Trimble (NASDAQ:TRMB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $45.00 price target on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.08% from the stock’s current price.
According to Zacks, “Trimble has outperformed the industry on a year-to-date basis. The company’s aggressive acquisition strategy is helping it to rapidly expand product portfolio, improve competitive positions and enter new markets. Recent acquisitions have expanded Trimble’s Transportation, Agriculture Management and Forest solutions portfolio. Moreover, they have aided the company to expand in markets like Germany, Finland and Canada. We also note that the company’s initiatives toward lowering the cost structure is helping in improving profits. The company expects operating margin expansion to continue, going forward. However, intensifying competition, weakness in European Geospatial market, slow down in Asia Pacific, uncertainty in the United States and Mexico are major headwinds. Recent acquisitions are also expected to be dilutive to the bottom-line, which does not augur well for investors.”
Several other brokerages also recently issued reports on TRMB. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 price objective (up previously from $42.00) on shares of Trimble in a research report on Sunday, October 29th. Oppenheimer raised their price target on shares of Trimble from $41.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, October 27th. Wells Fargo & Co raised their price target on shares of Trimble from $34.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, October 27th. BidaskClub downgraded shares of Trimble from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 7th. Finally, Robert W. Baird raised their price target on shares of Trimble from $40.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, September 22nd. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Trimble presently has a consensus rating of “Buy” and an average price target of $41.60.
Trimble (NASDAQ:TRMB) last posted its quarterly earnings results on Thursday, October 26th. The scientific and technical instruments company reported $0.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.02. Trimble had a net margin of 7.66% and a return on equity of 12.97%. The firm had revenue of $670.00 million for the quarter, compared to analyst estimates of $660.11 million. During the same quarter last year, the firm posted $0.33 earnings per share. Trimble’s revenue for the quarter was up 14.7% compared to the same quarter last year. sell-side analysts anticipate that Trimble will post 1.27 earnings per share for the current fiscal year.
Trimble announced that its board has initiated a share repurchase plan on Wednesday, November 15th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the scientific and technical instruments company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In other Trimble news, VP Jurgen Kliem sold 995 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $42.50, for a total value of $42,287.50. Following the sale, the vice president now directly owns 18,175 shares in the company, valued at $772,437.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Sachin Sankpal sold 6,512 shares of the firm’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $41.99, for a total value of $273,438.88. Following the completion of the sale, the senior vice president now owns 17,997 shares in the company, valued at $755,694.03. The disclosure for this sale can be found here. Insiders sold 320,278 shares of company stock worth $12,969,243 over the last quarter. 1.40% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of TRMB. BlackRock Inc. raised its position in Trimble by 0.8% in the second quarter. BlackRock Inc. now owns 22,763,354 shares of the scientific and technical instruments company’s stock worth $811,967,000 after acquiring an additional 185,717 shares in the last quarter. Vanguard Group Inc. raised its position in Trimble by 4.2% in the second quarter. Vanguard Group Inc. now owns 21,314,854 shares of the scientific and technical instruments company’s stock worth $760,302,000 after acquiring an additional 849,914 shares in the last quarter. Bank of New York Mellon Corp raised its position in Trimble by 0.4% in the third quarter. Bank of New York Mellon Corp now owns 8,243,002 shares of the scientific and technical instruments company’s stock worth $323,537,000 after acquiring an additional 33,278 shares in the last quarter. State Street Corp raised its position in Trimble by 0.4% in the second quarter. State Street Corp now owns 8,192,632 shares of the scientific and technical instruments company’s stock worth $292,228,000 after acquiring an additional 35,154 shares in the last quarter. Finally, Capital International Investors raised its position in Trimble by 0.5% in the third quarter. Capital International Investors now owns 8,068,056 shares of the scientific and technical instruments company’s stock worth $316,671,000 after acquiring an additional 38,431 shares in the last quarter. Institutional investors and hedge funds own 89.68% of the company’s stock.
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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