Stock Repurchase Program Authorized by Trimble (NASDAQ:TRMB)

Trimble (NASDAQ:TRMB) declared that its board has initiated a share repurchase plan on Friday, December 5th, RTT News reports. The company plans to buyback $1.00 billion in shares. This buyback authorization allows the scientific and technical instruments company to repurchase up to 5.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Trimble Price Performance

TRMB stock traded up $1.22 during mid-day trading on Friday, reaching $83.52. 1,204,224 shares of the company’s stock were exchanged, compared to its average volume of 1,166,717. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.00 and a quick ratio of 0.86. Trimble has a 12-month low of $52.91 and a 12-month high of $87.50. The stock’s 50 day moving average is $79.49 and its 200 day moving average is $78.88. The company has a market cap of $19.87 billion, a price-to-earnings ratio of 57.21, a price-to-earnings-growth ratio of 3.21 and a beta of 1.60.

Trimble (NASDAQ:TRMB) last announced its earnings results on Friday, April 12th. The scientific and technical instruments company reported $0.60 earnings per share for the quarter. Trimble had a return on equity of 10.73% and a net margin of 9.93%.The business had revenue of $856.50 million during the quarter. On average, research analysts expect that Trimble will post 2.37 EPS for the current year.

Analyst Ratings Changes

TRMB has been the topic of several analyst reports. Zacks Research raised Trimble from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 11th. Raymond James Financial restated an “outperform” rating and issued a $93.00 target price (up previously from $85.00) on shares of Trimble in a research note on Thursday, August 7th. Berenberg Bank set a $95.00 price target on Trimble and gave the company a “buy” rating in a research report on Friday, October 3rd. JPMorgan Chase & Co. boosted their price target on Trimble from $96.00 to $98.00 and gave the company an “overweight” rating in a report on Friday, September 19th. Finally, Wells Fargo & Company started coverage on shares of Trimble in a research note on Thursday, November 13th. They set an “overweight” rating and a $94.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Trimble presently has an average rating of “Buy” and a consensus price target of $94.18.

Insider Activity at Trimble

In other Trimble news, Director James Calvin Dalton sold 616 shares of the stock in a transaction on Friday, November 28th. The shares were sold at an average price of $81.99, for a total transaction of $50,505.84. Following the transaction, the director directly owned 13,193 shares of the company’s stock, valued at $1,081,694.07. This trade represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Christopher F. Keating sold 7,365 shares of the business’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $81.74, for a total transaction of $602,015.10. Following the sale, the vice president directly owned 406 shares of the company’s stock, valued at $33,186.44. This represents a 94.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 24,699 shares of company stock valued at $1,955,304. Insiders own 0.54% of the company’s stock.

About Trimble

Trimble Inc provides technology solutions that enable professionals and field mobile workers to enhance or transform their work processes worldwide. The company's Buildings and Infrastructure segment offers field and office software for project design and visualization; systems to guide and control construction equipment; software for 3D design and data sharing; systems to monitor, track, and manage assets, equipment, and workers; software to share and communicate data; program management solutions for construction owners; 3D conceptual design and modeling software; building information modeling software; enterprise resource planning, project management, and project collaboration solutions; integrated site layout and measurement systems; cost estimating, scheduling, and project controls solutions; and applications for sub-contractors and trades.