Trimble Inc. $TRMB Shares Acquired by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. significantly increased its stake in Trimble Inc. by 296.5%, acquiring a total of 741,514 shares valued at approximately $48.7 million.
• Trimble's stock received positive ratings from multiple analysts, with Oppenheimer raising its price objective to $94.00 and a consensus target price of $90.50.
• The company reported earnings of $0.71 per share for the last quarter, exceeding expectations and showing a revenue increase of 0.6% year-over-year.

Raymond James Financial Inc. increased its position in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) by 296.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 741,514 shares of the scientific and technical instruments company's stock after purchasing an additional 554,514 shares during the period. Raymond James Financial Inc. owned 0.31% of Trimble worth $48,680,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Cresset Asset Management LLC lifted its holdings in Trimble by 14.6% in the first quarter. Cresset Asset Management LLC now owns 12,921 shares of the scientific and technical instruments company's stock valued at $848,000 after acquiring an additional 1,642 shares during the last quarter. Tocqueville Asset Management L.P. raised its position in Trimble by 0.5% in the first quarter. Tocqueville Asset Management L.P. now owns 207,056 shares of the scientific and technical instruments company's stock valued at $13,593,000 after purchasing an additional 989 shares during the period. American Century Companies Inc. lifted its stake in shares of Trimble by 11.5% in the 1st quarter. American Century Companies Inc. now owns 17,192 shares of the scientific and technical instruments company's stock valued at $1,129,000 after purchasing an additional 1,771 shares during the last quarter. Ethic Inc. lifted its stake in shares of Trimble by 33.6% in the 1st quarter. Ethic Inc. now owns 21,176 shares of the scientific and technical instruments company's stock valued at $1,384,000 after purchasing an additional 5,320 shares during the last quarter. Finally, Element Capital Management LLC purchased a new position in shares of Trimble during the 1st quarter worth $2,597,000. Institutional investors and hedge funds own 93.21% of the company's stock.

Insider Buying and Selling

In related news, CEO Robert G. Painter sold 115,781 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 114,879 shares of the company's stock, valued at $9,515,427.57. This trade represents a 50.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $252,480.00. Following the sale, the vice president owned 2,882 shares in the company, valued at $230,560. This represents a 52.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 222,383 shares of company stock worth $18,529,318 over the last 90 days. 0.54% of the stock is owned by insiders.

Trimble Stock Up 2.9%

Shares of TRMB stock traded up $2.31 on Friday, reaching $82.58. 880,334 shares of the stock were exchanged, compared to its average volume of 1,925,738. The company has a market capitalization of $19.65 billion, a price-to-earnings ratio of 71.19, a PEG ratio of 3.39 and a beta of 1.69. The business's 50 day moving average price is $80.02 and its 200 day moving average price is $71.98. 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 Inc. has a twelve month low of $52.91 and a twelve month high of $87.50.

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

Analyst Ratings Changes

Several analysts recently weighed in on TRMB shares. Raymond James Financial reiterated an "outperform" rating and issued a $93.00 target price (up previously from $85.00) on shares of Trimble in a report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on Trimble from $95.00 to $96.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded Trimble from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Piper Sandler restated an "overweight" rating and set a $84.00 target price on shares of Trimble in a report on Thursday, May 8th. Finally, Oppenheimer upped their target price 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. One investment 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, the company has a consensus rating of "Buy" and an average price target 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.