Trimble (NASDAQ:TRMB) Sets New 12-Month High - Here's What Happened

Trimble Inc. (NASDAQ:TRMB - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $79.32 and last traded at $78.63, with a volume of 1269839 shares. The stock had previously closed at $78.88.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TRMB. Wall Street Zen lowered Trimble from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. 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, JPMorgan Chase & Co. raised their target price on shares of Trimble from $88.00 to $95.00 and gave the stock an "overweight" rating in a report on Thursday. One analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $89.43.

Trimble Price Performance

The company has a 50 day simple moving average of $72.69 and a 200-day simple moving average of $70.03. The stock has a market cap of $19.08 billion, a price-to-earnings ratio of 13.05, a P/E/G ratio of 3.45 and a beta of 1.67. The company has a current ratio of 0.84, a quick ratio of 0.72 and a debt-to-equity ratio of 0.26.

Trimble (NASDAQ:TRMB - Get Free Report) last announced its earnings results on Wednesday, May 7th. The scientific and technical instruments company reported $0.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. Trimble had a return on equity of 9.87% and a net margin of 42.40%. The business had revenue of $840.60 million for the quarter, compared to analyst estimates of $810.45 million. During the same quarter last year, the firm earned $0.64 EPS. Trimble's revenue for the quarter was down 11.8% compared to the same quarter last year. Research analysts expect that Trimble Inc. will post 2.37 EPS for the current year.

Insider Activity

In related news, CEO Robert G. Painter sold 7,500 shares of Trimble stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $78.86, for a total value of $591,450.00. Following the sale, the chief executive officer owned 114,879 shares of the company's stock, valued at approximately $9,059,357.94. The trade was a 6.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark David Schwartz sold 1,476 shares of Trimble stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $78.00, for a total value of $115,128.00. Following the completion of the sale, the vice president directly owned 22,405 shares in the company, valued at approximately $1,747,590. This represents a 6.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,487 shares of company stock worth $1,173,352 over the last ninety days. Insiders own 0.54% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Crowley Wealth Management Inc. bought a new stake in shares of Trimble in the 4th quarter valued at about $28,000. Central Pacific Bank Trust Division raised its stake in Trimble by 174.9% in the first quarter. Central Pacific Bank Trust Division now owns 558 shares of the scientific and technical instruments company's stock valued at $37,000 after buying an additional 355 shares during the period. Flaharty Asset Management LLC bought a new stake in Trimble in the first quarter valued at approximately $45,000. Larson Financial Group LLC raised its stake in Trimble by 164.8% in the 4th quarter. Larson Financial Group LLC now owns 678 shares of the scientific and technical instruments company's stock valued at $48,000 after acquiring an additional 422 shares during the period. Finally, Putney Financial Group LLC bought a new stake in Trimble in the 4th quarter valued at $51,000. Institutional investors and hedge funds own 93.21% of the company's stock.

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.