AGF Management Ltd. Acquires 17,423 Shares of Trimble Inc. (NASDAQ:TRMB)

Key Points

• AGF Management Ltd. increased its stake in Trimble Inc. by 20.7% in Q1, acquiring an additional 17,423 shares, raising their total to 101,413 shares valued at approximately $6.66 million.
• Trimble's Q2 earnings report revealed earnings per share of $0.71, surpassing estimates, with a revenue of $875.70 million compared to the expected $835.81 million.
• Several analysts have upgraded their ratings on Trimble, with target prices reaching as high as $96.00, indicating a favorable outlook for the company's stock.

AGF Management Ltd. increased its position in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) by 20.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 101,413 shares of the scientific and technical instruments company's stock after buying an additional 17,423 shares during the period. AGF Management Ltd.'s holdings in Trimble were worth $6,658,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the stock. Kovitz Investment Group Partners LLC grew its stake in Trimble by 0.5% in the 4th 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 acquiring an additional 193 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in 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 valued at $1,386,000 after buying an additional 210 shares during the period. Simmons Bank raised its holdings in 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 during the period. Nisa Investment Advisors LLC raised its stake in shares of 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 valued at $4,049,000 after purchasing an additional 290 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC raised its stake in shares of Trimble by 9.3% during 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 purchasing an additional 309 shares during the period. Institutional investors and hedge funds own 93.21% of the company's stock.

Trimble Trading Down 1.7%

TRMB traded down $1.43 during midday trading on Friday, reaching $82.24. 2,024,643 shares of the company were exchanged, compared to its average volume of 1,581,870. Trimble Inc. has a one year low of $52.91 and a one year high of $87.50. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.81 and a current ratio of 0.94. The stock has a market capitalization of $19.57 billion, a P/E ratio of 70.90, a PEG ratio of 3.47 and a beta of 1.69. The stock's 50-day simple moving average is $78.91 and its 200 day simple moving average is $71.73.

Trimble (NASDAQ:TRMB - Get Free Report) last released its earnings results 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 return on equity of 10.24% and a net margin of 8.02%. The firm had revenue of $875.70 million during the quarter, compared to the consensus estimate of $835.81 million. During the same period in the prior year, the company posted $0.62 EPS. The company's revenue was up .6% compared to the same quarter last year. As a group, analysts forecast that Trimble Inc. will post 2.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TRMB shares. Oppenheimer lifted their price objective 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 reiterated an "outperform" rating and issued a $93.00 price target (up from $85.00) on shares of Trimble in a research report on Thursday, August 7th. JPMorgan Chase & Co. boosted their price objective on Trimble from $95.00 to $96.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Wall Street Zen upgraded Trimble from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $84.00 target price on shares of Trimble in a research note on Thursday, May 8th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $90.50.

Insider Buying and Selling

In other Trimble news, 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 value of $466,773.59. Following the transaction, the director owned 17,939 shares in the company, valued at approximately $1,286,046.91. This represents a 26.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jennifer Allison sold 3,156 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $80.00, for a total value of $252,480.00. Following the sale, the vice president directly owned 2,882 shares of the company's stock, valued at $230,560. The trade was a 52.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 228,894 shares of company stock worth $18,996,091. Corporate insiders own 0.54% of the company's stock.

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.