Trimble (TRMB) Upgraded to Hold at Zacks Investment Research
Trimble (NASDAQ:TRMB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Trimble reported impressive fourth-quarter 2017 results. Both earnings and revenues increased on a year-over-year basis. The company’s aggressive acquisition strategy has helped it to rapidly expand product portfolio, improve competitiveness and enter new markets. Moreover, acquisitions have expanded Trimble’s Transportation, Agriculture Management and Forest solutions portfolio. Further, 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 are helping in improving profits. However, weakness in European Geospatial market, slowdown in Asia Pacific, uncertainty in the United States and Mexico are major headwinds. Also, stiff competition is a headwind.”
Other equities research analysts have also issued research reports about the stock. BidaskClub upgraded shares of Trimble from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. Oppenheimer set a $50.00 price target on shares of Trimble and gave the company a “buy” rating in a report on Friday, February 9th. TheStreet lowered shares of Trimble from a “b” rating to a “c+” rating in a report on Thursday, February 8th. 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. Finally, Wells Fargo & Co boosted their price target on shares of Trimble from $34.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, October 27th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $42.10.
Trimble (NASDAQ:TRMB) last released its quarterly 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. Trimble had a net margin of 4.56% and a return on equity of 13.37%. The business had revenue of $708.40 million for the quarter, compared to analyst estimates of $674.84 million. During the same quarter in the previous year, the business earned $0.31 earnings per share. The firm’s revenue was up 21.0% compared to the same quarter last year. equities research analysts predict that Trimble will post 1.45 EPS for the current fiscal year.
Trimble declared that its board has authorized a stock buyback 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 buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
In other Trimble news, VP James Veneziano sold 13,502 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $41.40, for a total value of $558,982.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Sachin Sankpal sold 6,512 shares of the company’s stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $41.99, for a total transaction of $273,438.88. Following the completion of the transaction, the senior vice president now owns 17,997 shares in the company, valued at approximately $755,694.03. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,009 shares of company stock worth $874,709. Company insiders own 1.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in TRMB. BlackRock Inc. increased its stake in shares of Trimble by 1.2% during the 4th quarter. BlackRock Inc. now owns 23,195,889 shares of the scientific and technical instruments company’s stock worth $942,682,000 after purchasing an additional 277,736 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Trimble by 0.4% during the 3rd 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 purchasing an additional 33,278 shares during the last quarter. Capital International Investors increased its stake in shares of Trimble by 0.5% during the 3rd quarter. Capital International Investors now owns 8,068,056 shares of the scientific and technical instruments company’s stock worth $316,671,000 after purchasing an additional 38,431 shares during the last quarter. King Luther Capital Management Corp increased its stake in shares of Trimble by 2.1% during the 4th quarter. King Luther Capital Management Corp now owns 3,628,431 shares of the scientific and technical instruments company’s stock worth $147,459,000 after purchasing an additional 73,934 shares during the last quarter. Finally, Impax Asset Management LTD increased its stake in shares of Trimble by 7.1% during the 4th quarter. Impax Asset Management LTD now owns 3,093,443 shares of the scientific and technical instruments company’s stock worth $125,718,000 after purchasing an additional 205,201 shares during the last quarter. Hedge funds and other institutional investors own 90.41% 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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