Trimble (TRMB) Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Trimble (NASDAQ:TRMB) from a buy rating to a hold rating in a report issued on Saturday. They currently have $40.00 price target on the scientific and technical instruments company’s stock.
According to Zacks, “Trimble’s third-quarter earnings are driven by 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.”
A number of other brokerages have also issued reports on TRMB. ValuEngine upgraded Trimble from a hold rating to a buy rating in a research report on Wednesday, September 12th. BidaskClub upgraded Trimble from a strong sell rating to a sell rating in a research report on Wednesday, August 29th. Finally, Robert W. Baird boosted their price target on Trimble from $44.00 to $47.00 and gave the stock an outperform rating in a research report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $43.80.
Trimble (NASDAQ:TRMB) last announced its quarterly earnings results on Thursday, November 1st. The scientific and technical instruments company reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.03). Trimble had a return on equity of 16.21% and a net margin of 5.32%. The business had revenue of $804.70 million for the quarter, compared to analyst estimates of $806.12 million. During the same quarter last year, the firm posted $0.39 EPS. The company’s revenue was up 18.9% compared to the same quarter last year. Equities analysts expect that Trimble will post 1.66 EPS for the current year.
In other news, CFO Robert G. Painter sold 750 shares of the company’s stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $38.87, for a total value of $29,152.50. Following the completion of the sale, the chief financial officer now owns 10,888 shares in the company, valued at $423,216.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Robert G. Painter sold 1,800 shares of the company’s stock in a transaction on Friday, November 16th. The shares were sold at an average price of $35.43, for a total value of $63,774.00. Following the completion of the sale, the chief financial officer now owns 22,114 shares of the company’s stock, valued at approximately $783,499.02. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,064 shares of company stock valued at $1,896,658. Insiders own 0.36% of the company’s stock.
Several institutional investors have recently made changes to their positions in TRMB. Csenge Advisory Group acquired a new stake in shares of Trimble during the third quarter worth $108,000. Teachers Advisors LLC raised its position in shares of Trimble by 10.5% during the third quarter. Teachers Advisors LLC now owns 763,564 shares of the scientific and technical instruments company’s stock worth $33,184,000 after purchasing an additional 72,324 shares during the period. Neuberger Berman Group LLC raised its position in shares of Trimble by 93.1% during the third quarter. Neuberger Berman Group LLC now owns 1,263,074 shares of the scientific and technical instruments company’s stock worth $54,893,000 after purchasing an additional 609,099 shares during the period. Mackenzie Financial Corp raised its position in shares of Trimble by 17.9% during the third quarter. Mackenzie Financial Corp now owns 240,666 shares of the scientific and technical instruments company’s stock worth $10,459,000 after purchasing an additional 36,455 shares during the period. Finally, Advisors Asset Management Inc. raised its position in shares of Trimble by 14.9% during the third quarter. Advisors Asset Management Inc. now owns 30,010 shares of the scientific and technical instruments company’s stock worth $1,304,000 after purchasing an additional 3,885 shares during the period. Institutional investors and hedge funds own 90.46% of the company’s stock.
Trimble Company Profile
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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