ARK Investment Management LLC Cuts Stake in Trimble Inc. (NASDAQ:TRMB)

ARK Investment Management LLC lessened its position in Trimble Inc. (NASDAQ:TRMB) by 27.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 832,371 shares of the scientific and technical instruments company’s stock after selling 314,674 shares during the period. ARK Investment Management LLC owned approximately 0.34% of Trimble worth $51,682,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Trimble by 25.6% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 296,093 shares of the scientific and technical instruments company’s stock worth $19,057,000 after purchasing an additional 60,409 shares during the period. Illinois Municipal Retirement Fund raised its position in Trimble by 484.3% in the first quarter. Illinois Municipal Retirement Fund now owns 90,705 shares of the scientific and technical instruments company’s stock worth $5,838,000 after acquiring an additional 75,182 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Trimble by 11.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 247,807 shares of the scientific and technical instruments company’s stock valued at $15,960,000 after acquiring an additional 24,938 shares during the period. Trustmark National Bank Trust Department purchased a new stake in shares of Trimble during the 1st quarter worth $579,000. Finally, Swedbank AB acquired a new position in shares of Trimble during the 1st quarter worth $17,937,000. 93.21% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Piper Sandler lifted their price target on shares of Trimble from $73.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday. Oppenheimer reaffirmed an “outperform” rating and set a $72.00 price objective on shares of Trimble in a report on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price on Trimble from $66.00 to $74.00 and gave the company a “neutral” rating in a report on Thursday. Robert W. Baird raised their price target on Trimble from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Finally, StockNews.com raised shares of Trimble from a “hold” rating to a “buy” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Trimble currently has an average rating of “Moderate Buy” and an average price target of $72.20.

Trimble Stock Down 0.7 %

Shares of NASDAQ TRMB opened at $72.14 on Friday. The firm’s 50 day moving average price is $60.14 and its 200 day moving average price is $57.39. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.88 and a current ratio of 1.16. The firm has a market cap of $17.62 billion, a P/E ratio of 12.06, a price-to-earnings-growth ratio of 3.23 and a beta of 1.49. Trimble Inc. has a 1 year low of $40.79 and a 1 year high of $73.17.

Trimble (NASDAQ:TRMB) last announced its quarterly earnings data on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. Trimble had a return on equity of 10.18% and a net margin of 40.67%. The business had revenue of $870.80 million during the quarter, compared to the consensus estimate of $862.50 million. During the same quarter in the previous year, the business earned $0.51 earnings per share. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Trimble Inc. will post 2.25 earnings per share for the current year.

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.