Trimble Inc (NASDAQ:TRMB) Sees Large Decline in Short Interest

Trimble Inc (NASDAQ:TRMB) was the target of a large decrease in short interest in July. As of July 31st, there was short interest totalling 3,962,100 shares, a decrease of 15.3% from the June 30th total of 4,679,700 shares. Based on an average trading volume of 1,120,000 shares, the days-to-cover ratio is currently 3.5 days. Currently, 1.6% of the company’s shares are short sold.

Several equities research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Trimble from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. downgraded shares of Trimble from an “overweight” rating to a “neutral” rating and set a $46.00 price target for the company. in a research report on Wednesday, July 10th. BidaskClub downgraded shares of Trimble from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 9th. Craig Hallum reiterated a “hold” rating and issued a $35.00 target price (down previously from $36.00) on shares of Trimble in a research report on Thursday, August 1st. Finally, ValuEngine downgraded shares of Trimble from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $43.50.

In related news, insider Thomas Fansler sold 9,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $41.37, for a total value of $372,330.00. Following the completion of the sale, the insider now owns 8,954 shares in the company, valued at approximately $370,426.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Merit E. Janow sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $40.59, for a total transaction of $324,720.00. Following the completion of the sale, the director now owns 30,362 shares of the company’s stock, valued at approximately $1,232,393.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,300 shares of company stock valued at $1,184,710. 0.39% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Cleararc Capital Inc. acquired a new position in shares of Trimble during the 1st quarter worth $261,000. Geode Capital Management LLC increased its stake in shares of Trimble by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 2,660,376 shares of the scientific and technical instruments company’s stock worth $87,497,000 after purchasing an additional 171,485 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Trimble by 1.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 151,346 shares of the scientific and technical instruments company’s stock worth $6,114,000 after purchasing an additional 2,356 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Trimble by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 27,212 shares of the scientific and technical instruments company’s stock worth $1,098,000 after purchasing an additional 720 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of Trimble by 1.2% during the 1st quarter. Louisiana State Employees Retirement System now owns 67,400 shares of the scientific and technical instruments company’s stock worth $2,723,000 after purchasing an additional 800 shares during the last quarter. Institutional investors own 92.00% of the company’s stock.

TRMB stock traded down $0.14 during midday trading on Thursday, reaching $36.39. The company had a trading volume of 915,300 shares, compared to its average volume of 1,051,478. Trimble has a 1 year low of $29.75 and a 1 year high of $46.25. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.78. The stock has a market capitalization of $9.37 billion, a P/E ratio of 21.53, a P/E/G ratio of 2.19 and a beta of 1.98. The company’s 50 day moving average price is $42.82.

Trimble (NASDAQ:TRMB) last released its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $0.48 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.48. Trimble had a net margin of 9.80% and a return on equity of 15.96%. The company had revenue of $855.80 million during the quarter, compared to the consensus estimate of $864.69 million. During the same quarter in the prior year, the firm earned $0.50 EPS. The company’s revenue was up 8.4% compared to the same quarter last year. As a group, equities research analysts predict that Trimble will post 1.7 EPS for the current year.

About Trimble

Trimble Inc provides technology solutions that enable professionals and field mobile workers to enhance or transform their work processes worldwide. The company operates in four segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation. The Buildings and Infrastructure segment offers field and office software for route selection and design; systems to guide and control construction equipment; systems to monitor, track, and manage assets, equipment, and workers; software to share and communicate data; 3D conceptual design and modeling software; building information modeling software; integrated site layout and measurement systems; applications for sub-contractors and trades; and integrated workplace management services software.

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