Trimble Inc. $TRMB Stock Position Lessened by Contour Asset Management LLC

Key Points

• Contour Asset Management LLC reduced its stake in Trimble Inc. by 23.1%, now holding approximately 3.6 million shares, which represents 9.4% of its investment portfolio.
• Several brokerages have recently upgraded their ratings on Trimble, with price targets ranging from $84.00 to $96.00, while the average rating remains a "Buy" with a target of $90.50.
• Trimble Inc. reported a quarterly EPS of $0.71, exceeding expectations, along with a revenue of $875.7 million, marking a year-over-year growth of 0.6%.

Contour Asset Management LLC cut its stake in Trimble Inc. (NASDAQ:TRMB - Free Report) by 23.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,600,488 shares of the scientific and technical instruments company's stock after selling 1,080,694 shares during the quarter. Trimble accounts for about 9.4% of Contour Asset Management LLC's investment portfolio, making the stock its 2nd largest holding. Contour Asset Management LLC owned 1.51% of Trimble worth $236,372,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in shares of Trimble during the 4th quarter valued at $211,000. Integrated Wealth Concepts LLC purchased a new stake in Trimble during the fourth quarter valued at $218,000. Comerica Bank lifted its holdings in Trimble by 4.6% in the fourth quarter. Comerica Bank now owns 39,350 shares of the scientific and technical instruments company's stock valued at $2,780,000 after acquiring an additional 1,744 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in Trimble by 173.3% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 53,396 shares of the scientific and technical instruments company's stock worth $3,773,000 after purchasing an additional 33,857 shares during the last quarter. Finally, Aptus Capital Advisors LLC bought a new stake in shares of Trimble during the 4th quarter valued at about $222,000. Institutional investors own 93.21% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Trimble 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 value of $115,128.00. Following the completion of the transaction, the vice president directly owned 22,405 shares in the company, valued at $1,747,590. This represents a 6.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jennifer Allison sold 3,156 shares of Trimble stock in a transaction that occurred on Thursday, July 10th. The shares were 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 approximately $230,560. The trade was a 52.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 222,383 shares of company stock valued at $18,529,318. Corporate insiders own 0.54% of the company's stock.

Trimble Trading Down 1.7%

Shares of Trimble stock opened at $80.82 on Monday. Trimble Inc. has a fifty-two week low of $52.91 and a fifty-two 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 company has a market capitalization of $19.23 billion, a P/E ratio of 69.67, a P/E/G ratio of 3.32 and a beta of 1.66. The company has a fifty day moving average of $80.99 and a 200 day moving average of $72.23.

Trimble (NASDAQ:TRMB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The scientific and technical instruments company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. The business had revenue of $875.70 million for 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%.The business's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business earned $0.62 earnings per share. On average, sell-side analysts anticipate that Trimble Inc. will post 2.37 earnings per share for the current fiscal year.

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.

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