Primecap Management Co. CA Sells 114,850 Shares of Trimble Inc. (NASDAQ:TRMB)

Key Points

• Primecap Management Co. CA reduced its stake in Trimble Inc. by 2.6%, now holding $282.97 million worth of shares.
• Trimble reported a $0.61 EPS for the last quarter, slightly beating estimates, although revenue was down 11.8% year-over-year.
• Analysts have set new price targets, with Oppenheimer raising its target for Trimble from $81 to $88 and JPMorgan from $88 to $95.

Primecap Management Co. CA cut its holdings in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) by 2.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,310,306 shares of the scientific and technical instruments company's stock after selling 114,850 shares during the quarter. Primecap Management Co. CA owned approximately 1.81% of Trimble worth $282,972,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Central Pacific Bank Trust Division lifted its holdings 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 buying an additional 355 shares during the last quarter. Putney Financial Group LLC bought a new position in Trimble during the 4th quarter worth approximately $51,000. Quarry LP grew its holdings in shares of Trimble by 121.8% during the fourth quarter. Quarry LP now owns 732 shares of the scientific and technical instruments company's stock valued at $52,000 after purchasing an additional 402 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Trimble by 153.5% during 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 purchasing an additional 591 shares during the last quarter. Finally, Friedenthal Financial raised its position 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 purchasing an additional 453 shares during the period. 93.21% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Trimble

In other Trimble news, Director Kaigham Gabriel sold 6,511 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $71.69, for a total value of $466,773.59. Following the completion of 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 transaction was disclosed in a document filed 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 that occurred on Thursday, July 10th. The stock was sold at an average price of $80.00, for a total value of $252,480.00. Following the completion of the sale, the vice president owned 2,882 shares of the company's stock, valued at $230,560. This trade represents a 52.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,047 shares of company stock valued at $1,538,152. 0.54% of the stock is currently owned by company insiders.

Trimble Price Performance

TRMB stock traded up $1.25 during trading on Friday, hitting $83.77. The company had a trading volume of 2,390,747 shares, compared to its average volume of 1,972,172. The business has a 50 day moving average of $77.93 and a 200 day moving average of $71.55. The firm has a market capitalization of $19.93 billion, a price-to-earnings ratio of 72.22, a P/E/G ratio of 3.51 and a beta of 1.69. The company has a current ratio of 0.94, a quick ratio of 0.72 and a debt-to-equity ratio of 0.25. Trimble Inc. has a fifty-two week low of $51.03 and a fifty-two week high of $87.50.

Trimble (NASDAQ:TRMB - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.08. The business had revenue of $875.70 million during the quarter, compared to analysts' expectations of $835.81 million. Trimble had a net margin of 8.02% and a return on equity of 10.24%. The business's revenue was up .6% on a year-over-year basis. During the same period last year, the firm posted $0.62 earnings per share. As a group, research analysts predict that Trimble Inc. will post 2.37 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TRMB shares. JPMorgan Chase & Co. increased their target price on Trimble from $95.00 to $96.00 and gave the stock an "overweight" rating in a research report on Thursday. Oppenheimer upped their price target on shares of Trimble from $88.00 to $94.00 and gave the stock an "outperform" rating in a research report on Thursday. Piper Sandler reiterated an "overweight" rating and issued a $84.00 price objective on shares of Trimble in a research report on Thursday, May 8th. Wall Street Zen cut shares of Trimble from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, 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 report on Thursday. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Trimble has a consensus rating of "Buy" and an average target price of $90.50.

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.