Element Capital Management LLC Buys Shares of 39,560 Trimble Inc. $TRMB

Key Points

• Element Capital Management LLC acquired 39,560 shares of Trimble Inc. (NASDAQ:TRMB), valued at approximately $2.6 million, in Q1 of the year.
• Analysts' ratings for Trimble have improved, with several firms upgrading their recommendations and raising price targets, resulting in a consensus rating of "Buy" and an average target price of $90.50.
• Trimble reported earnings of $0.71 per share for the last quarter, exceeding estimates, with revenue of $875.70 million, a slight year-over-year increase.

Element Capital Management LLC purchased a new stake in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 39,560 shares of the scientific and technical instruments company's stock, valued at approximately $2,597,000.

Other large investors have also added to or reduced their stakes in the company. Central Pacific Bank Trust Division grew its stake in shares of Trimble by 174.9% during the first quarter. Central Pacific Bank Trust Division now owns 558 shares of the scientific and technical instruments company's stock valued at $37,000 after buying an additional 355 shares during the last quarter. Putney Financial Group LLC bought a new position in shares of Trimble during the fourth quarter valued at about $51,000. Quarry LP grew its stake in shares of Trimble by 121.8% in the fourth quarter. Quarry LP now owns 732 shares of the scientific and technical instruments company's stock worth $52,000 after purchasing an additional 402 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Trimble by 153.5% in the first quarter. Farther Finance Advisors LLC now owns 976 shares of the scientific and technical instruments company's stock worth $64,000 after purchasing an additional 591 shares during the last quarter. Finally, Friedenthal Financial grew its stake in shares of Trimble by 64.7% in the first quarter. Friedenthal Financial now owns 1,153 shares of the scientific and technical instruments company's stock worth $76,000 after purchasing an additional 453 shares during the last quarter. Hedge funds and other institutional investors own 93.21% of the company's stock.

Insider Activity

In related news, VP Mark David Schwartz sold 1,476 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $78.00, for a total value of $115,128.00. Following the completion of the transaction, the vice president directly owned 22,405 shares in the company, valued at $1,747,590. The trade was a 6.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert G. Painter sold 115,781 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $82.83, for a total transaction of $9,590,140.23. Following the completion of the transaction, the chief executive officer owned 114,879 shares of the company's stock, valued at approximately $9,515,427.57. The trade was a 50.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 228,894 shares of company stock valued at $18,996,091 in the last quarter. Insiders own 0.54% of the company's stock.

Analyst Ratings Changes

TRMB has been the topic of several recent analyst reports. Piper Sandler reiterated an "overweight" rating and issued a $84.00 price target on shares of Trimble in a report on Thursday, May 8th. Raymond James Financial restated an "outperform" rating and issued a $93.00 price objective (up from $85.00) on shares of Trimble in a report on Thursday, August 7th. Oppenheimer upped their target price on Trimble from $88.00 to $94.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Wall Street Zen raised Trimble from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, JPMorgan Chase & Co. increased their target price on Trimble from $95.00 to $96.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $90.50.

Trimble Stock Down 2.0%

Shares of TRMB traded down $1.68 during mid-day trading on Tuesday, reaching $81.12. The company had a trading volume of 2,139,505 shares, compared to its average volume of 1,584,551. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.81 and a current ratio of 0.94. The firm has a 50-day moving average price of $79.32 and a 200 day moving average price of $71.78. Trimble Inc. has a 52 week low of $52.91 and a 52 week high of $87.50. The company has a market capitalization of $19.30 billion, a price-to-earnings ratio of 69.93, a price-to-earnings-growth ratio of 3.38 and a beta of 1.69.

Trimble (NASDAQ:TRMB - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. Trimble had a return on equity of 10.24% and a net margin of 8.02%.The firm had revenue of $875.70 million for the quarter, compared to analysts' expectations of $835.81 million. During the same period in the previous year, the firm posted $0.62 EPS. The business's revenue for the quarter was up .6% compared to the same quarter last year. On average, sell-side analysts forecast that Trimble Inc. will post 2.37 EPS for the current year.

About Trimble

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.