Millennium Management LLC Sells 67,120 Shares of Trimble Inc. (NASDAQ:TRMB)

Millennium Management LLC reduced its holdings in Trimble Inc. (NASDAQ:TRMB - Free Report) by 16.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 342,365 shares of the scientific and technical instruments company's stock after selling 67,120 shares during the quarter. Millennium Management LLC owned about 0.14% of Trimble worth $24,192,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Cullen Frost Bankers Inc. boosted its stake in shares of Trimble by 0.6% in the fourth quarter. Cullen Frost Bankers Inc. now owns 22,969 shares of the scientific and technical instruments company's stock worth $1,623,000 after acquiring an additional 141 shares during the period. Essex Investment Management Co. LLC raised its holdings in shares of Trimble by 0.5% in the fourth quarter. Essex Investment Management Co. LLC now owns 28,546 shares of the scientific and technical instruments company's stock worth $2,017,000 after buying an additional 141 shares during the period. SRS Capital Advisors Inc. raised its holdings in shares of Trimble by 12.7% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,322 shares of the scientific and technical instruments company's stock worth $93,000 after buying an additional 149 shares during the period. M&T Bank Corp grew its stake in Trimble by 1.6% in the fourth quarter. M&T Bank Corp now owns 10,155 shares of the scientific and technical instruments company's stock worth $717,000 after purchasing an additional 156 shares in the last quarter. Finally, Huntington National Bank boosted its position in shares of Trimble by 10.4% in the 4th quarter. Huntington National Bank now owns 1,768 shares of the scientific and technical instruments company's stock worth $125,000 after purchasing an additional 167 shares in the last quarter. 93.21% of the stock is currently owned by institutional investors.

Trimble Stock Down 0.3%

Shares of NASDAQ TRMB traded down $0.24 during mid-day trading on Friday, hitting $70.55. The company had a trading volume of 929,216 shares, compared to its average volume of 1,394,463. The company has a market capitalization of $16.83 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 3.09 and a beta of 1.67. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.27 and a quick ratio of 1.07. Trimble Inc. has a 1-year low of $48.65 and a 1-year high of $77.78. The business's 50-day simple moving average is $64.46 and its 200 day simple moving average is $69.64.

Trimble (NASDAQ:TRMB - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The scientific and technical instruments company reported $0.61 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. Trimble had a return on equity of 10.56% and a net margin of 40.84%. The firm had revenue of $840.60 million for the quarter, compared to analyst estimates of $810.45 million. During the same quarter last year, the company posted $0.64 earnings per share. The business's revenue was down 11.8% on a year-over-year basis. On average, analysts predict that Trimble Inc. will post 2.37 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on TRMB shares. Oppenheimer raised their target price on Trimble from $88.00 to $90.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. 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. JPMorgan Chase & Co. increased their price objective on Trimble from $84.00 to $88.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 14th. Wall Street Zen cut Trimble from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, Cfra upgraded Trimble from a "buy" rating to a "strong-buy" rating and set a $92.00 price target on the stock in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $88.43.

Insider Activity

In related news, Director Kaigham Gabriel sold 6,511 shares of the stock in a transaction dated 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 now owns 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Calvin Dalton sold 2,141 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $71.79, for a total transaction of $153,702.39. Following the completion of the sale, the director now owns 10,162 shares in the company, valued at approximately $729,529.98. This trade represents a 17.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 14,361 shares of company stock worth $1,031,524. Company insiders own 0.54% of the company's stock.

About Trimble

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.