Zacks Investment Research cut shares of Trimble (NASDAQ:TRMB) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday.
According to Zacks, “Trimble is facing competition in all of its markets, impacting its profits. Moreover, 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. However, Trimble’s aggressive acquisition strategy will help 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.”
TRMB has been the subject of a number of other research reports. Wells Fargo & Co boosted their target price on shares of Trimble from $34.00 to $37.00 and gave the company a market perform rating in a research report on Friday, October 27th. Needham & Company LLC reissued a buy rating and issued a $45.00 target price (up previously from $42.00) on shares of Trimble in a research report on Sunday, October 29th. Oppenheimer reaffirmed a buy rating on shares of Trimble in a research report on Thursday, October 19th. Finally, BidaskClub cut shares of Trimble from a buy rating to a hold rating in a research report 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 stock. Trimble presently has a consensus rating of Hold and an average price target of $42.10.
Trimble (NASDAQ:TRMB) last announced its earnings results on Thursday, February 8th. The scientific and technical instruments company reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.02. The company had revenue of $708.40 million during the quarter, compared to analysts’ expectations of $674.84 million. Trimble had a net margin of 7.66% and a return on equity of 12.97%. Trimble’s quarterly revenue was up 21.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 earnings per share. sell-side analysts forecast that Trimble will post 1.27 EPS for the current year.
Trimble announced that its board has authorized a stock buyback program on Wednesday, November 15th that permits the company to buyback $600.00 million in shares. This buyback authorization permits the scientific and technical instruments company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
In other Trimble news, SVP Darryl R. Matthews sold 1,605 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $39.95, for a total transaction of $64,119.75. Following the completion of the transaction, the senior vice president now owns 6,219 shares of the company’s stock, valued at $248,449.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP James A. Kirkland sold 25,570 shares of the business’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $41.01, for a total value 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 disclosure for this sale can be found here. Insiders have sold 48,184 shares of company stock valued at $1,987,455 in the last ninety days. 1.40% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of TRMB. Global X Management Co. LLC raised its stake in Trimble by 127.2% during the fourth quarter. Global X Management Co. LLC now owns 1,693,235 shares of the scientific and technical instruments company’s stock worth $68,813,000 after acquiring an additional 947,868 shares in the last quarter. First Quadrant L P CA raised its stake in Trimble by 9,319.3% during the third quarter. First Quadrant L P CA now owns 609,052 shares of the scientific and technical instruments company’s stock worth $23,905,000 after acquiring an additional 602,586 shares in the last quarter. KAMES CAPITAL plc raised its stake in Trimble by 238.9% during the fourth quarter. KAMES CAPITAL plc now owns 763,144 shares of the scientific and technical instruments company’s stock worth $31,014,000 after acquiring an additional 537,988 shares in the last quarter. Renaissance Technologies LLC raised its stake in Trimble by 405.7% during the second quarter. Renaissance Technologies LLC now owns 633,844 shares of the scientific and technical instruments company’s stock worth $22,609,000 after acquiring an additional 508,500 shares in the last quarter. Finally, Global X MANAGEMENT CO LLC raised its stake in Trimble by 176.1% during the third quarter. Global X MANAGEMENT CO LLC now owns 745,367 shares of the scientific and technical instruments company’s stock worth $29,256,000 after acquiring an additional 475,414 shares in the last quarter. 90.87% of the stock is owned by hedge funds and other institutional investors.
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Trimble Company Profile
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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