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

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

Several other analysts have also recently commented on the company. Piper Sandler reiterated an “overweight” rating and issued a $73.00 target price on shares of Trimble in a report on Monday, August 19th. Oppenheimer reaffirmed an “outperform” rating and issued a $72.00 price objective on shares of Trimble in a research note on Wednesday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Trimble from $58.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. Finally, Robert W. Baird upped their price target on shares of Trimble from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.67.

Trimble Price Performance

TRMB stock opened at $60.90 on Thursday. The company has a market capitalization of $14.87 billion, a P/E ratio of 9.95, a PEG ratio of 2.73 and a beta of 1.49. The company has a fifty day moving average price of $58.81 and a 200-day moving average price of $57.09. 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 has a 52-week low of $39.57 and a 52-week high of $65.55.

Trimble (NASDAQ:TRMB) last announced its earnings results on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. Trimble had a return on equity of 10.94% and a net margin of 40.70%. The business had revenue of $870.80 million during the quarter, compared to analyst estimates of $862.50 million. During the same period last year, the company earned $0.51 EPS. Trimble’s revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, equities analysts expect that Trimble will post 2.23 EPS for the current year.

Institutional Investors Weigh In On Trimble

Large investors have recently bought and sold shares of the stock. Folger Nolan Fleming Douglas Capital Management Inc. bought a new position in shares of Trimble during the 3rd quarter worth about $211,000. Pinnacle Associates Ltd. boosted its holdings in Trimble by 2.6% in the third quarter. Pinnacle Associates Ltd. now owns 495,047 shares of the scientific and technical instruments company’s stock worth $30,737,000 after acquiring an additional 12,545 shares in the last quarter. Deltec Asset Management LLC acquired a new stake in Trimble in the third quarter valued at approximately $475,000. abrdn plc increased its holdings in shares of Trimble by 2.7% during the third quarter. abrdn plc now owns 556,235 shares of the scientific and technical instruments company’s stock valued at $34,122,000 after acquiring an additional 14,663 shares in the last quarter. Finally, Pallas Capital Advisors LLC raised its position in shares of Trimble by 11.6% during the third quarter. Pallas Capital Advisors LLC now owns 7,192 shares of the scientific and technical instruments company’s stock worth $436,000 after purchasing an additional 748 shares during the period. 93.21% of the stock is currently owned by institutional investors and hedge funds.

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.