M&T Bank Corp Sells 1,461 Shares of Trimble Inc. (NASDAQ:TRMB)

M&T Bank Corp decreased its holdings in shares of Trimble Inc. (NASDAQ:TRMB) by 14.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,694 shares of the scientific and technical instruments company’s stock after selling 1,461 shares during the quarter. M&T Bank Corp’s holdings in Trimble were worth $571,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of TRMB. OneDigital Investment Advisors LLC grew its stake in Trimble by 30.1% in the first quarter. OneDigital Investment Advisors LLC now owns 4,077 shares of the scientific and technical instruments company’s stock worth $268,000 after purchasing an additional 943 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Trimble by 5.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 376,368 shares of the scientific and technical instruments company’s stock worth $26,560,000 after purchasing an additional 17,785 shares in the last quarter. DAVENPORT & Co LLC grew its stake in Trimble by 6.0% in the first quarter. DAVENPORT & Co LLC now owns 7,956 shares of the scientific and technical instruments company’s stock worth $522,000 after purchasing an additional 452 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Trimble by 7.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 35,876 shares of the scientific and technical instruments company’s stock worth $2,355,000 after purchasing an additional 2,397 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Trimble by 32.4% in the fourth quarter. Wellington Management Group LLP now owns 22,360 shares of the scientific and technical instruments company’s stock worth $1,580,000 after purchasing an additional 5,472 shares in the last quarter. Institutional investors own 93.21% of the company’s stock.

Trimble Price Performance

Shares of Trimble stock opened at $79.47 on Wednesday. The company has a quick ratio of 0.72, a current ratio of 0.84 and a debt-to-equity ratio of 0.26. Trimble Inc. has a twelve month low of $48.65 and a twelve month high of $81.66. The business has a 50-day moving average price of $73.33 and a 200 day moving average price of $70.13. The firm has a market cap of $18.96 billion, a PE ratio of 12.96, a P/E/G ratio of 3.42 and a beta of 1.67.

Trimble (NASDAQ:TRMB) last issued its earnings results on Wednesday, May 7th. The scientific and technical instruments company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. The business had revenue of $840.60 million for the quarter, compared to analysts’ expectations of $810.45 million. Trimble had a return on equity of 9.87% and a net margin of 42.40%. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 EPS. Sell-side analysts predict that Trimble Inc. will post 2.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. JPMorgan Chase & Co. increased their target price on Trimble from $88.00 to $95.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. Piper Sandler reaffirmed an “overweight” rating and set a $84.00 target price on shares of Trimble in a research report on Thursday, May 8th. Finally, Wall Street Zen cut Trimble from a “buy” rating to a “hold” rating in a research report on Thursday, May 8th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Trimble currently has an average rating of “Buy” and an average target price of $89.43.

Insider Activity at Trimble

In related news, CEO Robert G. Painter sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $78.86, for a total value of $591,450.00. Following the completion of the sale, the chief executive officer owned 114,879 shares in the company, valued at $9,059,357.94. This trade represents a 6.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kaigham Gabriel sold 6,511 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $71.69, for a total transaction of $466,773.59. Following the completion of the sale, the director owned 17,939 shares of the company’s stock, valued at approximately $1,286,046.91. The trade was a 26.63% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,047 shares of company stock worth $1,538,152. Insiders own 0.54% 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.