Pinnacle Associates Ltd. Has $30.74 Million Stake in Trimble Inc. (NASDAQ:TRMB)

Pinnacle Associates Ltd. increased its stake in shares of Trimble Inc. (NASDAQ:TRMB) by 2.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 495,047 shares of the scientific and technical instruments company’s stock after purchasing an additional 12,545 shares during the quarter. Pinnacle Associates Ltd. owned about 0.20% of Trimble worth $30,737,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tobam acquired a new stake in shares of Trimble in the 1st quarter valued at $35,000. GPS Wealth Strategies Group LLC increased its position in Trimble by 303.2% in the second quarter. GPS Wealth Strategies Group LLC now owns 637 shares of the scientific and technical instruments company’s stock worth $36,000 after purchasing an additional 479 shares during the period. Blue Trust Inc. lifted its position in Trimble by 96.0% during the 2nd quarter. Blue Trust Inc. now owns 639 shares of the scientific and technical instruments company’s stock valued at $36,000 after purchasing an additional 313 shares during the period. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Trimble during the 2nd quarter worth approximately $48,000. Finally, Cromwell Holdings LLC raised its stake in shares of Trimble by 86.6% during the third quarter. Cromwell Holdings LLC now owns 808 shares of the scientific and technical instruments company’s stock worth $50,000 after buying an additional 375 shares during the last quarter. Institutional investors and hedge funds own 93.21% of the company’s stock.

Trimble Stock Down 0.2 %

NASDAQ TRMB traded down $0.10 during trading hours on Wednesday, reaching $61.56. 155,559 shares of the company’s stock were exchanged, compared to its average volume of 1,335,057. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.88 and a current ratio of 0.99. Trimble Inc. has a one year low of $39.57 and a one year high of $65.55. The company’s 50-day moving average is $59.03 and its two-hundred day moving average is $57.09. The company has a market capitalization of $15.03 billion, a price-to-earnings ratio of 10.08, a price-to-earnings-growth ratio of 2.73 and a beta of 1.49.

Trimble (NASDAQ:TRMB) last issued its quarterly earnings data on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $870.80 million for the quarter, compared to analyst estimates of $862.50 million. Trimble had a net margin of 40.70% and a return on equity of 10.94%. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period last year, the business posted $0.51 earnings per share. On average, analysts forecast that Trimble Inc. will post 2.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on TRMB shares. JPMorgan Chase & Co. upped their target price on shares of Trimble from $58.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Robert W. Baird increased their target price on Trimble from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. StockNews.com lowered Trimble from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Piper Sandler reaffirmed an “overweight” rating and issued a $73.00 price target on shares of Trimble in a research note on Monday, August 19th. Finally, Oppenheimer restated an “outperform” rating and set a $72.00 price objective on shares of Trimble in a report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Trimble currently has an average rating of “Moderate Buy” and a consensus price target of $66.67.

Trimble 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.