Trimble (NASDAQ:TRMB) Sets New 52-Week High - Here's What Happened

Key Points

• Trimble Inc. (NASDAQ:TRMB) reached a new 52-week high of $87.50 during trading recently, with the last trade recorded at $81.70.
• Analysts have varied ratings on Trimble, with a consensus "Buy" rating and a price target averaging $89.14, while individual targets range from $84.00 to $95.00.
• The company reported a quarterly earnings per share of $0.61, surpassing estimates, but noted an 11.8% decline in revenue compared to the previous year.

Shares of Trimble Inc. (NASDAQ:TRMB - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $87.50 and last traded at $81.70, with a volume of 496622 shares changing hands. The stock had previously closed at $82.70.

Analysts Set New Price Targets

A number of research firms have recently commented on TRMB. Oppenheimer raised their price target on Trimble from $88.00 to $94.00 and gave the stock an "outperform" rating in a report on Thursday. JPMorgan Chase & Co. lifted their target price on Trimble from $95.00 to $96.00 and gave the company an "overweight" rating in a report on Thursday. Piper Sandler reissued an "overweight" rating and issued a $84.00 price target on shares of Trimble in a report on Thursday, May 8th. Raymond James Financial reaffirmed an "outperform" rating and set a $93.00 target price (up previously from $85.00) on shares of Trimble in a report on Thursday. Finally, Wall Street Zen downgraded shares of Trimble from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $90.50.

Trimble Stock Up 1.5%

The stock's fifty day moving average price is $77.67 and its 200 day moving average price is $71.49. The company has a current ratio of 0.94, a quick ratio of 0.72 and a debt-to-equity ratio of 0.25. The stock has a market cap of $19.99 billion, a P/E ratio of 72.11, a price-to-earnings-growth ratio of 3.58 and a beta of 1.69.

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

Insider Transactions at Trimble

In other Trimble news, VP Jennifer Allison sold 3,156 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $80.00, for a total value of $252,480.00. Following the completion of the sale, the vice president owned 2,882 shares of the company's stock, valued at $230,560. This represents a 52.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark David Schwartz sold 1,476 shares of Trimble stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $78.00, for a total transaction of $115,128.00. Following the transaction, the vice president directly owned 22,405 shares in the company, valued at $1,747,590. This trade represents a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,047 shares of company stock valued at $1,538,152 over the last quarter. 0.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Trimble

A number of institutional investors have recently made changes to their positions in TRMB. Catalyst Capital Advisors LLC bought a new stake in Trimble in the second quarter worth $34,000. Central Pacific Bank Trust Division lifted its stake in shares of Trimble by 174.9% in the 1st quarter. Central Pacific Bank Trust Division now owns 558 shares of the scientific and technical instruments company's stock valued at $37,000 after acquiring an additional 355 shares during the last quarter. Flaharty Asset Management LLC bought a new stake in shares of Trimble in the 1st quarter valued at about $45,000. Ameritas Advisory Services LLC purchased a new stake in Trimble during the 2nd quarter valued at about $48,000. Finally, Putney Financial Group LLC purchased a new stake in Trimble during the 4th quarter valued at about $51,000. Hedge funds and other institutional investors 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.