ARK Investment Management LLC Reduces Stock Position in Trimble Inc. (NASDAQ:TRMB)

ARK Investment Management LLC reduced its position in Trimble Inc. (NASDAQ:TRMB - Free Report) by 27.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 832,371 shares of the scientific and technical instruments company's stock after selling 314,674 shares during the quarter. ARK Investment Management LLC owned about 0.34% of Trimble worth $51,682,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Victory Capital Management Inc. lifted its holdings in Trimble by 1,387.6% in the second quarter. Victory Capital Management Inc. now owns 3,847,921 shares of the scientific and technical instruments company's stock valued at $215,176,000 after acquiring an additional 3,589,249 shares during the period. AQR Capital Management LLC lifted its holdings in Trimble by 2,035.1% in the second quarter. AQR Capital Management LLC now owns 1,146,995 shares of the scientific and technical instruments company's stock valued at $63,635,000 after acquiring an additional 1,093,275 shares during the period. Lazard Asset Management LLC lifted its holdings in 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. Impax Asset Management Group plc lifted its holdings in Trimble by 18.7% in the third quarter. Impax Asset Management Group plc now owns 2,755,576 shares of the scientific and technical instruments company's stock valued at $169,978,000 after acquiring an additional 434,065 shares during the period. Finally, Capital Group Private Client Services Inc. lifted its holdings in Trimble by 77.8% in the first quarter. Capital Group Private Client Services Inc. now owns 891,592 shares of the scientific and technical instruments company's stock valued at $57,383,000 after acquiring an additional 390,171 shares during the period. 93.21% of the stock is owned by institutional investors and hedge funds.

Trimble Stock Up 0.7 %

Trimble stock traded up $0.51 during midday trading on Friday, hitting $72.65. 1,395,670 shares of the company were exchanged, compared to its average volume of 1,348,584. The company's fifty day moving average price is $60.14 and its 200-day moving average price is $57.39. The company has a market cap of $17.74 billion, a PE ratio of 11.96, a price-to-earnings-growth ratio of 3.23 and a beta of 1.49. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 0.88. Trimble Inc. has a fifty-two week low of $40.79 and a fifty-two week high of $73.17.

Trimble (NASDAQ:TRMB - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The scientific and technical instruments company reported $0.62 EPS for the quarter, topping the consensus estimate 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 10.18% and a net margin of 40.67%. Trimble's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 EPS. On average, research analysts predict that Trimble Inc. will post 2.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on TRMB. Oppenheimer reissued an "outperform" rating and issued a $72.00 target price on shares of Trimble in a report on Wednesday, August 7th. Piper Sandler raised their price target on Trimble from $73.00 to $84.00 and gave the company an "overweight" rating in a research report on Thursday. JPMorgan Chase & Co. raised their price target on Trimble from $66.00 to $74.00 and gave the company a "neutral" rating in a research report on Thursday. Robert W. Baird raised their price target on Trimble from $66.00 to $82.00 and gave the company an "outperform" rating in a research report on Friday. Finally, StockNews.com upgraded Trimble from a "hold" rating to a "buy" rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $75.40.

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.