Resona Asset Management Co. Ltd. Raises Stake in Trimble Inc. (NASDAQ:TRMB)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Trimble Inc. by 6.5% in the first quarter, owning 78,835 shares valued at approximately $5.174 million.
• Analysts are bullish on Trimble, with multiple firms raising their target prices, resulting in a consensus rating of "Buy" and an average target price of $90.50.
• CEO Robert G. Painter sold 115,781 shares recently, reducing his ownership by over 50%, while insiders have collectively sold 228,894 shares in the past three months.

Resona Asset Management Co. Ltd. raised its position in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) by 6.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 78,835 shares of the scientific and technical instruments company's stock after purchasing an additional 4,797 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Trimble were worth $5,174,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Kovitz Investment Group Partners LLC lifted its holdings in shares of Trimble by 0.5% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 37,876 shares of the scientific and technical instruments company's stock worth $2,676,000 after buying an additional 193 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Trimble by 1.0% in the first quarter. Oregon Public Employees Retirement Fund now owns 21,113 shares of the scientific and technical instruments company's stock worth $1,386,000 after buying an additional 210 shares in the last quarter. Simmons Bank lifted its holdings in shares of Trimble by 1.4% in the first quarter. Simmons Bank now owns 15,989 shares of the scientific and technical instruments company's stock worth $1,050,000 after buying an additional 214 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Trimble by 0.5% in the first quarter. Nisa Investment Advisors LLC now owns 61,673 shares of the scientific and technical instruments company's stock worth $4,049,000 after buying an additional 290 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its holdings in shares of Trimble by 9.3% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,617 shares of the scientific and technical instruments company's stock worth $237,000 after buying an additional 309 shares in the last quarter. Hedge funds and other institutional investors own 93.21% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on TRMB shares. JPMorgan Chase & Co. boosted their target price on shares of Trimble from $95.00 to $96.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Oppenheimer boosted their target price on shares of Trimble from $88.00 to $94.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Raymond James Financial reissued an "outperform" rating and issued a $93.00 target price (up previously from $85.00) on shares of Trimble in a report on Thursday, August 7th. Wall Street Zen upgraded shares of Trimble from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Piper Sandler restated an "overweight" rating and issued a $84.00 price target on shares of Trimble in a research report on Thursday, May 8th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Trimble presently has a consensus rating of "Buy" and an average target price of $90.50.

Insider Activity

In other Trimble news, CEO Robert G. Painter sold 115,781 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $82.83, for a total transaction of $9,590,140.23. Following the transaction, the chief executive officer owned 114,879 shares in the company, valued at $9,515,427.57. The trade was a 50.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kaigham Gabriel sold 6,511 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were 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 of the company's stock, valued at $1,286,046.91. This represents a 26.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 228,894 shares of company stock worth $18,996,091. 0.54% of the stock is currently owned by insiders.

Trimble Trading Down 1.7%

TRMB stock opened at $82.24 on Friday. 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 twelve month low of $52.91 and a twelve month high of $87.50. The stock has a market capitalization of $19.57 billion, a price-to-earnings ratio of 70.90, a price-to-earnings-growth ratio of 3.43 and a beta of 1.69. The firm's fifty day simple moving average is $79.11 and its two-hundred day simple moving average is $71.77.

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 for the quarter, beating analysts' consensus estimates of $0.63 by $0.08. Trimble had a net margin of 8.02% and a return on equity of 10.24%. The business had revenue of $875.70 million for the quarter, compared to analysts' expectations of $835.81 million. During the same quarter in the previous year, the business posted $0.62 earnings per share. The business's revenue was up .6% compared to the same quarter last year. As a group, analysts anticipate that Trimble Inc. will post 2.37 earnings per share for the current 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.

Want to see what other hedge funds are holding TRMB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trimble Inc. (NASDAQ:TRMB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.