State Treasurer State of Michigan trimmed its position in Trimble Inc (NASDAQ:TRMB) by 4.9% during the fourth quarter, HoldingsChannel reports. The firm owned 90,500 shares of the scientific and technical instruments company’s stock after selling 4,700 shares during the period. State Treasurer State of Michigan’s holdings in Trimble were worth $3,678,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cerebellum GP LLC acquired a new stake in Trimble during the 4th quarter worth $125,000. Toronto Dominion Bank raised its stake in Trimble by 13.0% during the 2nd quarter. Toronto Dominion Bank now owns 3,100 shares of the scientific and technical instruments company’s stock worth $111,000 after acquiring an additional 357 shares in the last quarter. Fieldpoint Private Securities LLC acquired a new stake in Trimble during the 3rd quarter worth $137,000. Howe & Rusling Inc. acquired a new stake in Trimble during the 3rd quarter worth $139,000. Finally, Advisor Group Inc. raised its stake in Trimble by 3.7% during the 2nd quarter. Advisor Group Inc. now owns 4,016 shares of the scientific and technical instruments company’s stock worth $142,000 after acquiring an additional 144 shares in the last quarter. Institutional investors and hedge funds own 90.87% of the company’s stock.
Several equities research analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and set a $45.00 price target (up from $42.00) on shares of Trimble in a research note on Sunday, October 29th. Oppenheimer reiterated a “buy” rating on shares of Trimble in a research note on Thursday, October 19th. Zacks Investment Research upgraded shares of Trimble from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Tuesday, October 31st. Wells Fargo & Co lifted their price target on shares of Trimble from $34.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, October 27th. Finally, BidaskClub lowered shares of Trimble from a “buy” rating to a “hold” rating in a research note on Saturday, December 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $42.10.
Trimble announced that its Board of Directors has authorized a stock buyback plan on Wednesday, November 15th that permits the company to repurchase $600.00 million in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other Trimble news, VP James A. Kirkland sold 25,570 shares of the firm’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $41.01, for a total transaction of $1,048,625.70. Following the transaction, the vice president now directly owns 50,221 shares of the company’s stock, valued at approximately $2,059,563.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Darryl R. Matthews sold 1,605 shares of Trimble stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $39.95, for a total transaction of $64,119.75. Following the completion of the sale, the senior vice president now directly owns 6,219 shares in the company, valued at approximately $248,449.05. The disclosure for this sale can be found here. Insiders have sold a total of 48,184 shares of company stock worth $1,987,455 over the last three months. 1.40% of the stock is currently owned by insiders.
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Trimble Inc, formerly Trimble Navigation Limited, is engaged in providing technology solutions that enable professionals and field mobile workers to transform their work processes. The Company’s solutions are used across a range of industries, including agriculture, architecture, civil engineering, survey and land administration, construction, geospatial, government, natural resources, transportation and utilities.
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