Trimble Inc (NASDAQ:TRMB) Short Interest Update

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Trimble Inc (NASDAQ:TRMB) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 2,830,000 shares, a drop of 16.8% from the September 30th total of 3,400,000 shares. Approximately 1.1% of the shares of the company are short sold. Based on an average daily volume of 1,070,000 shares, the days-to-cover ratio is currently 2.6 days.

TRMB has been the topic of several research reports. ValuEngine downgraded shares of Trimble from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. BidaskClub downgraded shares of Trimble from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Craig Hallum reissued a “hold” rating and set a $35.00 price target (down from $36.00) on shares of Trimble in a research note on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and a consensus target price of $42.33.

In related news, VP Ronald Bisio sold 4,265 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $38.14, for a total value of $162,667.10. Following the sale, the vice president now directly owns 8,953 shares of the company’s stock, valued at $341,467.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP James A. Kirkland sold 2,700 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $38.01, for a total transaction of $102,627.00. Following the completion of the sale, the senior vice president now directly owns 54,036 shares in the company, valued at $2,053,908.36. The disclosure for this sale can be found here. Insiders have sold 336,040 shares of company stock valued at $13,498,633 in the last quarter. Company insiders own 0.39% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its position in Trimble by 1.0% in the 2nd quarter. BlackRock Inc. now owns 26,202,380 shares of the scientific and technical instruments company’s stock worth $1,181,991,000 after buying an additional 261,511 shares during the last quarter. Vanguard Group Inc. raised its position in Trimble by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 23,284,998 shares of the scientific and technical instruments company’s stock worth $1,050,386,000 after buying an additional 346,945 shares during the last quarter. Parnassus Investments CA raised its position in Trimble by 6.0% in the 3rd quarter. Parnassus Investments CA now owns 10,574,590 shares of the scientific and technical instruments company’s stock worth $410,400,000 after buying an additional 602,351 shares during the last quarter. Atlanta Capital Management Co. L L C raised its position in Trimble by 0.8% in the 2nd quarter. Atlanta Capital Management Co. L L C now owns 3,696,561 shares of the scientific and technical instruments company’s stock worth $166,752,000 after buying an additional 28,262 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Trimble by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,316,727 shares of the scientific and technical instruments company’s stock worth $149,618,000 after buying an additional 18,814 shares during the last quarter. 90.44% of the stock is owned by hedge funds and other institutional investors.

Shares of TRMB stock traded up $0.53 during mid-day trading on Friday, reaching $39.69. 29,568 shares of the company’s stock traded hands, compared to its average volume of 1,161,072. Trimble has a 12 month low of $29.75 and a 12 month high of $46.25. The company has a market cap of $9.76 billion, a P/E ratio of 23.45, a P/E/G ratio of 3.12 and a beta of 2.03. The company has a quick ratio of 0.73, a current ratio of 1.00 and a debt-to-equity ratio of 0.58. The company’s 50-day moving average price is $39.07 and its 200-day moving average price is $40.54.

Trimble (NASDAQ:TRMB) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.07. Trimble had a net margin of 9.97% and a return on equity of 15.63%. The firm had revenue of $874.30 million for the quarter, compared to analysts’ expectations of $807.49 million. During the same quarter in the previous year, the business posted $0.49 EPS. The company’s quarterly revenue was up 8.6% on a year-over-year basis. Equities analysts predict that Trimble will post 1.68 earnings per share 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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