Trimble (NASDAQ:TRMB) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Trimble (NASDAQ:TRMB) from a buy rating to a hold rating in a report published on Wednesday morning.

TRMB has been the subject of several other reports. Robert W. Baird lifted their target price on shares of Trimble from $65.00 to $66.00 and gave the company an outperform rating in a research report on Thursday, August 8th. Piper Sandler reiterated an overweight rating and issued a $73.00 target price on shares of Trimble in a research report on Monday, August 19th. Raymond James restated an outperform rating and set a $65.00 price target on shares of Trimble in a research report on Wednesday, May 15th. JPMorgan Chase & Co. cut their price objective on Trimble from $65.00 to $58.00 and set a neutral rating for the company in a report on Wednesday, August 7th. Finally, Oppenheimer reissued an outperform rating and set a $72.00 price objective on shares of Trimble in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $65.33.

Trimble Stock Performance

Trimble stock opened at $55.49 on Wednesday. Trimble has a 1-year low of $39.57 and a 1-year high of $65.55. The company has a current ratio of 0.99, a quick ratio of 0.88 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $13.55 billion, a PE ratio of 57.80, a price-to-earnings-growth ratio of 2.55 and a beta of 1.48. The firm’s 50 day simple moving average is $55.16 and its 200 day simple moving average is $57.83.

Trimble (NASDAQ:TRMB) last released its quarterly earnings results on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.04. The firm had revenue of $870.80 million for the quarter, compared to analysts’ expectations of $862.50 million. Trimble had a net margin of 40.70% and a return on equity of 10.94%. The business’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 earnings per share. As a group, analysts expect that Trimble will post 2.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TRMB. Vanguard Group Inc. grew its position in Trimble by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 29,213,613 shares of the scientific and technical instruments company’s stock worth $1,554,164,000 after acquiring an additional 273,863 shares during the last quarter. Generation Investment Management LLP increased its stake in shares of Trimble by 89.5% in the fourth quarter. Generation Investment Management LLP now owns 12,270,440 shares of the scientific and technical instruments company’s stock worth $652,787,000 after buying an additional 5,796,030 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Trimble by 2.4% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,315,941 shares of the scientific and technical instruments company’s stock valued at $342,134,000 after buying an additional 126,472 shares during the last quarter. Primecap Management Co. CA boosted its position in Trimble by 3.9% during the 4th quarter. Primecap Management Co. CA now owns 5,025,141 shares of the scientific and technical instruments company’s stock valued at $267,338,000 after buying an additional 188,790 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Trimble by 1,387.6% in the 2nd quarter. Victory Capital Management Inc. now owns 3,847,921 shares of the scientific and technical instruments company’s stock worth $215,176,000 after acquiring an additional 3,589,249 shares during the last quarter. Hedge funds and other institutional investors own 93.21% of the company’s stock.

Trimble Company Profile

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.