JPMorgan Chase & Co. Has Lowered Expectations for Trimble (NASDAQ:TRMB) Stock Price

Trimble (NASDAQ:TRMB) had its price target cut by research analysts at JPMorgan Chase & Co. from $75.00 to $73.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 36.09% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Raymond James Financial downgraded shares of Trimble from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Wall Street Zen upgraded Trimble from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. Barclays increased their price objective on Trimble from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Weiss Ratings raised Trimble from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Finally, Oppenheimer lowered their target price on Trimble from $80.00 to $73.00 and set an “outperform” rating on the stock in a research note on Thursday. Nine research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.44.

Trimble Stock Performance

Shares of NASDAQ TRMB traded down $0.61 during midday trading on Thursday, reaching $53.64. The company’s stock had a trading volume of 4,780,666 shares, compared to its average volume of 2,528,719. The stock has a market capitalization of $12.51 billion, a P/E ratio of -109.47, a PEG ratio of 2.12 and a beta of 1.32. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.95 and a quick ratio of 0.82. The firm has a 50 day moving average price of $59.94 and a 200-day moving average price of $60.68. Trimble has a 12-month low of $47.92 and a 12-month high of $84.42.

Trimble (NASDAQ:TRMB) last announced its earnings results on Wednesday, November 4th. The scientific and technical instruments company reported $0.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.86. The firm had revenue of $966.80 million during the quarter, compared to analyst estimates of $966.41 million. Trimble had a positive return on equity of 12.29% and a negative net margin of 2.77%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same period last year, the firm posted $0.81 EPS. As a group, equities analysts predict that Trimble will post 3.10 earnings per share for the current year.

Insider Activity

In related news, Director Kaigham Gabriel sold 2,476 shares of the business’s stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $65.00, for a total transaction of $160,940.00. Following the completion of the transaction, the director directly owned 14,950 shares in the company, valued at $971,750. The trade was a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Trimble

Several institutional investors and hedge funds have recently made changes to their positions in TRMB. BlackRock Inc. bought a new stake in shares of Trimble in the 2nd quarter worth approximately $1,096,304,000. Generation Investment Management LLP bought a new position in Trimble in the 2nd quarter valued at approximately $367,994,000. Primecap Management Co. CA bought a new position in Trimble in the 2nd quarter valued at approximately $200,405,000. Legal & General Group Plc purchased a new stake in Trimble during the 2nd quarter valued at $112,613,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Trimble in the 2nd quarter worth $109,046,000. Hedge funds and other institutional investors own 93.21% of the company’s stock.

More Trimble News

Here are the key news stories impacting Trimble this week:

• Positive Sentiment: Third-quarter revenue rose 7.3% to $966.8 million, slightly above estimates, while adjusted EPS of $0.86 matched consensus. Strength in AECO helped lift results. TRMB Q3 Earnings Meet Estimates as AECO Growth Lifts Revenues
• Positive Sentiment: Annualized recurring revenue reached a record $2.56 billion, supporting the longer-term subscription-growth story. Trimble: The Company That Sold the Tractor Business to Buy the Whole Job Site
• Negative Sentiment: Trimble lowered its growth outlook as recurring growth slows, with a sluggish European freight market adding to concerns. This weaker forward picture is the main near-term headwind despite the quarter’s growth. Trimble cuts growth outlook as European freight market slows
• Negative Sentiment: Several analysts trimmed price targets after the results: Baird lowered its target to $67 from $70, Loop Capital to $70 from $76, and Wells Fargo to $60 from $61. Wells Fargo maintained an Overweight rating. Baird Adjusts Price Target on Trimble to $67 From $70

About Trimble

Trimble Inc develops technology solutions that connect the physical and digital worlds across construction, geospatial, transportation, agriculture, natural resources and other industrial markets. Its portfolio combines positioning technologies, field and office software, data services, connected devices and autonomous or machine-control systems to help customers plan, measure, build, manage and maintain physical assets.

The company’s products and services include surveying and mapping equipment, global navigation satellite system and positioning technologies, construction modeling and project-management software, machine-control systems, fleet and transportation-management solutions, and agricultural guidance and precision-farming tools.