Public Employees Retirement System of Ohio increased its stake in shares of Trimble Inc (NASDAQ:TRMB) by 16.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 466,673 shares of the scientific and technical instruments company’s stock after purchasing an additional 65,225 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.19% of Trimble worth $18,317,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Toronto Dominion Bank increased its position in Trimble by 13.0% in the 2nd quarter. Toronto Dominion Bank now owns 3,100 shares of the scientific and technical instruments company’s stock valued at $111,000 after acquiring an additional 357 shares during the period. Commonwealth Bank of Australia increased its position in Trimble by 17.2% in the 2nd quarter. Commonwealth Bank of Australia now owns 3,400 shares of the scientific and technical instruments company’s stock valued at $121,000 after acquiring an additional 500 shares during the period. Fieldpoint Private Securities LLC acquired a new position in Trimble in the 3rd quarter valued at approximately $137,000. Howe & Rusling Inc. acquired a new position in Trimble in the 3rd quarter valued at approximately $139,000. Finally, Advisor Group Inc. increased its position in Trimble by 3.7% in the 2nd quarter. Advisor Group Inc. now owns 4,016 shares of the scientific and technical instruments company’s stock valued at $142,000 after acquiring an additional 144 shares during the period. Institutional investors and hedge funds own 89.73% of the company’s stock.
TRMB has been the subject of several recent research reports. BidaskClub upgraded shares of Trimble from a “hold” rating to a “buy” rating in a research report on Wednesday, August 23rd. Berenberg Bank initiated coverage on shares of Trimble in a research note on Wednesday, August 23rd. They issued a “hold” rating and a $38.00 price objective on the stock. Piper Jaffray Companies set a $43.00 price objective on shares of Trimble and gave the company a “buy” rating in a research note on Friday, August 25th. Robert W. Baird upped their price objective on shares of Trimble from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, September 22nd. Finally, Oppenheimer reaffirmed a “buy” rating on shares of Trimble in a research note on Thursday, October 19th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $41.70.
Shares of Trimble Inc (NASDAQ TRMB) opened at $40.67 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.44 and a quick ratio of 1.12. Trimble Inc has a 12 month low of $28.61 and a 12 month high of $43.97. The company has a market cap of $10,239.12, a price-to-earnings ratio of 32.54, a PEG ratio of 2.86 and a beta of 2.35.
Trimble (NASDAQ:TRMB) last posted its quarterly earnings data on Thursday, October 26th. The scientific and technical instruments company reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.02. Trimble had a net margin of 7.66% and a return on equity of 12.97%. The company had revenue of $670.00 million for the quarter, compared to analyst estimates of $660.11 million. During the same period in the prior year, the firm posted $0.33 EPS. The company’s quarterly revenue was up 14.7% on a year-over-year basis. sell-side analysts anticipate that Trimble Inc will post 1.27 earnings per share for the current year.
Trimble declared that its Board of Directors has initiated a stock buyback program on Wednesday, November 15th that authorizes the company to buyback $600.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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Trimble Inc, formerly Trimble Navigation Limited, is engaged in providing technology solutions that enable professionals and field mobile workers to transform their work processes. The Company’s solutions are used across a range of industries, including agriculture, architecture, civil engineering, survey and land administration, construction, geospatial, government, natural resources, transportation and utilities.
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