Fred Alger Management LLC Sells 18,796 Shares of Trimble Inc. $TRMB

Key Points

• Fred Alger Management LLC reduced its stake in Trimble Inc. by 76.0% in Q1, selling 18,796 shares, leaving it with 5,921 shares valued at approximately $389,000.
• Several hedge funds have varied actions regarding their stakes in Trimble, with Central Pacific Bank increasing its stake by 174.9% while other firms, like Putney Financial Group and Farther Finance Advisors, made new investments or increased their holdings.
• Wall Street analysts have expressed optimism, with three firms raising their price targets for Trimble shares, reflecting a consensus rating of "Buy" and a target price of $90.50.

Fred Alger Management LLC lessened its stake in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) by 76.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,921 shares of the scientific and technical instruments company's stock after selling 18,796 shares during the period. Fred Alger Management LLC's holdings in Trimble were worth $389,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division increased its stake in Trimble by 174.9% during the 1st quarter. Central Pacific Bank Trust Division now owns 558 shares of the scientific and technical instruments company's stock worth $37,000 after acquiring an additional 355 shares during the period. Putney Financial Group LLC bought a new position in shares of Trimble in the 4th quarter valued at $51,000. State of Wyoming bought a new position in shares of Trimble in the 1st quarter valued at $58,000. Farther Finance Advisors LLC increased its stake in shares of Trimble by 153.5% in the 1st quarter. Farther Finance Advisors LLC now owns 976 shares of the scientific and technical instruments company's stock valued at $64,000 after purchasing an additional 591 shares during the last quarter. Finally, Friedenthal Financial increased its stake in shares of Trimble by 64.7% in the 1st quarter. Friedenthal Financial now owns 1,153 shares of the scientific and technical instruments company's stock valued at $76,000 after purchasing an additional 453 shares during the last quarter. Institutional investors own 93.21% of the company's stock.

Insider Buying and Selling

In other Trimble news, Director James Calvin Dalton sold 609 shares of the company's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $82.41, for a total value of $50,187.69. Following the sale, 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 filing with the SEC, which is accessible through this link. Also, VP Mark David Schwartz sold 1,404 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $80.00, for a total value of $112,320.00. Following the completion of the sale, the vice president owned 21,001 shares in the company, valued at $1,680,080. This trade represents a 6.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 222,992 shares of company stock worth $18,579,506. Corporate insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Raymond James Financial reiterated an "outperform" rating and issued a $93.00 price target (up previously from $85.00) on shares of Trimble in a research note on Thursday, August 7th. Oppenheimer lifted their price target on Trimble from $88.00 to $94.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. lifted their price target on Trimble from $95.00 to $96.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded Trimble from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. 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.com, Trimble currently has a consensus rating of "Buy" and a consensus target price of $90.50.

Trimble Trading Up 0.1%

Shares of TRMB stock opened at $80.16 on Thursday. The firm has a market capitalization of $19.08 billion, a P/E ratio of 69.10, a P/E/G ratio of 3.29 and a beta of 1.66. Trimble Inc. has a twelve month low of $52.91 and a twelve month 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. The stock's fifty day simple moving average is $81.76 and its 200 day simple moving average is $72.58.

Trimble (NASDAQ:TRMB - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 EPS for the quarter, beating 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 analyst estimates of $835.81 million. During the same quarter in the previous year, the company posted $0.62 EPS. The business's revenue was up .6% on a year-over-year basis. As a group, sell-side analysts predict that Trimble Inc. will post 2.37 EPS for the current fiscal year.

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.

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