Pinnacle Associates Ltd. Sells 13,197 Shares of Trimble Inc. (NASDAQ:TRMB)

Pinnacle Associates Ltd. lowered its position in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 402,646 shares of the scientific and technical instruments company's stock after selling 13,197 shares during the quarter. Pinnacle Associates Ltd. owned 0.17% of Trimble worth $26,434,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Central Pacific Bank Trust Division lifted its position 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 buying an additional 355 shares in the last quarter. Putney Financial Group LLC bought a new stake in shares of Trimble in the 4th quarter worth approximately $51,000. Quarry LP raised its holdings in shares of Trimble by 121.8% in the 4th 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 raised its holdings 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 worth $64,000 after purchasing an additional 591 shares during the period. Finally, Friedenthal Financial raised its holdings 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 worth $76,000 after purchasing an additional 453 shares during the period. Institutional investors own 93.21% of the company's stock.

Wall Street Analysts Forecast Growth

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

Trimble Price Performance

Shares of TRMB traded up $1.05 during mid-day trading on Friday, reaching $85.24. 1,873,724 shares of the stock traded hands, compared to its average volume of 1,563,915. The firm has a fifty day moving average price of $75.41 and a 200 day moving average price of $70.80. The company has a market cap of $20.34 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 3.59 and a beta of 1.67. The company has a current ratio of 0.84, a quick ratio of 0.72 and a debt-to-equity ratio of 0.26. Trimble Inc. has a 1 year low of $48.65 and a 1 year high of $85.30.

Trimble (NASDAQ:TRMB - Get Free Report) last announced its earnings results on Wednesday, May 7th. The scientific and technical instruments company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. Trimble had a net margin of 42.40% and a return on equity of 9.87%. The company had revenue of $840.60 million during the quarter, compared to analyst estimates of $810.45 million. During the same period in the previous year, the business earned $0.64 earnings per share. The firm's quarterly revenue was down 11.8% compared to the same quarter last year. As a group, equities research analysts predict that Trimble Inc. will post 2.37 earnings per share for the current year.

Insider Buying and Selling at Trimble

In other Trimble news, 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 transaction of $591,450.00. Following the completion of the sale, the chief executive officer directly owned 114,879 shares in the company, valued at $9,059,357.94. This represents a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Jennifer Allison sold 3,156 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 transaction of $252,480.00. Following the sale, the vice president owned 2,882 shares of the company's stock, valued at approximately $230,560. The trade was a 52.27% 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.

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.