JPMorgan Chase & Co. Upgrades Trimble (NASDAQ:TRMB) to “Overweight”

Trimble (NASDAQ:TRMB) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Wednesday, MarketBeat.com reports. The firm presently has a $92.00 price target on the scientific and technical instruments company’s stock, up from their previous price target of $74.00. JPMorgan Chase & Co.‘s target price suggests a potential upside of 22.02% from the stock’s previous close.

TRMB has been the subject of a number of other research reports. StockNews.com cut shares of Trimble from a “buy” rating to a “hold” rating in a research note on Tuesday. Robert W. Baird raised their price target on shares of Trimble from $66.00 to $82.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Oppenheimer reaffirmed an “outperform” rating and set a $72.00 price objective on shares of Trimble in a report on Wednesday, August 7th. Finally, Piper Sandler increased their target price on Trimble from $73.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Trimble presently has an average rating of “Moderate Buy” and a consensus target price of $79.00.

Trimble Stock Performance

TRMB opened at $75.40 on Wednesday. The stock’s 50 day simple moving average is $65.98 and its 200-day simple moving average is $59.26. The company has a current ratio of 1.16, a quick ratio of 1.07 and a debt-to-equity ratio of 0.24. The stock has a market cap of $18.41 billion, a PE ratio of 12.59, a P/E/G ratio of 3.16 and a beta of 1.53. Trimble has a 1 year low of $46.06 and a 1 year high of $76.97.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. grew its position in Trimble by 1,387.6% during the 2nd quarter. Victory Capital Management Inc. now owns 3,847,921 shares of the scientific and technical instruments company’s stock worth $215,176,000 after acquiring an additional 3,589,249 shares during the last quarter. AQR Capital Management LLC boosted its stake in Trimble by 2,035.1% in the second quarter. AQR Capital Management LLC now owns 1,146,995 shares of the scientific and technical instruments company’s stock worth $63,635,000 after purchasing an additional 1,093,275 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Trimble by 49.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,056,558 shares of the scientific and technical instruments company’s stock worth $127,692,000 after purchasing an additional 676,954 shares during the last quarter. Impax Asset Management Group plc increased its stake in shares of Trimble by 18.7% in the third quarter. Impax Asset Management Group plc now owns 2,755,576 shares of the scientific and technical instruments company’s stock valued at $169,978,000 after buying an additional 434,065 shares in the last quarter. Finally, Sora Investors LLC bought a new position in shares of Trimble in the third quarter valued at about $22,663,000. Institutional investors own 93.21% of the company’s stock.

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.