Trimble Inc. (NASDAQ:TRMB) Sees Significant Drop in Short Interest

Trimble Inc. (NASDAQ:TRMB) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 3,050,000 shares, a decline of 19.5% from the October 15th total of 3,790,000 shares. Based on an average daily trading volume, of 1,250,000 shares, the days-to-cover ratio is currently 2.4 days. Currently, 1.3% of the company’s shares are short sold.

Trimble Price Performance

TRMB stock opened at $70.62 on Friday. The company’s fifty day simple moving average is $62.12 and its 200 day simple moving average is $57.91. Trimble has a 12-month low of $42.56 and a 12-month high of $74.22. The firm has a market cap of $17.25 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 3.11 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.16 and a debt-to-equity ratio of 0.24.

Institutional Trading of Trimble

Several hedge funds have recently bought and sold shares of TRMB. Victory Capital Management Inc. increased its position in shares of Trimble by 1,387.6% during the 2nd quarter. Victory Capital Management Inc. now owns 3,847,921 shares of the scientific and technical instruments company’s stock valued at $215,176,000 after purchasing an additional 3,589,249 shares during the last quarter. AQR Capital Management LLC lifted its stake in Trimble by 2,035.1% during the second quarter. AQR Capital Management LLC now owns 1,146,995 shares of the scientific and technical instruments company’s stock worth $63,635,000 after purchasing an additional 1,093,275 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Trimble by 49.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,056,558 shares of the scientific and technical instruments company’s stock worth $127,692,000 after purchasing an additional 676,954 shares during the period. Lazard Asset Management LLC lifted its position in Trimble by 25.4% in the first quarter. Lazard Asset Management LLC now owns 2,549,535 shares of the scientific and technical instruments company’s stock valued at $164,087,000 after purchasing an additional 516,789 shares during the last quarter. Finally, Impax Asset Management Group plc grew its stake in shares of Trimble by 18.7% in the third quarter. Impax Asset Management Group plc now owns 2,755,576 shares of the scientific and technical instruments company’s stock worth $169,978,000 after purchasing an additional 434,065 shares during the last quarter. Institutional investors and hedge funds own 93.21% of the company’s stock.

Wall Street Analyst Weigh In

TRMB has been the topic of a number of recent analyst reports. Robert W. Baird raised their target price on Trimble from $66.00 to $82.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Piper Sandler boosted their price objective on shares of Trimble from $73.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. StockNews.com lowered shares of Trimble from a “buy” rating to a “hold” rating in a report on Saturday, November 9th. JPMorgan Chase & Co. boosted their price target on shares of Trimble from $66.00 to $74.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Oppenheimer restated an “outperform” rating and issued a $72.00 price objective on shares of Trimble in a research report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Trimble currently has a consensus rating of “Moderate Buy” and an average price target of $75.40.

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.