Connor Clark & Lunn Investment Management Ltd. Acquires 119,765 Shares of Trimble Inc. (NASDAQ:TRMB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its holdings in Trimble Inc. by 800.5% during the first quarter, owning 134,726 shares worth approximately $8.8 million.
• Trimble has received positive ratings from multiple analysts, with target prices ranging from $84.00 to $96.00, reflecting strong market confidence.
• Despite significant insider sales, including a partial sale by CEO Robert G. Painter, insiders own only 0.54% of the company's stock, indicating a potential shift in ownership dynamics.

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) by 800.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,726 shares of the scientific and technical instruments company's stock after purchasing an additional 119,765 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of Trimble worth $8,845,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC purchased a new position in Trimble in the fourth quarter worth $211,000. Envestnet Asset Management Inc. grew its position in Trimble by 35.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 273,015 shares of the scientific and technical instruments company's stock worth $19,291,000 after acquiring an additional 70,928 shares in the last quarter. Covestor Ltd grew its position in Trimble by 460.4% in the fourth quarter. Covestor Ltd now owns 1,272 shares of the scientific and technical instruments company's stock worth $90,000 after acquiring an additional 1,045 shares in the last quarter. Sterling Capital Management LLC grew its position in Trimble by 55.5% in the fourth quarter. Sterling Capital Management LLC now owns 14,435 shares of the scientific and technical instruments company's stock worth $1,020,000 after acquiring an additional 5,150 shares in the last quarter. Finally, Townsquare Capital LLC purchased a new position in Trimble in the fourth quarter worth $255,000. 93.21% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Trimble

In related news, CEO Robert G. Painter sold 115,781 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $82.83, for a total value of $9,590,140.23. Following the sale, the chief executive officer owned 114,879 shares in the company, valued at approximately $9,515,427.57. This trade represents a 50.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Mark David Schwartz sold 1,404 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $80.00, for a total transaction of $112,320.00. Following the completion of the sale, the vice president owned 21,001 shares in the company, valued at $1,680,080. This represents a 6.27% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 228,894 shares of company stock worth $18,996,091. Company insiders own 0.54% of the company's stock.

Trimble Stock Down 1.7%

Shares of NASDAQ:TRMB traded down $1.43 during trading on Friday, reaching $82.24. 2,024,643 shares of the stock traded hands, compared to its average volume of 2,065,060. The stock has a 50-day moving average of $79.11 and a two-hundred day moving average of $71.77. Trimble Inc. has a 52-week low of $52.91 and a 52-week 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 cap of $19.57 billion, a P/E ratio of 70.90, a price-to-earnings-growth ratio of 3.43 and a beta of 1.69.

Trimble (NASDAQ:TRMB - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 EPS 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 firm had revenue of $875.70 million for the quarter, compared to analysts' expectations of $835.81 million. During the same quarter in the prior year, the company posted $0.62 earnings per share. The business's revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts expect that Trimble Inc. will post 2.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.