Atlantic Union Bankshares Corp Invests $2.22 Million in Trimble Inc. $TRMB

Atlantic Union Bankshares Corp purchased a new position in shares of Trimble Inc. (NASDAQ:TRMB) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 27,200 shares of the scientific and technical instruments company’s stock, valued at approximately $2,221,000.

Other hedge funds also recently bought and sold shares of the company. AGF Management Ltd. increased its stake in Trimble by 15.0% in the third quarter. AGF Management Ltd. now owns 107,815 shares of the scientific and technical instruments company’s stock worth $8,803,000 after purchasing an additional 14,031 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of Trimble by 9.2% during the third quarter. Jones Financial Companies Lllp now owns 76,396 shares of the scientific and technical instruments company’s stock valued at $6,207,000 after purchasing an additional 6,446 shares during the period. National Pension Service grew its holdings in shares of Trimble by 59.5% in the third quarter. National Pension Service now owns 38,235 shares of the scientific and technical instruments company’s stock worth $3,122,000 after purchasing an additional 14,264 shares during the last quarter. Welch & Forbes LLC purchased a new position in Trimble in the 3rd quarter worth about $206,000. Finally, AlphaQuest LLC purchased a new position in Trimble in the 3rd quarter worth about $960,000. Institutional investors own 93.21% of the company’s stock.

Insider Activity

In related news, CEO Robert G. Painter sold 7,500 shares of the stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $80.88, for a total transaction of $606,600.00. Following the completion of the sale, the chief executive officer owned 34,397 shares of the company’s stock, valued at $2,782,029.36. This represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James Calvin Dalton sold 616 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $81.99, for a total transaction of $50,505.84. Following the completion of the sale, the director owned 13,193 shares of the company’s stock, valued at approximately $1,081,694.07. This trade represents a 4.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 27,084 shares of company stock valued at $2,183,951. Corporate insiders own 0.54% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Barclays boosted their price objective on shares of Trimble from $100.00 to $101.00 and gave the company an “overweight” rating in a research report on Monday, January 12th. Wells Fargo & Company assumed coverage on Trimble in a report on Thursday, November 13th. They issued an “overweight” rating and a $94.00 price target for the company. Zacks Research cut Trimble from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. KeyCorp upgraded Trimble from a “sector weight” rating to an “overweight” rating and set a $99.00 price objective on the stock in a report on Monday, December 15th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $102.00 target price on shares of Trimble in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $96.78.

Trimble Trading Down 4.8%

TRMB opened at $64.62 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 0.86 and a debt-to-equity ratio of 0.24. The firm has a market cap of $15.37 billion, a price-to-earnings ratio of 44.26, a PEG ratio of 2.37 and a beta of 1.59. Trimble Inc. has a 12 month low of $52.91 and a 12 month high of $87.50. The stock has a fifty day moving average price of $77.86 and a 200-day moving average price of $79.68.

Trimble (NASDAQ:TRMB) last issued its quarterly earnings data on Wednesday, November 5th. The scientific and technical instruments company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.09. The company had revenue of $901.20 million for the quarter, compared to the consensus estimate of $870.30 million. Trimble had a return on equity of 10.73% and a net margin of 9.93%.The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.83 earnings per share. As a group, equities research analysts anticipate that Trimble Inc. will post 2.37 earnings per share for the current fiscal year.

Trimble declared that its Board of Directors has authorized a stock buyback program on Friday, December 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the scientific and technical instruments company to purchase up to 5.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

About Trimble

Trimble Inc (NASDAQ: TRMB) is a technology company that develops hardware, software and services to improve the productivity and connectivity of customers across the construction, agriculture, geospatial, transportation and logistics, and natural resources sectors. The company’s offerings center on advanced positioning technologies — including GNSS/GPS receivers, inertial sensors and laser scanning — integrated with application-specific software and cloud services to enable precise measurement, modeling, machine control and workflow automation for field and office operations.

Trimble’s product portfolio spans surveying and geospatial instruments (total stations, mobile mapping and terrestrial laser scanners), construction solutions (machine control systems, site positioning and estimating), agriculture systems (auto-steer, guidance and application-control platforms), and fleet and transportation telematics.