Zacks Investment Research upgraded shares of Trimble (NASDAQ:TRMB) from a sell rating to a hold rating in a research note published on Wednesday morning.
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.”
A number of other equities analysts have also weighed in on TRMB. TheStreet lowered Trimble from a b rating to a c+ rating in a research note on Thursday, February 8th. Oppenheimer set a $50.00 price objective on Trimble and gave the stock a buy rating in a research note on Friday, February 9th. BidaskClub lowered Trimble from a buy rating to a hold rating in a research note on Wednesday, February 7th. Needham & Company LLC reaffirmed a buy rating and issued a $45.00 price objective (up previously from $42.00) on shares of Trimble in a research note on Sunday, October 29th. Finally, Wells Fargo & Co upped their price objective on Trimble from $34.00 to $37.00 and gave the stock a market perform rating in a research note on Friday, October 27th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Trimble currently has an average rating of Hold and a consensus target price of $42.10.
Trimble (NASDAQ:TRMB) last released its quarterly earnings data on Thursday, February 8th. The scientific and technical instruments company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. The firm had revenue of $708.40 million during the quarter, compared to analyst estimates of $674.84 million. Trimble had a return on equity of 13.37% and a net margin of 4.56%. The business’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 earnings per share. research analysts forecast that Trimble will post 1.49 EPS for the current year.
Trimble announced that its board has approved a share repurchase program on Wednesday, November 15th that permits the company to repurchase $600.00 million in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In related news, CEO Steven W. Berglund sold 200,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $39.25, for a total value of $7,850,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Jurgen Kliem sold 995 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $42.50, for a total value of $42,287.50. Following the completion of the sale, the vice president now owns 18,175 shares in the company, valued at $772,437.50. The disclosure for this sale can be found here. Insiders sold 207,507 shares of company stock worth $8,165,726 over the last quarter. 1.40% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of TRMB. Arrowstreet Capital Limited Partnership raised its position in Trimble by 107.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,973,352 shares of the scientific and technical instruments company’s stock valued at $80,197,000 after purchasing an additional 1,023,051 shares during the period. Global X Management Co. LLC raised its position in Trimble by 127.2% during the fourth quarter. Global X Management Co. LLC now owns 1,693,235 shares of the scientific and technical instruments company’s stock valued at $68,813,000 after purchasing an additional 947,868 shares during the period. First Quadrant L P CA raised its position in Trimble by 9,319.3% during the third quarter. First Quadrant L P CA now owns 609,052 shares of the scientific and technical instruments company’s stock valued at $23,905,000 after purchasing an additional 602,586 shares during the period. KAMES CAPITAL plc raised its position in Trimble by 238.9% during the fourth quarter. KAMES CAPITAL plc now owns 763,144 shares of the scientific and technical instruments company’s stock valued at $31,014,000 after purchasing an additional 537,988 shares during the period. Finally, Global X MANAGEMENT CO LLC raised its position in Trimble by 176.1% during the third quarter. Global X MANAGEMENT CO LLC now owns 745,367 shares of the scientific and technical instruments company’s stock valued at $29,256,000 after purchasing an additional 475,414 shares during the period. Institutional investors and hedge funds own 90.41% of the company’s stock.
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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