SouthState Corp Takes Position in Trimble Inc. (NASDAQ:TRMB)

Key Points

• SouthState Corp acquired a new position in Trimble Inc., purchasing 37,092 shares valued at approximately $2.4 million during the first quarter according to their SEC filing.
• Despite insider sales, the stock has received positive ratings from analysts, with many raising their price targets and indicating a consensus rating of "Buy".
• Trimble reported a better-than-expected earnings per share of $0.71 for the last quarter, surpassing analysts' expectations and reflecting a year-over-year revenue increase.

SouthState Corp purchased a new position in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 37,092 shares of the scientific and technical instruments company's stock, valued at approximately $2,435,000.

Other large investors have also bought and sold shares of the company. Kovitz Investment Group Partners LLC grew its stake in 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 valued at $2,676,000 after purchasing an additional 193 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Trimble by 1.0% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 21,113 shares of the scientific and technical instruments company's stock valued at $1,386,000 after buying an additional 210 shares during the last quarter. Simmons Bank grew its stake 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 valued at $1,050,000 after buying an additional 214 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Trimble by 0.5% during 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 acquiring an additional 290 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its stake in 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 valued at $237,000 after acquiring an additional 309 shares during the last quarter. 93.21% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TRMB has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Trimble from a "hold" rating to a "buy" rating in a report on Saturday. Piper Sandler restated 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. lifted their target price on Trimble from $95.00 to $96.00 and gave the stock an "overweight" rating in a research note on Thursday. Raymond James Financial reissued an "outperform" rating and set a $93.00 target price (up from $85.00) on shares of Trimble in a report on Thursday. Finally, Oppenheimer raised their price target on Trimble from $88.00 to $94.00 and gave the company an "outperform" rating in a report on Thursday. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $90.50.

Insider Buying and Selling

In other news, CEO Robert G. Painter sold 7,500 shares of the company's stock in a transaction that occurred on 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 owned 114,879 shares of the company's stock, valued at approximately $9,059,357.94. This represents a 6.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kaigham Gabriel sold 6,511 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $71.69, for a total transaction of $466,773.59. Following the sale, the director owned 17,939 shares in the company, valued at $1,286,046.91. This represents a 26.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,047 shares of company stock valued at $1,538,152. 0.54% of the stock is owned by insiders.

Trimble Trading Up 1.5%

TRMB stock opened at $83.77 on Monday. Trimble Inc. has a 52 week low of $51.03 and a 52 week high of $87.50. The company has a market capitalization of $19.93 billion, a PE ratio of 72.22, a price-to-earnings-growth ratio of 3.55 and a beta of 1.69. The company's 50-day simple moving average is $77.93 and its 200 day simple moving average is $71.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.81 and a current ratio of 0.94.

Trimble (NASDAQ:TRMB - Get Free Report) last announced its earnings results on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 EPS for the quarter, topping the consensus estimate 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 net margin of 8.02% and a return on equity of 10.24%. The business's revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the firm earned $0.62 earnings per share. As a group, sell-side 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.

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