Zacks Investment Research upgraded shares of Trimble (NASDAQ:TRMB) from a hold rating to a buy rating in a report released on Friday. Zacks Investment Research currently has $42.00 price target on the scientific and technical instruments company’s stock.
According to Zacks, “Trimble’s drivers include robust organic growth, contributions from acquisitions and operational efficiency. Also, Trimble's expanding product portfolio is aiding its solid organic growth. Moreover, the geographical diversity in Trimble’s agricultural business continues to strengthen its footprints in the agricultural sector. This also aids the performance of the company’s Resources and Utilities segment. However, growing competition in the industry remains a concern. Also, the company is exposed to the risk of foreign exchange rate fluctuations. Notably, the stock has outperformed the industry it belongs to on a year-to-date basis.”
TRMB has been the topic of several other reports. BidaskClub raised Trimble from a sell rating to a hold rating in a report on Friday, September 14th. ValuEngine lowered Trimble from a buy rating to a hold rating in a report on Thursday, October 11th. Finally, Robert W. Baird raised their price objective on Trimble from $44.00 to $47.00 and gave the company an outperform rating in a report on Friday, November 2nd. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $44.20.
Trimble (NASDAQ:TRMB) last issued its quarterly earnings data on Thursday, November 1st. The scientific and technical instruments company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.03). Trimble had a net margin of 5.32% and a return on equity of 16.21%. The business had revenue of $804.70 million during the quarter, compared to analyst estimates of $806.12 million. During the same period in the previous year, the business posted $0.39 earnings per share. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. Research analysts anticipate that Trimble will post 1.66 earnings per share for the current year.
In other news, SVP Darryl R. Matthews sold 1,833 shares of Trimble stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $42.49, for a total value of $77,884.17. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Sachin Sankpal sold 3,151 shares of Trimble stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $43.02, for a total value of $135,556.02. Following the completion of the sale, the senior vice president now directly owns 17,997 shares in the company, valued at $774,230.94. The disclosure for this sale can be found here. Insiders sold 9,934 shares of company stock worth $395,671 over the last ninety days. Corporate insiders own 1.40% of the company’s stock.
Several large investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Trimble by 4.2% in the third quarter. BlackRock Inc. now owns 25,891,858 shares of the scientific and technical instruments company’s stock worth $1,125,260,000 after acquiring an additional 1,051,053 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Trimble by 0.3% in the third quarter. Vanguard Group Inc. now owns 21,976,491 shares of the scientific and technical instruments company’s stock worth $955,098,000 after acquiring an additional 74,221 shares during the last quarter. Capital International Investors boosted its stake in shares of Trimble by 38.2% in the third quarter. Capital International Investors now owns 11,285,352 shares of the scientific and technical instruments company’s stock worth $490,461,000 after acquiring an additional 3,121,423 shares during the last quarter. FMR LLC boosted its stake in shares of Trimble by 5.7% in the third quarter. FMR LLC now owns 8,978,921 shares of the scientific and technical instruments company’s stock worth $390,224,000 after acquiring an additional 484,134 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Trimble by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 5,557,677 shares of the scientific and technical instruments company’s stock worth $182,514,000 after acquiring an additional 207,766 shares during the last quarter. 90.46% of the stock is currently owned by hedge funds and other institutional investors.
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; integrated workplace management services software; capital program and facility management solutions; field based data collection systems; and communication systems and back-office software.
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