Trimble (NASDAQ:TRMB) Cut to “Hold” at Piper Sandler

Trimble (NASDAQ:TRMB) was downgraded by equities researchers at Piper Sandler from a “strong-buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

Several other equities analysts have also issued reports on TRMB. Raymond James reaffirmed an “outperform” rating and set a $65.00 price objective on shares of Trimble in a report on Wednesday, May 15th. StockNews.com upgraded shares of Trimble from a “hold” rating to a “buy” rating in a research report on Wednesday. Robert W. Baird lifted their price objective on shares of Trimble from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. decreased their target price on shares of Trimble from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $72.00 target price on shares of Trimble in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Trimble has an average rating of “Moderate Buy” and a consensus price target of $65.33.

Trimble Stock Performance

NASDAQ:TRMB opened at $51.54 on Wednesday. The firm has a market capitalization of $12.59 billion, a PE ratio of 53.69, a price-to-earnings-growth ratio of 2.34 and a beta of 1.50. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.99 and a quick ratio of 0.88. The business’s fifty day moving average price is $55.21 and its 200 day moving average price is $57.54. Trimble has a 12 month low of $39.57 and a 12 month high of $65.55.

Trimble (NASDAQ:TRMB) last announced its quarterly earnings results on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.58 by $0.04. Trimble had a net margin of 40.70% and a return on equity of 10.94%. The company had revenue of $870.80 million for the quarter, compared to analyst estimates of $862.50 million. During the same period in the prior year, the firm posted $0.51 earnings per share. The firm’s revenue was down 12.4% on a year-over-year basis. On average, sell-side analysts anticipate that Trimble will post 2.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Trimble

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Truist Financial Corp increased its holdings in shares of Trimble by 56.7% in the 4th quarter. Truist Financial Corp now owns 38,884 shares of the scientific and technical instruments company’s stock valued at $2,069,000 after purchasing an additional 14,074 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Trimble by 25.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 296,093 shares of the scientific and technical instruments company’s stock valued at $19,057,000 after buying an additional 60,409 shares in the last quarter. Hunter Associates Investment Management LLC lifted its position in shares of Trimble by 51.3% during the 4th quarter. Hunter Associates Investment Management LLC now owns 40,988 shares of the scientific and technical instruments company’s stock valued at $2,185,000 after acquiring an additional 13,899 shares during the period. Jump Financial LLC increased its stake in Trimble by 80.9% in the 4th quarter. Jump Financial LLC now owns 40,203 shares of the scientific and technical instruments company’s stock valued at $2,139,000 after purchasing an additional 17,979 shares in the last quarter. Finally, Contour Asset Management LLC boosted its position in Trimble by 14.6% during the fourth quarter. Contour Asset Management LLC now owns 3,479,817 shares of the scientific and technical instruments company’s stock worth $185,126,000 after purchasing an additional 442,131 shares in the last quarter. Institutional investors and hedge funds own 93.21% of the company’s stock.

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.