Trimble (NASDAQ:TRMB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, December 26th. The brokerage currently has a $45.00 target price on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 4.68% 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 equities research analysts also recently commented on TRMB. Robert W. Baird lifted their target price 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. Piper Jaffray Companies set a $43.00 target price on shares of Trimble and gave the stock a “buy” rating in a research report on Sunday, October 1st. Oppenheimer restated a “buy” rating on shares of Trimble in a report on Thursday, October 19th. 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 report on Friday, October 27th. Finally, Needham & Company LLC restated a “buy” rating and set a $45.00 price target (up previously from $42.00) on shares of Trimble in a report on Sunday, October 29th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Trimble has a consensus rating of “Buy” and a consensus target price of $41.60.
Trimble (NASDAQ:TRMB) last posted its earnings results on Thursday, October 26th. The scientific and technical instruments company reported $0.39 EPS for the quarter, topping the 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 business had revenue of $670.00 million for the quarter, compared to the consensus estimate of $660.11 million. During the same period last year, the company earned $0.33 EPS. The firm’s revenue was up 14.7% compared to the same quarter last year. analysts predict that Trimble will post 1.27 earnings per share for the current year.
Trimble announced that its board has authorized a stock repurchase plan on Wednesday, November 15th that authorizes the company to repurchase $600.00 million in shares. This repurchase authorization authorizes the scientific and technical instruments company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, CEO Steven W. Berglund sold 200,000 shares of Trimble stock in a transaction on Monday, October 30th. The shares were sold at an average price of $40.45, for a total value of $8,090,000.00. Following the completion of the sale, the chief executive officer now owns 350,489 shares in the company, valued at approximately $14,177,280.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jurgen Kliem sold 995 shares of Trimble stock in a transaction on Monday, December 4th. The shares were sold at an average price of $42.50, for a total transaction of $42,287.50. Following the completion of the sale, the vice president now owns 18,175 shares of the company’s stock, valued at approximately $772,437.50. The disclosure for this sale can be found here. Insiders sold a total of 320,278 shares of company stock valued at $12,969,243 in the last quarter. 1.40% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank increased 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 valued at $111,000 after purchasing an additional 357 shares in the last quarter. Commonwealth Bank of Australia boosted its holdings in Trimble by 17.2% during the 2nd quarter. Commonwealth Bank of Australia now owns 3,400 shares of the scientific and technical instruments company’s stock worth $121,000 after acquiring an additional 500 shares during the last quarter. Fieldpoint Private Securities LLC purchased a new position in Trimble during the 3rd quarter worth $137,000. Howe & Rusling Inc. purchased a new position in Trimble during the 3rd quarter worth $139,000. Finally, Advisor Group Inc. boosted its holdings 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 during the last quarter. Institutional investors and hedge funds own 89.68% of the company’s stock.
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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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