VIRGINIA RETIREMENT SYSTEMS ET Al Acquires 25,700 Shares of Trimble Inc. $TRMB

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Trimble Inc. (NASDAQ:TRMB) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 25,700 shares of the scientific and technical instruments company’s stock, valued at approximately $1,468,000.

Several other large investors also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Trimble during the 2nd quarter worth about $1,096,304,000. State Street Corp grew its stake in Trimble by 7.9% in the 2nd quarter. State Street Corp now owns 11,644,706 shares of the scientific and technical instruments company’s stock valued at $595,976,000 after buying an additional 849,549 shares during the last quarter. Generation Investment Management LLP bought a new position in Trimble in the 2nd quarter valued at about $367,994,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in Trimble by 15.4% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,756,603 shares of the scientific and technical instruments company’s stock valued at $245,043,000 after acquiring an additional 501,853 shares during the period. Finally, Primecap Management Co. CA acquired a new stake in Trimble during the second quarter worth approximately $200,405,000. 93.21% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TRMB. Barclays boosted their price objective on Trimble from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Raymond James Financial lowered Trimble from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Weiss Ratings raised Trimble from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Sanford C. Bernstein reduced their price target on Trimble from $85.00 to $73.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Finally, JPMorgan Chase & Co. reduced their price target on Trimble from $76.00 to $75.00 and set an “overweight” rating for the company in a research note on Thursday, October 8th. Nine equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $79.56.

Trimble Stock Down 17.3%

TRMB stock opened at $54.25 on Thursday. The company has a market cap of $12.65 billion, a PE ratio of -110.71, a price-to-earnings-growth ratio of 2.12 and a beta of 1.32. The business has a 50-day simple moving average of $59.94 and a 200 day simple moving average of $60.68. Trimble Inc. has a 52 week low of $47.92 and a 52 week high of $84.42. The company has a quick ratio of 0.82, a current ratio of 0.95 and a debt-to-equity ratio of 0.28.

Trimble (NASDAQ:TRMB) last posted its quarterly earnings data on Wednesday, November 4th. The scientific and technical instruments company reported $0.86 earnings per share for the quarter, hitting the consensus estimate of $0.86. The business had revenue of $966.80 million during the quarter, compared to analysts’ expectations of $966.41 million. Trimble had a negative net margin of 2.77% and a positive return on equity of 12.29%. Trimble’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 earnings per share. Sell-side analysts anticipate that Trimble Inc. will post 3.10 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Kaigham Gabriel sold 2,476 shares of the firm’s stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $65.00, for a total value of $160,940.00. Following the sale, the director directly owned 14,950 shares of the company’s stock, valued at $971,750. This trade represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.59% of the stock is owned by insiders.

Key Trimble News

Here are the key news stories impacting Trimble this week:

• Positive Sentiment: Trimble reported Q3 revenue of about $967 million, up 7.3% year over year, and adjusted EPS of $0.86, matching analysts’ estimates. The company also reported record annualized recurring revenue of $2.564 billion. Trimble Q3 results and guidance
• Neutral Sentiment: Management’s earnings call highlighted continued growth and progress on its Connect & Scale strategy, while acknowledging market headwinds. Earnings call highlights
• Negative Sentiment: The company lowered its growth outlook as the European freight market slowed. That guidance revision appears to have outweighed the modest revenue beat and recurring-revenue progress, prompting the sharp share-price decline. European freight slowdown and outlook

Trimble Company Profile

Trimble Inc develops technology solutions that connect the physical and digital worlds across construction, geospatial, transportation, agriculture, natural resources and other industrial markets. Its portfolio combines positioning technologies, field and office software, data services, connected devices and autonomous or machine-control systems to help customers plan, measure, build, manage and maintain physical assets.

The company’s products and services include surveying and mapping equipment, global navigation satellite system and positioning technologies, construction modeling and project-management software, machine-control systems, fleet and transportation-management solutions, and agricultural guidance and precision-farming tools.