Pinnacle Associates Ltd. Has $30.74 Million Stock Position in Trimble Inc. (NASDAQ:TRMB)

Pinnacle Associates Ltd. raised its stake in Trimble Inc. (NASDAQ:TRMB) by 2.6% in the third quarter, Holdings Channel reports. The firm owned 495,047 shares of the scientific and technical instruments company’s stock after acquiring an additional 12,545 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Trimble were worth $30,737,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Brookstone Capital Management acquired a new position in Trimble during the first quarter worth $334,000. Wealth Enhancement Advisory Services LLC lifted its stake in Trimble by 18.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,942 shares of the scientific and technical instruments company’s stock valued at $511,000 after purchasing an additional 1,251 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in Trimble during the first quarter worth about $248,000. BNP Paribas Financial Markets increased its position in Trimble by 6.8% during the first quarter. BNP Paribas Financial Markets now owns 243,939 shares of the scientific and technical instruments company’s stock worth $15,700,000 after buying an additional 15,610 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Trimble by 31.3% in the first quarter. Janney Montgomery Scott LLC now owns 19,135 shares of the scientific and technical instruments company’s stock valued at $1,232,000 after buying an additional 4,563 shares during the period. Institutional investors and hedge funds own 93.21% of the company’s stock.

Analysts Set New Price Targets

TRMB has been the topic of a number of research analyst reports. Robert W. Baird increased their price target on Trimble from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Oppenheimer restated an “outperform” rating and set a $72.00 target price on shares of Trimble in a research note on Wednesday, August 7th. Piper Sandler reiterated an “overweight” rating and issued a $73.00 price target on shares of Trimble in a research note on Monday, August 19th. StockNews.com downgraded shares of Trimble from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, JPMorgan Chase & Co. upped their target price on Trimble from $58.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $66.67.

Trimble Stock Performance

Shares of TRMB traded down $0.10 during mid-day trading on Wednesday, hitting $61.56. 155,559 shares of the company’s stock were exchanged, compared to its average volume of 1,335,057. The company has a quick ratio of 0.88, a current ratio of 0.99 and a debt-to-equity ratio of 0.25. Trimble Inc. has a 52 week low of $39.57 and a 52 week high of $65.55. The stock’s 50-day simple moving average is $59.03 and its 200-day simple moving average is $57.09. The firm has a market cap of $15.03 billion, a price-to-earnings ratio of 10.08, a price-to-earnings-growth ratio of 2.73 and a beta of 1.49.

Trimble (NASDAQ:TRMB) last posted its quarterly earnings data on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The firm had revenue of $870.80 million for the quarter, compared to analyst estimates of $862.50 million. Trimble had a return on equity of 10.94% and a net margin of 40.70%. The company’s revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the company earned $0.51 EPS. On average, equities research analysts expect that Trimble Inc. will post 2.23 EPS for the current year.

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.