King Luther Capital Management Corp Cuts Position in Trimble Inc. (NASDAQ:TRMB)

Key Points

• King Luther Capital Management Corp has reduced its stake in Trimble Inc. by 0.2%, holding approximately 4.24 million shares, making it the 20th largest holding in their portfolio.
• Trimble's recent earnings report exceeded expectations, with an EPS of $0.71 and revenue of $875.70 million, showing a 0.6% increase in quarterly revenue year-over-year.
• Institutional investors now own 93.21% of Trimble's stock, highlighting strong interest from major investment firms in the company.

King Luther Capital Management Corp cut its stake in Trimble Inc. (NASDAQ:TRMB - Free Report) by 0.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,237,911 shares of the scientific and technical instruments company's stock after selling 10,269 shares during the period. Trimble comprises about 1.3% of King Luther Capital Management Corp's investment portfolio, making the stock its 20th largest position. King Luther Capital Management Corp owned 1.78% of Trimble worth $278,219,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Central Pacific Bank Trust Division grew its stake in shares of Trimble by 174.9% during the 1st quarter. Central Pacific Bank Trust Division now owns 558 shares of the scientific and technical instruments company's stock worth $37,000 after purchasing an additional 355 shares during the period. Putney Financial Group LLC purchased a new position in shares of Trimble during the 4th quarter worth $51,000. Quarry LP raised its holdings in shares of Trimble by 121.8% during the 4th quarter. Quarry LP now owns 732 shares of the scientific and technical instruments company's stock worth $52,000 after acquiring an additional 402 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Trimble by 153.5% during the 1st quarter. Farther Finance Advisors LLC now owns 976 shares of the scientific and technical instruments company's stock worth $64,000 after acquiring an additional 591 shares during the period. Finally, Friedenthal Financial raised its holdings in shares of Trimble by 64.7% during the 1st quarter. Friedenthal Financial now owns 1,153 shares of the scientific and technical instruments company's stock worth $76,000 after acquiring an additional 453 shares during the period. 93.21% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Trimble

In other news, VP Mark David Schwartz sold 1,476 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $78.00, for a total transaction of $115,128.00. Following the completion of the sale, the vice president owned 22,405 shares in the company, valued at $1,747,590. This represents a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kaigham Gabriel sold 6,511 shares of the company's 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 sale, the director owned 17,939 shares of the company's stock, valued at $1,286,046.91. This trade represents a 26.63% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 228,894 shares of company stock valued at $18,996,091. 0.54% of the stock is currently owned by insiders.

Trimble Stock Up 1.2%

Shares of Trimble stock traded up $1.02 on Tuesday, reaching $83.61. 1,554,608 shares of the company were exchanged, compared to its average volume of 2,070,572. The stock's 50 day moving average price is $78.40 and its 200-day moving average price is $71.58. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.94 and a quick ratio of 0.81. The company has a market cap of $19.90 billion, a P/E ratio of 72.08, a price-to-earnings-growth ratio of 3.50 and a beta of 1.69. Trimble Inc. has a 1-year low of $52.22 and a 1-year high of $87.50.

Trimble (NASDAQ:TRMB - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $875.70 million during the quarter, compared to analysts' expectations of $835.81 million. Trimble had a return on equity of 10.24% and a net margin of 8.02%. The firm's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 earnings per share. As a group, equities analysts forecast that Trimble Inc. will post 2.37 EPS for the current year.

Wall Street Analyst Weigh In

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

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.