Bank of New York Mellon Corp Increases Position in Trimble Inc. (NASDAQ:TRMB)

Bank of New York Mellon Corp boosted its stake in Trimble Inc. (NASDAQ:TRMB - Free Report) by 5.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,821,332 shares of the scientific and technical instruments company's stock after purchasing an additional 91,106 shares during the period. Bank of New York Mellon Corp owned about 0.74% of Trimble worth $119,570,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of 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 acquiring an additional 17,785 shares in the last quarter. DAVENPORT & Co LLC grew its stake in shares of 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 acquiring an additional 452 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of 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 acquiring an additional 2,397 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of 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 acquiring an additional 5,472 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Trimble by 10.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 42,719 shares of the scientific and technical instruments company's stock worth $2,793,000 after acquiring an additional 4,185 shares in the last quarter. Institutional investors and hedge funds own 93.21% of the company's stock.

Insider Activity at Trimble

In related news, CEO Robert G. Painter sold 7,500 shares of the business's stock in a transaction on 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 directly owned 114,879 shares of the company's stock, valued at $9,059,357.94. The trade was a 6.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mark David Schwartz sold 1,476 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $78.00, for a total transaction of $115,128.00. Following the completion of the sale, the vice president directly owned 22,405 shares of the company's stock, valued at approximately $1,747,590. This trade represents a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,487 shares of company stock valued at $1,173,352 over the last ninety days. Insiders own 0.54% of the company's stock.

Trimble Stock Down 1.0%

Shares of TRMB stock traded down $0.84 on Friday, reaching $79.99. 1,207,091 shares of the stock were exchanged, compared to its average volume of 1,406,376. The company has a current ratio of 0.84, a quick ratio of 0.72 and a debt-to-equity ratio of 0.26. The business's 50 day moving average price is $72.69 and its 200 day moving average price is $70.02. The company has a market capitalization of $19.08 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 3.41 and a beta of 1.67. Trimble Inc. has a twelve month low of $48.65 and a twelve month high of $81.66.

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

Analysts Set New Price Targets

TRMB has been the subject of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Trimble from $88.00 to $95.00 and gave the stock an "overweight" rating in a research note on Thursday. Wall Street Zen downgraded shares of Trimble from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, Piper Sandler restated an "overweight" rating and issued a $84.00 price target on shares of Trimble in a research note on Thursday, May 8th. One equities research 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, the company currently has an average rating of "Buy" and an average target price of $89.43.

Trimble 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.