Northern Trust Corp Acquires 510,509 Shares of Trimble Inc. $TRMB

Key Points

• Northern Trust Corp increased its stake in Trimble Inc. by 19.8%, acquiring over 510,000 additional shares, bringing its total ownership to 3,084,937 shares valued at approximately $202.5 million.
• Trimble reported earnings of $0.71 per share in its recent quarterly earnings, beating analysts' estimates of $0.63, with revenues reaching $875.7 million.
• Institutional investors hold a substantial 93.21% of Trimble's stock, indicating strong interest and confidence in the company from large shareholders.

Northern Trust Corp increased its holdings in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) by 19.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,084,937 shares of the scientific and technical instruments company's stock after purchasing an additional 510,509 shares during the period. Northern Trust Corp owned approximately 1.29% of Trimble worth $202,526,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TRMB. Central Pacific Bank Trust Division grew its stake in 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 worth $37,000 after purchasing an additional 355 shares during the period. Putney Financial Group LLC acquired a new stake in Trimble during the fourth quarter worth approximately $51,000. Quarry LP grew its stake in Trimble by 121.8% during 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 period. Farther Finance Advisors LLC grew its stake in 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 valued at $64,000 after acquiring an additional 591 shares during the period. Finally, Friedenthal Financial grew its stake in Trimble by 64.7% in the first quarter. Friedenthal Financial now owns 1,153 shares of the scientific and technical instruments company's stock valued at $76,000 after acquiring an additional 453 shares during the period. Institutional investors and hedge funds own 93.21% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Raymond James Financial reissued an "outperform" rating and issued a $93.00 price objective (up previously from $85.00) on shares of Trimble in a research note on Thursday, August 7th. Piper Sandler reissued an "overweight" rating and issued a $84.00 price objective on shares of Trimble in a research note on Thursday, May 8th. JPMorgan Chase & Co. raised their price objective on Trimble from $95.00 to $96.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Wall Street Zen raised Trimble from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Oppenheimer raised their price objective on Trimble from $88.00 to $94.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $90.50.

Insider Activity

In related news, VP Jennifer Allison sold 3,156 shares of Trimble stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $80.00, for a total transaction of $252,480.00. Following the sale, the vice president directly owned 2,882 shares in the company, valued at approximately $230,560. This trade represents a 52.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert G. Painter sold 115,781 shares of Trimble stock in a transaction on Monday, August 11th. The stock was sold at an average price of $82.83, for a total value of $9,590,140.23. Following the sale, the chief executive officer owned 114,879 shares in the company, valued at $9,515,427.57. This trade represents a 50.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 222,383 shares of company stock worth $18,529,318 over the last 90 days. 0.54% of the stock is currently owned by corporate insiders.

Trimble Stock Up 2.9%

Shares of TRMB stock traded up $2.31 during trading hours on Friday, reaching $82.58. The company had a trading volume of 880,334 shares, compared to its average volume of 1,925,738. Trimble Inc. has a 12 month low of $52.91 and a 12 month high of $87.50. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.94 and a quick ratio of 0.81. The business has a fifty day simple moving average of $80.02 and a 200-day simple moving average of $71.96. The company has a market cap of $19.65 billion, a price-to-earnings ratio of 71.19, a price-to-earnings-growth ratio of 3.39 and a beta of 1.69.

Trimble (NASDAQ:TRMB - Get Free Report) last posted its 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. Trimble had a return on equity of 10.24% and a net margin of 8.02%.The company had revenue of $875.70 million for the quarter, compared to analyst estimates of $835.81 million. During the same quarter last year, the company earned $0.62 earnings per share. The company's revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts expect that Trimble Inc. will post 2.37 earnings per share for the current fiscal year.

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.