Trimble (NASDAQ:TRMB) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Trimble (NASDAQ:TRMB) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

Several other brokerages have also recently issued reports on TRMB. JPMorgan Chase & Co. dropped their price objective on shares of Trimble from $65.00 to $58.00 and set a neutral rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird upped their price target on shares of Trimble from $65.00 to $66.00 and gave the stock an outperform rating in a research note on Thursday, August 8th. Oppenheimer reaffirmed an outperform rating and set a $72.00 price target on shares of Trimble in a research note on Wednesday, August 7th. Raymond James reaffirmed an outperform rating and set a $65.00 price target on shares of Trimble in a research note on Wednesday, May 15th. Finally, Piper Sandler reaffirmed an overweight rating and set a $73.00 price target on shares of Trimble in a research note on Monday, August 19th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Trimble presently has a consensus rating of Moderate Buy and a consensus target price of $65.33.

Trimble Stock Performance

Shares of TRMB opened at $54.15 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.88 and a current ratio of 0.99. The stock has a market capitalization of $13.22 billion, a P/E ratio of 56.41, a P/E/G ratio of 2.50 and a beta of 1.48. The company’s fifty day moving average is $55.13 and its two-hundred day moving average is $57.76. Trimble has a 1 year low of $39.57 and a 1 year high of $65.55.

Trimble (NASDAQ:TRMB) last announced its quarterly earnings data on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.04. The company had revenue of $870.80 million for the quarter, compared to analysts’ expectations of $862.50 million. Trimble had a net margin of 40.70% and a return on equity of 10.94%. Trimble’s revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.51 EPS. On average, sell-side analysts predict that Trimble will post 2.22 earnings per share for the current year.

Institutional Investors Weigh In On Trimble

Several institutional investors and hedge funds have recently made changes to their positions in the business. First Horizon Advisors Inc. boosted its position in shares of Trimble by 18.3% in the 4th quarter. First Horizon Advisors Inc. now owns 1,269 shares of the scientific and technical instruments company’s stock worth $68,000 after buying an additional 196 shares in the last quarter. Fulton Bank N.A. lifted its holdings in Trimble by 2.6% in the 1st quarter. Fulton Bank N.A. now owns 7,725 shares of the scientific and technical instruments company’s stock valued at $497,000 after purchasing an additional 199 shares in the last quarter. First Eagle Investment Management LLC lifted its holdings in Trimble by 6.8% in the 4th quarter. First Eagle Investment Management LLC now owns 3,145 shares of the scientific and technical instruments company’s stock valued at $167,000 after purchasing an additional 200 shares in the last quarter. Czech National Bank lifted its holdings in Trimble by 0.5% in the 1st quarter. Czech National Bank now owns 43,771 shares of the scientific and technical instruments company’s stock valued at $2,817,000 after purchasing an additional 201 shares in the last quarter. Finally, SVB Wealth LLC lifted its holdings in Trimble by 4.8% in the 1st quarter. SVB Wealth LLC now owns 4,445 shares of the scientific and technical instruments company’s stock valued at $286,000 after purchasing an additional 204 shares in the last quarter. 93.21% of the stock is currently owned by hedge funds and other institutional investors.

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.