Assenagon Asset Management S.A. Has $17.80 Million Stake in Trimble Inc. $TRMB

Key Points

• Assenagon Asset Management increased its Trimble stake by 29.4% in the second quarter, adding 79,069 shares to own 347,691 shares valued at approximately $17.8 million. Institutional investors collectively hold 93.21% of Trimble’s outstanding stock.
• Analyst sentiment remains positive overall, with nine Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $82.62, despite several recent target reductions and one downgrade to Hold.
• Trimble shares opened at $59.51, near their 200-day moving average of $60.95 and well below the 12-month high of $84.65. Director Kaigham Gabriel separately sold 1,718 shares at $60 under a pre-arranged trading plan.

Assenagon Asset Management S.A. increased its position in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) by 29.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 347,691 shares of the scientific and technical instruments company's stock after buying an additional 79,069 shares during the period. Assenagon Asset Management S.A. owned 0.15% of Trimble worth $17,795,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP increased its stake in shares of Trimble by 126.0% in the 4th quarter. Wellington Management Group LLP now owns 6,199,706 shares of the scientific and technical instruments company's stock valued at $485,747,000 after acquiring an additional 3,455,949 shares in the last quarter. Norges Bank bought a new position in shares of Trimble during the 4th quarter worth about $213,133,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Trimble by 487.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,541,598 shares of the scientific and technical instruments company's stock valued at $100,558,000 after acquiring an additional 1,279,030 shares in the last quarter. Ninety One UK Ltd bought a new stake in shares of Trimble during the fourth quarter valued at approximately $67,741,000. Finally, Renaissance Technologies LLC raised its position in shares of Trimble by 487.9% during the first quarter. Renaissance Technologies LLC now owns 946,744 shares of the scientific and technical instruments company's stock worth $61,756,000 after purchasing an additional 785,700 shares during the period. Institutional investors and hedge funds own 93.21% of the company's stock.

Insider Buying and Selling

In related news, Director Kaigham Gabriel sold 1,718 shares of Trimble stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $60.00, for a total value of $103,080.00. Following the completion of the transaction, the director directly owned 17,426 shares in the company, valued at approximately $1,045,560. The trade was a 8.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.59% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on TRMB. Piper Sandler decreased their price target on shares of Trimble from $97.00 to $87.00 and set an "overweight" rating for the company in a research note on Wednesday, May 6th. Raymond James Financial lowered Trimble from a "moderate buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Wells Fargo & Company lowered their price target on Trimble from $70.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, July 14th. Weiss Ratings cut Trimble from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, June 4th. Finally, Wall Street Zen raised shares of Trimble from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $82.62.

Trimble Price Performance

TRMB opened at $59.51 on Monday. The firm has a 50-day moving average price of $53.25 and a 200-day moving average price of $60.95. Trimble Inc. has a twelve month low of $47.92 and a twelve month high of $84.65. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $13.87 billion, a price-to-earnings ratio of 31.32, a PEG ratio of 1.98 and a beta of 1.37.

Trimble Company Profile

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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