Teza Capital Management LLC Reduces Stake in Trimble Inc. $TRMB

Key Points

• Teza Capital Management LLC has reduced its stake in Trimble Inc. by 84% in the first quarter, now holding just 8,791 shares valued at approximately $577,000.
• Other institutional investors have increased their positions, with notable purchases including Nuveen LLC investing around $122 million and Assenagon Asset Management raising its stake by 338.8%.
• Analysts are optimistic about Trimble, with updated price targets from various firms, including JPMorgan raising it to $96.00 and the average consensus target now at $90.50.

Teza Capital Management LLC lessened its position in Trimble Inc. (NASDAQ:TRMB - Free Report) by 84.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,791 shares of the scientific and technical instruments company's stock after selling 46,057 shares during the quarter. Teza Capital Management LLC's holdings in Trimble were worth $577,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in TRMB. Nuveen LLC purchased a new position in shares of Trimble in the 1st quarter valued at approximately $122,070,000. Select Equity Group L.P. lifted its stake in shares of Trimble by 22.4% in the 4th quarter. Select Equity Group L.P. now owns 10,154,341 shares of the scientific and technical instruments company's stock valued at $717,506,000 after purchasing an additional 1,857,517 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Trimble by 338.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 815,909 shares of the scientific and technical instruments company's stock valued at $53,564,000 after purchasing an additional 629,960 shares during the period. Vanguard Group Inc. lifted its stake in shares of Trimble by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 30,288,658 shares of the scientific and technical instruments company's stock valued at $1,988,450,000 after purchasing an additional 582,124 shares during the period. Finally, Raymond James Financial Inc. lifted its stake in shares of Trimble by 296.5% in the 1st quarter. Raymond James Financial Inc. now owns 741,514 shares of the scientific and technical instruments company's stock valued at $48,680,000 after purchasing an additional 554,514 shares during the period. Hedge funds and other institutional investors own 93.21% of the company's stock.

Analysts Set New Price Targets

TRMB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on Trimble from $95.00 to $96.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Raymond James Financial reiterated an "outperform" rating and set a $93.00 price objective (up previously from $85.00) on shares of Trimble in a research note on Thursday, August 7th. Oppenheimer lifted their price objective on Trimble from $88.00 to $94.00 and gave the company an "outperform" 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. One research analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $90.50.

Insiders Place Their Bets

In other Trimble news, VP Jennifer Allison sold 3,156 shares of Trimble stock in a transaction 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 approximately $230,560. This trade represents a 52.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark David Schwartz sold 1,404 shares of Trimble stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $80.00, for a total value of $112,320.00. Following the completion of the sale, the vice president directly owned 21,001 shares of the company's stock, valued at approximately $1,680,080. The trade was a 6.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 222,992 shares of company stock worth $18,579,506 in the last 90 days. 0.54% of the stock is currently owned by company insiders.

Trimble Stock Up 1.3%

Shares of NASDAQ:TRMB opened at $80.74 on Monday. The stock has a fifty day simple moving average of $81.53 and a two-hundred day simple moving average of $72.41. The stock has a market capitalization of $19.21 billion, a price-to-earnings ratio of 69.60, a PEG ratio of 3.31 and a beta of 1.66. Trimble Inc. has a 12-month low of $52.91 and a 12-month high of $87.50. The company has a current ratio of 0.94, a quick ratio of 0.81 and a debt-to-equity ratio of 0.25.

Trimble (NASDAQ:TRMB - Get Free Report) last posted its earnings results on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. The business had revenue of $875.70 million during the quarter, compared to analyst estimates of $835.81 million. Trimble had a return on equity of 10.24% and a net margin of 8.02%.The company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the company earned $0.62 EPS. On average, research analysts anticipate that Trimble Inc. will post 2.37 earnings per share for the current fiscal year.

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.

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