Trimble Inc. $TRMB Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Trimble stake by 7.2% in the first quarter, selling 100,116 shares and retaining 1.29 million shares worth approximately $84.4 million. Institutional investors collectively own 93.21% of Trimble.
• Trimble reported stronger-than-expected quarterly results, with earnings per share of $0.79 versus the $0.72 consensus estimate and revenue of $939.9 million, up 11.8% year over year.
• Analysts maintain a generally positive outlook, with nine Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $82.62, well above the reported $59.51 share price.

Bank of America Corp DE lowered its stake in Trimble Inc. (NASDAQ:TRMB - Free Report) by 7.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,293,329 shares of the scientific and technical instruments company's stock after selling 100,116 shares during the period. Bank of America Corp DE owned approximately 0.55% of Trimble worth $84,364,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rothschild Investment LLC boosted its stake in shares of Trimble by 193.6% during the 4th quarter. Rothschild Investment LLC now owns 323 shares of the scientific and technical instruments company's stock worth $25,000 after acquiring an additional 213 shares in the last quarter. DV Equities LLC acquired a new stake in shares of Trimble during the fourth quarter worth $26,000. Bank of Jackson Hole Trust acquired a new stake in shares of Trimble during the fourth quarter worth $27,000. Quarry LP lifted its holdings in shares of Trimble by 175.8% during the third quarter. Quarry LP now owns 364 shares of the scientific and technical instruments company's stock valued at $30,000 after purchasing an additional 232 shares during the last quarter. Finally, BOKF NA lifted its holdings in shares of Trimble by 103.8% during the fourth quarter. BOKF NA now owns 426 shares of the scientific and technical instruments company's stock valued at $33,000 after purchasing an additional 217 shares during the last quarter. Institutional investors and hedge funds own 93.21% of the company's stock.

Trimble Trading Up 1.6%

Shares of NASDAQ TRMB opened at $59.51 on Friday. The stock has a market cap of $13.87 billion, a price-to-earnings ratio of 31.32, a PEG ratio of 1.98 and a beta of 1.37. The business has a 50 day simple moving average of $53.25 and a 200 day simple moving average of $61.04. Trimble Inc. has a 52 week low of $47.92 and a 52 week high of $84.65. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.88 and a current ratio of 1.01.

Trimble (NASDAQ:TRMB - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The scientific and technical instruments company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.07. The firm had revenue of $939.90 million for the quarter, compared to analyst estimates of $905.60 million. Trimble had a net margin of 12.38% and a return on equity of 11.61%. The company's revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 earnings per share. On average, research analysts predict that Trimble Inc. will post 3.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TRMB shares. Weiss Ratings cut Trimble from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, June 4th. Piper Sandler reduced their price objective on shares of Trimble from $97.00 to $87.00 and set an "overweight" rating for the company in a research note on Wednesday, May 6th. Wall Street Zen upgraded shares of Trimble from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Oppenheimer reissued an "outperform" rating and issued a $80.00 target price on shares of Trimble in a research report on Tuesday, July 7th. Finally, Zacks Research lowered shares of Trimble from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Trimble presently has an average rating of "Moderate Buy" and an average price target of $82.62.

Insider Activity at Trimble

In other news, Director Kaigham Gabriel sold 1,718 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $60.00, for a total transaction of $103,080.00. Following the transaction, the director owned 17,426 shares in the company, valued at $1,045,560. This represents a 8.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.59% of the stock is currently owned by company insiders.

Trimble Company Profile

Trimble Inc NASDAQ: TRMB is a technology company that develops hardware, software and services to improve the productivity and connectivity of customers across the construction, agriculture, geospatial, transportation and logistics, and natural resources sectors. The company's offerings center on advanced positioning technologies — including GNSS/GPS receivers, inertial sensors and laser scanning — integrated with application-specific software and cloud services to enable precise measurement, modeling, machine control and workflow automation for field and office operations.

Trimble's product portfolio spans surveying and geospatial instruments (total stations, mobile mapping and terrestrial laser scanners), construction solutions (machine control systems, site positioning and estimating), agriculture systems (auto-steer, guidance and application-control platforms), and fleet and transportation telematics.

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