software; enterprise resource planning, project management, and project collaboration solutions; integrated site layout and measurement systems; cost estimating, scheduling, and project controls solutions; and applications for sub-contractors and trades.