Magnetar Financial LLC Acquires New Position in Trimble Inc. (NASDAQ:TRMB)

Magnetar Financial LLC bought a new position in shares of Trimble Inc. (NASDAQ:TRMB) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 31,338 shares of the scientific and technical instruments company’s stock, valued at approximately $1,752,000.

A number of other hedge funds also recently added to or reduced their stakes in TRMB. Generation Investment Management LLP boosted its position in Trimble by 89.5% during the fourth quarter. Generation Investment Management LLP now owns 12,270,440 shares of the scientific and technical instruments company’s stock worth $652,787,000 after purchasing an additional 5,796,030 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Trimble by 1,387.6% in the 2nd quarter. Victory Capital Management Inc. now owns 3,847,921 shares of the scientific and technical instruments company’s stock worth $215,176,000 after buying an additional 3,589,249 shares in the last quarter. Lazard Asset Management LLC grew its stake in Trimble by 25.4% in the 1st quarter. Lazard Asset Management LLC now owns 2,549,535 shares of the scientific and technical instruments company’s stock valued at $164,087,000 after acquiring an additional 516,789 shares during the last quarter. Contour Asset Management LLC increased its holdings in Trimble by 14.6% during the 4th quarter. Contour Asset Management LLC now owns 3,479,817 shares of the scientific and technical instruments company’s stock valued at $185,126,000 after acquiring an additional 442,131 shares in the last quarter. Finally, Capital Group Private Client Services Inc. raised its position in Trimble by 77.8% during the first quarter. Capital Group Private Client Services Inc. now owns 891,592 shares of the scientific and technical instruments company’s stock worth $57,383,000 after acquiring an additional 390,171 shares during the last quarter. 93.21% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on TRMB shares. StockNews.com raised shares of Trimble from a “hold” rating to a “buy” rating in a research note on Thursday, September 12th. Piper Sandler reissued an “overweight” rating and set a $73.00 price target on shares of Trimble in a research report on Monday, August 19th. JPMorgan Chase & Co. upped their price objective on Trimble from $58.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Robert W. Baird lifted their price objective on Trimble from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, Oppenheimer restated an “outperform” rating and issued a $72.00 target price on shares of Trimble in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.67.

Trimble Stock Performance

NASDAQ TRMB opened at $58.57 on Tuesday. The business’s 50-day moving average price is $55.37 and its 200 day moving average price is $57.38. The company has a current ratio of 0.99, a quick ratio of 0.88 and a debt-to-equity ratio of 0.25. Trimble Inc. has a twelve month low of $39.57 and a twelve month high of $65.55. The company has a market capitalization of $14.30 billion, a PE ratio of 61.01, a price-to-earnings-growth ratio of 2.63 and a beta of 1.48.

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 for the quarter, topping 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 business 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 EPS. The company’s revenue was down 12.4% on a year-over-year basis. On average, research analysts predict that Trimble Inc. will post 2.22 earnings per share for the current year.

Trimble 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.