Redwood Investment Management LLC Purchases Shares of 6,606 Trimble Inc. (NASDAQ:TRMB)

Redwood Investment Management LLC purchased a new position in shares of Trimble Inc. (NASDAQ:TRMB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,606 shares of the scientific and technical instruments company's stock, valued at approximately $467,000.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Trimble by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 29,706,534 shares of the scientific and technical instruments company's stock valued at $2,099,064,000 after acquiring an additional 183,150 shares during the period. Geode Capital Management LLC increased its position in shares of Trimble by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,036,228 shares of the scientific and technical instruments company's stock valued at $425,427,000 after purchasing an additional 138,136 shares during the period. Victory Capital Management Inc. increased its position in shares of Trimble by 4.1% during the fourth quarter. Victory Capital Management Inc. now owns 5,665,332 shares of the scientific and technical instruments company's stock valued at $400,312,000 after purchasing an additional 222,679 shares during the period. Contour Asset Management LLC lifted its position in Trimble by 4.4% in the fourth quarter. Contour Asset Management LLC now owns 4,681,182 shares of the scientific and technical instruments company's stock worth $330,772,000 after purchasing an additional 197,913 shares during the period. Finally, Boston Partners boosted its stake in Trimble by 217.3% during the fourth quarter. Boston Partners now owns 3,377,136 shares of the scientific and technical instruments company's stock worth $239,802,000 after buying an additional 2,312,937 shares in the last quarter. 93.21% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wall Street Zen cut shares of Trimble from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Cfra upgraded shares of Trimble from a "buy" rating to a "strong-buy" rating and set a $92.00 price target for the company in a research note on Thursday, February 20th. JPMorgan Chase & Co. upped their price objective on Trimble from $84.00 to $88.00 and gave the company an "overweight" rating in a research note on Wednesday, May 14th. Piper Sandler reissued an "overweight" rating and issued a $84.00 price objective on shares of Trimble in a research note on Thursday, May 8th. Finally, Oppenheimer increased their price objective on shares of Trimble from $88.00 to $90.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $88.43.

Insider Buying and Selling

In other news, Director James Calvin Dalton sold 2,141 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $71.79, for a total transaction of $153,702.39. Following the transaction, the director now directly owns 10,162 shares of the company's stock, valued at approximately $729,529.98. This trade represents a 17.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Christopher F. Keating sold 5,709 shares of the business's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $72.00, for a total value of $411,048.00. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by corporate insiders.

Trimble Trading Up 0.1%

Shares of Trimble stock traded up $0.05 during trading hours on Thursday, hitting $70.81. The company's stock had a trading volume of 217,940 shares, compared to its average volume of 1,392,021. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.27 and a quick ratio of 1.07. The stock has a 50 day moving average of $64.44 and a 200 day moving average of $69.55. Trimble Inc. has a 12 month low of $48.65 and a 12 month high of $77.78. The company has a market capitalization of $16.89 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 3.09 and a beta of 1.67.

Trimble (NASDAQ:TRMB - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The scientific and technical instruments company reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. Trimble had a net margin of 40.84% and a return on equity of 10.56%. The firm had revenue of $840.60 million for the quarter, compared to analyst estimates of $810.45 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. The business's revenue was down 11.8% on a year-over-year basis. Analysts predict that Trimble Inc. will post 2.37 earnings per share for the current year.

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.