Trimble Inc. (NASDAQ:TRMB) Sees Significant Decrease in Short Interest

Trimble Inc. (NASDAQ:TRMB - Get Free Report) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 3,050,000 shares, a decline of 19.5% from the October 15th total of 3,790,000 shares. Based on an average trading volume of 1,250,000 shares, the short-interest ratio is currently 2.4 days. Approximately 1.3% of the company's shares are short sold.

Institutional Investors Weigh In On Trimble

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. bought a new position in Trimble in the 1st quarter worth about $215,000. Empowered Funds LLC increased its position in shares of Trimble by 15.1% during the first quarter. Empowered Funds LLC now owns 5,145 shares of the scientific and technical instruments company's stock valued at $331,000 after acquiring an additional 675 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Trimble by 8.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 319,597 shares of the scientific and technical instruments company's stock worth $20,569,000 after acquiring an additional 25,001 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Trimble by 25.6% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 296,093 shares of the scientific and technical instruments company's stock valued at $19,057,000 after acquiring an additional 60,409 shares in the last quarter. Finally, M&G Plc purchased a new stake in Trimble during the 1st quarter valued at $1,255,000. Hedge funds and other institutional investors own 93.21% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on TRMB shares. Piper Sandler lifted their target price on shares of Trimble from $73.00 to $84.00 and gave the stock an "overweight" rating in a research note on Thursday, November 7th. Robert W. Baird boosted their price objective on shares of Trimble from $66.00 to $82.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. JPMorgan Chase & Co. increased their target price on shares of Trimble from $66.00 to $74.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Oppenheimer restated an "outperform" rating and set a $72.00 price target on shares of Trimble in a report on Wednesday, August 7th. Finally, StockNews.com cut Trimble from a "buy" rating to a "hold" rating in a report on Saturday, November 9th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $75.40.

Trimble Stock Down 0.8 %

Shares of TRMB stock traded down $0.60 during mid-day trading on Friday, reaching $70.14. 497,363 shares of the company's stock traded hands, compared to its average volume of 1,341,110. The company's 50-day moving average price is $61.79 and its 200-day moving average price is $57.84. The company has a market cap of $17.13 billion, a P/E ratio of 11.83, a P/E/G ratio of 3.11 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.16 and a debt-to-equity ratio of 0.24. Trimble has a 12 month low of $42.56 and a 12 month high of $74.22.

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.