Nikko Asset Management Americas Inc. Reduces Position in Trimble Inc. (NASDAQ:TRMB)

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Trimble Inc. by 5.9%, selling 87,597 shares and retaining approximately 1.2% of its investment portfolio in the company.
• Several institutional investors have increased their holdings in Trimble, with Select Equity Group L.P. raising its stake by 22.4% in the last quarter.
• Trimble reported $0.61 EPS for its last quarter, surpassing expectations, but noted a 11.8% decline in revenue compared to the prior year.

Nikko Asset Management Americas Inc. trimmed its holdings in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) by 5.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,385,392 shares of the scientific and technical instruments company's stock after selling 87,597 shares during the quarter. Trimble comprises about 1.2% of Nikko Asset Management Americas Inc.'s investment portfolio, making the stock its 23rd largest holding. Nikko Asset Management Americas Inc. owned approximately 0.58% of Trimble worth $90,909,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in TRMB. OneDigital Investment Advisors LLC boosted its stake in shares of Trimble by 30.1% during the first quarter. OneDigital Investment Advisors LLC now owns 4,077 shares of the scientific and technical instruments company's stock valued at $268,000 after purchasing an additional 943 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in 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 valued at $26,560,000 after acquiring an additional 17,785 shares during the last quarter. DAVENPORT & Co LLC boosted its holdings in 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 valued at $522,000 after acquiring an additional 452 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Trimble by 7.2% during 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 purchasing an additional 2,397 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Trimble by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 22,360 shares of the scientific and technical instruments company's stock worth $1,580,000 after purchasing an additional 5,472 shares during the period. 93.21% of the stock is owned by institutional investors.

Trimble Stock Up 1.2%

Shares of TRMB stock traded up $1.03 during trading hours on Wednesday, reaching $85.72. The company had a trading volume of 655,439 shares, compared to its average volume of 1,530,977. Trimble Inc. has a 12 month low of $48.65 and a 12 month high of $86.42. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.84 and a quick ratio of 0.72. The business has a fifty day simple moving average of $75.92 and a 200-day simple moving average of $70.97. The company has a market cap of $20.45 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 3.62 and a beta of 1.67.

Trimble (NASDAQ:TRMB - Get Free Report) last issued its quarterly 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 return on equity of 9.87% and a net margin of 42.40%. The business had revenue of $840.60 million for the quarter, compared to analyst estimates of $810.45 million. During the same period last year, the company posted $0.64 earnings per share. Trimble's quarterly revenue was down 11.8% compared to the same quarter last year. On average, research analysts expect that Trimble Inc. will post 2.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on TRMB. Wall Street Zen cut Trimble from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Piper Sandler reaffirmed an "overweight" rating and set a $84.00 target price on shares of Trimble in a research note on Thursday, May 8th. JPMorgan Chase & Co. raised their target price on Trimble from $88.00 to $95.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Finally, Oppenheimer raised their target price on Trimble from $81.00 to $88.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $89.14.

Insider Buying and Selling

In other news, Director Kaigham Gabriel sold 6,511 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $71.69, for a total transaction of $466,773.59. Following the sale, the director directly owned 17,939 shares in the company, valued at $1,286,046.91. This represents a 26.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert G. Painter sold 7,500 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $78.86, for a total value of $591,450.00. Following the sale, the chief executive officer owned 114,879 shares in the company, valued at approximately $9,059,357.94. This represents a 6.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,047 shares of company stock valued at $1,538,152. Corporate insiders own 0.54% of the company's stock.

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.