Nuveen LLC Purchases New Shares in Trimble Inc. (NASDAQ:TRMB)

Key Points

• Nuveen LLC has invested approximately $122.07 million in Trimble Inc., acquiring 1,859,410 shares and holding about 0.78% of the company's stock.
• Multiple institutional investors increased their stakes in Trimble, with Central Pacific Bank Trust Division raising its holdings by 174.9% and Putney Financial Group LLC initiating a new stake valued at $51,000.
• Trimble's stock received upgraded price targets from several analysts, with Oppenheimer raising its price objective from $88 to $94 and others reporting an "outperform" rating, highlighting positive market sentiment.

Nuveen LLC purchased a new stake in Trimble Inc. (NASDAQ:TRMB - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,859,410 shares of the scientific and technical instruments company's stock, valued at approximately $122,070,000. Nuveen LLC owned about 0.78% of Trimble at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Central Pacific Bank Trust Division grew its stake in shares of 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 during the 4th quarter worth $51,000. Quarry LP grew its stake in shares of Trimble by 121.8% during the 4th quarter. Quarry LP now owns 732 shares of the scientific and technical instruments company's stock worth $52,000 after acquiring an additional 402 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Trimble by 153.5% during the 1st quarter. Farther Finance Advisors LLC now owns 976 shares of the scientific and technical instruments company's stock worth $64,000 after acquiring an additional 591 shares during the period. Finally, Friedenthal Financial grew its stake in shares of Trimble by 64.7% during the 1st quarter. Friedenthal Financial now owns 1,153 shares of the scientific and technical instruments company's stock worth $76,000 after acquiring an additional 453 shares during the period. 93.21% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TRMB has been the subject of several analyst reports. Oppenheimer raised their target price on Trimble from $88.00 to $94.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Piper Sandler restated an "overweight" rating and issued a $84.00 target price on shares of Trimble in a research note on Thursday, May 8th. Raymond James Financial restated an "outperform" rating and issued a $93.00 target price (up previously from $85.00) on shares of Trimble in a research note on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on Trimble from $95.00 to $96.00 and gave the stock 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 note on Saturday, August 9th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Trimble has a consensus rating of "Buy" and a consensus price target of $90.50.

Insider Activity

In other Trimble news, VP Mark David Schwartz sold 1,476 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $78.00, for a total value of $115,128.00. Following the transaction, the vice president owned 22,405 shares in the company, valued at approximately $1,747,590. The trade was a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kaigham Gabriel sold 6,511 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $71.69, for a total transaction of $466,773.59. Following the completion of the transaction, the director owned 17,939 shares in the company, valued at $1,286,046.91. The trade was a 26.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 228,894 shares of company stock worth $18,996,091 over the last ninety days. Company insiders own 0.54% of the company's stock.

Trimble Price Performance

Shares of NASDAQ TRMB traded down $1.43 during trading hours on Friday, reaching $82.24. 2,024,643 shares of the stock traded hands, compared to its average volume of 1,581,870. The company has a market capitalization of $19.57 billion, a P/E ratio of 70.90, a price-to-earnings-growth ratio of 3.47 and a beta of 1.69. 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 Inc. has a 52-week low of $52.91 and a 52-week high of $87.50. The company's 50-day simple moving average is $78.91 and its two-hundred day simple moving average is $71.73.

Trimble (NASDAQ:TRMB - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $835.81 million. Trimble had a return on equity of 10.24% and a net margin of 8.02%. Trimble's revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm posted $0.62 EPS. Equities research 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.