BidaskClub cut shares of Trimble (NASDAQ:TRMB) from a strong-buy rating to a buy rating in a report released on Thursday, December 7th.
Other analysts have also issued research reports about the company. Zacks Investment Research lowered Trimble from a buy rating to a hold rating in a report on Wednesday, November 1st. Needham & Company LLC reissued 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. Oppenheimer boosted their price objective on Trimble from $41.00 to $45.00 and gave the company an outperform rating in a research report on Friday, October 27th. Wells Fargo & Co boosted their price objective on Trimble from $34.00 to $37.00 and gave the company a market perform rating in a research report on Friday, October 27th. Finally, Piper Jaffray Companies set a $43.00 price objective on Trimble and gave the company a buy rating in a research report on Sunday, October 1st. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Trimble currently has a consensus rating of Buy and a consensus price target of $41.60.
Trimble (TRMB) traded down $0.33 during mid-day trading on Thursday, hitting $40.64. The stock had a trading volume of 748,200 shares, compared to its average volume of 911,867. Trimble has a 52-week low of $28.61 and a 52-week high of $43.97. The company has a quick ratio of 1.12, a current ratio of 1.44 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $10,314.66, a PE ratio of 53.47, a P/E/G ratio of 2.88 and a beta of 2.35.
Trimble announced that its Board of Directors has initiated a share repurchase plan on Wednesday, November 15th that authorizes the company to buyback $600.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to purchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In related news, SVP Sachin Sankpal sold 6,512 shares of the stock in a transaction that occurred on Friday, November 24th. The stock was sold at an average price of $41.99, for a total value of $273,438.88. Following the transaction, the senior vice president now owns 17,997 shares of the company’s stock, valued at $755,694.03. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Jurgen Kliem sold 995 shares of the stock in a transaction on Monday, December 4th. The shares were sold at an average price of $42.50, for a total value of $42,287.50. Following the sale, the vice president now directly owns 18,175 shares in the company, valued at approximately $772,437.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 320,278 shares of company stock worth $12,969,243. Company insiders own 1.40% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Chicago Equity Partners LLC bought a new stake in Trimble during the 2nd quarter valued at $782,000. Great Lakes Advisors LLC purchased a new stake in shares of Trimble during the 2nd quarter valued at $2,254,000. Principal Financial Group Inc. lifted its holdings in shares of Trimble by 26.0% during the 2nd quarter. Principal Financial Group Inc. now owns 1,307,351 shares of the scientific and technical instruments company’s stock valued at $46,633,000 after purchasing an additional 269,710 shares during the last quarter. Trillium Asset Management LLC lifted its holdings in shares of Trimble by 40.4% during the 3rd quarter. Trillium Asset Management LLC now owns 54,353 shares of the scientific and technical instruments company’s stock valued at $2,133,000 after purchasing an additional 15,646 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Trimble by 9.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 24,944 shares of the scientific and technical instruments company’s stock valued at $890,000 after purchasing an additional 2,136 shares during the last quarter. 89.68% of the stock is currently owned by institutional investors and hedge funds.
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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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