Davis Investment Partners LLC Invests $663,000 in Trimble Inc. $TRMB

Key Points

• Davis Investment Partners LLC invested $663,000 in Trimble Inc., acquiring 8,670 shares during the second quarter.
• After recent earnings reports, Trimble Inc. beat analysts' expectations with $0.71 earnings per share and $875.70 million in revenue for the quarter.
• Several analysts have upgraded their ratings on Trimble, with Raymond James and JPMorgan Chase raising their target prices significantly, reflecting positive sentiment.

Davis Investment Partners LLC acquired a new position in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 8,670 shares of the scientific and technical instruments company's stock, valued at approximately $663,000.

Other hedge funds have also modified their holdings of the company. OneDigital Investment Advisors LLC increased its stake in shares of Trimble by 30.1% during the 1st 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. DAVENPORT & Co LLC grew its stake in Trimble by 6.0% in the 1st 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 during the period. Wealth Enhancement Advisory Services LLC grew its stake in Trimble by 7.2% in the 1st 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 during the period. Allspring Global Investments Holdings LLC grew its stake in Trimble by 10.9% in the 1st 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 during the period. Finally, GAMMA Investing LLC grew its stake in Trimble by 25.1% in the 1st quarter. GAMMA Investing LLC now owns 5,275 shares of the scientific and technical instruments company's stock worth $346,000 after acquiring an additional 1,059 shares during the period. 93.21% of the stock is owned by hedge funds and other institutional investors.

Trimble Stock Down 2.4%

Shares of TRMB opened at $80.88 on Monday. The firm has a market cap of $19.25 billion, a PE ratio of 69.72, a price-to-earnings-growth ratio of 3.32 and a beta of 1.66. The company's fifty day moving average is $81.88 and its two-hundred day moving average is $72.76. Trimble Inc. has a fifty-two week low of $52.91 and a fifty-two week high of $87.50. The company has a quick ratio of 0.81, a current ratio of 0.94 and a debt-to-equity ratio of 0.25.

Trimble (NASDAQ:TRMB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.08. The company had revenue of $875.70 million for the quarter, compared to analyst estimates of $835.81 million. Trimble had a net margin of 8.02% and a return on equity of 10.24%. Trimble's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the business earned $0.62 EPS. Analysts forecast that Trimble Inc. will post 2.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

TRMB has been the subject of several recent analyst reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $93.00 target price (up from $85.00) on shares of Trimble in a research note on Thursday, August 7th. Wall Street Zen raised shares of Trimble from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. JPMorgan Chase & Co. lifted their target price on shares of Trimble from $95.00 to $96.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Finally, Oppenheimer lifted their target price on shares of Trimble from $88.00 to $94.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $90.50.

Insider Buying and Selling at Trimble

In related news, Director James Calvin Dalton sold 609 shares of Trimble stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $82.41, for a total transaction of $50,187.69. Following the transaction, the director owned 13,809 shares in the company, valued at approximately $1,137,999.69. The trade was a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jennifer Allison sold 3,156 shares of Trimble stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $80.00, for a total transaction of $252,480.00. Following the transaction, the vice president owned 2,882 shares in the company, valued at $230,560. The trade was a 52.27% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 222,992 shares of company stock worth $18,579,506. Insiders own 0.54% of the company's stock.

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.

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