Shell Asset Management Co. cut its stake in shares of Trimble Inc. (NASDAQ:TRMB – Free Report) by 62.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,999 shares of the scientific and technical instruments company’s stock after selling 8,358 shares during the period. Shell Asset Management Co.’s holdings in Trimble were worth $408,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Brighton Jones LLC acquired a new position in Trimble in the 4th quarter worth about $211,000. Empowered Funds LLC increased its stake in shares of Trimble by 9.5% in the first quarter. Empowered Funds LLC now owns 7,023 shares of the scientific and technical instruments company’s stock valued at $461,000 after buying an additional 607 shares during the period. Woodline Partners LP raised its holdings in Trimble by 41.6% in the 1st quarter. Woodline Partners LP now owns 20,766 shares of the scientific and technical instruments company’s stock valued at $1,363,000 after buying an additional 6,100 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Trimble during the 2nd quarter worth approximately $208,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in Trimble by 65.9% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 70,854 shares of the scientific and technical instruments company’s stock worth $5,417,000 after acquiring an additional 28,135 shares during the last quarter. Institutional investors and hedge funds own 93.21% of the company’s stock.
Trimble Price Performance
Trimble stock opened at $65.63 on Wednesday. The stock has a market capitalization of $15.61 billion, a price-to-earnings ratio of 37.50, a PEG ratio of 2.21 and a beta of 1.59. Trimble Inc. has a 52-week low of $52.91 and a 52-week high of $87.50. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.96 and a current ratio of 1.09. The stock’s 50 day moving average price is $74.69 and its two-hundred day moving average price is $78.42.
Trimble declared that its Board of Directors has initiated a share repurchase plan on Friday, December 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the scientific and technical instruments company to repurchase up to 5.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $97.00 price target on shares of Trimble in a research note on Friday, November 7th. Zacks Research lowered Trimble from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 1st. Barclays upped their price target on Trimble from $100.00 to $101.00 and gave the company an “overweight” rating in a research report on Monday, January 12th. Oppenheimer restated an “outperform” rating and set a $86.00 price objective on shares of Trimble in a research report on Tuesday, February 10th. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of Trimble in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $93.33.
Check Out Our Latest Report on TRMB
Insider Transactions at Trimble
In related news, Director James Calvin Dalton sold 616 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $81.99, for a total transaction of $50,505.84. Following the transaction, the director directly owned 13,193 shares of the company’s stock, valued at approximately $1,081,694.07. This represents a 4.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Phillip Sawarynski sold 2,250 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $80.45, for a total value of $181,012.50. Following the completion of the transaction, the chief financial officer owned 25,684 shares in the company, valued at approximately $2,066,277.80. The trade was a 8.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,866 shares of company stock valued at $1,448,543 in the last 90 days. 0.54% of the stock is currently owned by corporate insiders.
About Trimble
Trimble Inc (NASDAQ: TRMB) is a technology company that develops hardware, software and services to improve the productivity and connectivity of customers across the construction, agriculture, geospatial, transportation and logistics, and natural resources sectors. The company’s offerings center on advanced positioning technologies — including GNSS/GPS receivers, inertial sensors and laser scanning — integrated with application-specific software and cloud services to enable precise measurement, modeling, machine control and workflow automation for field and office operations.
Trimble’s product portfolio spans surveying and geospatial instruments (total stations, mobile mapping and terrestrial laser scanners), construction solutions (machine control systems, site positioning and estimating), agriculture systems (auto-steer, guidance and application-control platforms), and fleet and transportation telematics.
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