Congress Asset Management Co. Trims Stock Position in Trimble Inc. (NASDAQ:TRMB)

Congress Asset Management Co. trimmed its stake in Trimble Inc. (NASDAQ:TRMB) by 2.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,234 shares of the scientific and technical instruments company’s stock after selling 4,153 shares during the period. Congress Asset Management Co.’s holdings in Trimble were worth $9,390,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TRMB. Victory Capital Management Inc. grew its holdings in shares of Trimble by 1,387.6% during the second 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 purchasing an additional 3,589,249 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Trimble by 7.0% in the second quarter. Thrivent Financial for Lutherans now owns 3,647,641 shares of the scientific and technical instruments company’s stock valued at $203,976,000 after buying an additional 239,673 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Trimble by 25.4% in the first 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 period. Dimensional Fund Advisors LP grew its position in shares of Trimble by 24.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,839,180 shares of the scientific and technical instruments company’s stock worth $102,842,000 after acquiring an additional 361,421 shares during the last quarter. Finally, Saturna Capital Corp increased its holdings in shares of Trimble by 8.7% in the 1st quarter. Saturna Capital Corp now owns 1,690,347 shares of the scientific and technical instruments company’s stock valued at $108,791,000 after acquiring an additional 135,108 shares during the period. 93.21% of the stock is currently owned by institutional investors and hedge funds.

Trimble Stock Performance

Shares of TRMB stock opened at $60.50 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.88 and a debt-to-equity ratio of 0.25. The stock has a 50 day simple moving average of $59.13 and a 200-day simple moving average of $57.12. The company has a market cap of $14.77 billion, a price-to-earnings ratio of 9.89, a price-to-earnings-growth ratio of 2.75 and a beta of 1.49. Trimble Inc. has a 12-month low of $39.57 and a 12-month high of $65.55.

Trimble (NASDAQ:TRMB) last released its earnings results 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 10.94% and a net margin of 40.70%. The company had revenue of $870.80 million during the quarter, compared to the consensus estimate of $862.50 million. During the same quarter last year, the company earned $0.51 earnings per share. Trimble’s quarterly revenue was down 12.4% compared to the same quarter last year. On average, equities analysts forecast that Trimble Inc. will post 2.23 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.