Norges Bank Buys Shares of 2,694,467 Trimble Inc. (NASDAQ:TRMB)

Norges Bank acquired a new stake in Trimble Inc. (NASDAQ:TRMB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,694,467 shares of the scientific and technical instruments company's stock, valued at approximately $190,391,000. Norges Bank owned approximately 1.10% of Trimble at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TRMB. Cullen Frost Bankers Inc. boosted its stake in shares of Trimble by 0.6% in the fourth quarter. Cullen Frost Bankers Inc. now owns 22,969 shares of the scientific and technical instruments company's stock valued at $1,623,000 after buying an additional 141 shares in the last quarter. Essex Investment Management Co. LLC raised its stake in shares of Trimble by 0.5% during the 4th quarter. Essex Investment Management Co. LLC now owns 28,546 shares of the scientific and technical instruments company's stock worth $2,017,000 after buying an additional 141 shares during the last quarter. SRS Capital Advisors Inc. boosted its position in shares of Trimble by 12.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,322 shares of the scientific and technical instruments company's stock worth $93,000 after buying an additional 149 shares in the last quarter. M&T Bank Corp grew its position in shares of Trimble by 1.6% in the fourth quarter. M&T Bank Corp now owns 10,155 shares of the scientific and technical instruments company's stock valued at $717,000 after purchasing an additional 156 shares during the last quarter. Finally, SYM FINANCIAL Corp increased its stake in shares of Trimble by 4.4% during the 4th quarter. SYM FINANCIAL Corp now owns 4,099 shares of the scientific and technical instruments company's stock worth $290,000 after purchasing an additional 172 shares in the last quarter. Institutional investors and hedge funds own 93.21% of the company's stock.

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Insider Transactions at Trimble

In other Trimble news, VP Jennifer Allison sold 3,571 shares of the business's stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $74.75, for a total transaction of $266,932.25. Following the completion of the sale, the vice president now directly owns 3,157 shares in the company, valued at $235,985.75. The trade was a 53.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Christopher F. Keating sold 5,709 shares of the company's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $72.00, for a total transaction of $411,048.00. The disclosure for this sale can be found here. Insiders have sold a total of 11,421 shares of company stock worth $831,683 in the last three months. 0.47% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Cfra raised Trimble from a "buy" rating to a "strong-buy" rating and set a $92.00 target price on the stock in a research note on Thursday, February 20th. Oppenheimer increased their price objective on Trimble from $88.00 to $90.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Piper Sandler reissued an "overweight" rating and issued a $84.00 target price on shares of Trimble in a research note on Wednesday, December 11th. JPMorgan Chase & Co. raised shares of Trimble from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $74.00 to $92.00 in a research note on Wednesday, December 4th. Finally, Robert W. Baird lifted their price target on shares of Trimble from $82.00 to $90.00 and gave the stock an "outperform" rating in a report on Wednesday, December 11th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $86.00.

Trimble Trading Down 8.5 %

Shares of TRMB stock traded down $5.63 on Thursday, reaching $60.88. 869,768 shares of the stock were exchanged, compared to its average volume of 1,569,368. Trimble Inc. has a 1-year low of $48.65 and a 1-year high of $77.78. The stock has a market cap of $14.96 billion, a P/E ratio of 10.00, a price-to-earnings-growth ratio of 3.09 and a beta of 1.57. The company has a quick ratio of 1.07, a current ratio of 1.27 and a debt-to-equity ratio of 0.24. The firm has a 50 day moving average of $71.53 and a two-hundred day moving average of $69.14.

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.