Zacks Investment Research downgraded shares of Trimble Navigation Ltd. (NASDAQ:TRMB) from a buy rating to a hold rating in a research report released on Wednesday, November 1st.
According to Zacks, “Trimble has outperformed the industry on a year-to-date basis. The company’s aggressive acquisition strategy is helping it to rapidly expand product portfolio, improve competitive positions and enter new markets. Recent acquisitions have expanded Trimble’s Transportation, Agriculture Management and Forest solutions portfolio. Moreover, 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 is helping in improving profits. The company expects operating margin expansion to continue, going forward. However, intensifying competition, weakness in European Geospatial market, slow down in Asia Pacific, uncertainty in the United States and Mexico are major headwinds. Recent acquisitions are also expected to be dilutive to the bottom-line, which does not augur well for investors.”
Several other research firms have also commented on TRMB. Dougherty & Co raised their target price on Trimble Navigation from $40.00 to $45.00 and gave the stock a buy rating in a report on Wednesday, July 26th. Needham & Company LLC reissued a buy rating and issued a $42.00 price objective (up from $37.00) on shares of Trimble Navigation in a report on Thursday, August 3rd. Oppenheimer Holdings, Inc. reissued an outperform rating and issued a $41.00 price objective (up from $39.00) on shares of Trimble Navigation in a report on Friday, August 4th. Craig Hallum reissued a hold rating and issued a $36.00 price objective (up from $30.00) on shares of Trimble Navigation in a report on Thursday, August 3rd. Finally, Berenberg Bank started coverage on Trimble Navigation in a report on Wednesday, August 23rd. They issued a hold rating and a $38.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Trimble Navigation presently has a consensus rating of Buy and a consensus target price of $41.70.
Shares of Trimble Navigation (NASDAQ TRMB) traded up $0.37 during mid-day trading on Wednesday, hitting $41.79. The stock had a trading volume of 851,117 shares, compared to its average volume of 994,888. The firm has a market capitalization of $10,600.00, a price-to-earnings ratio of 33.14, a PEG ratio of 2.91 and a beta of 2.33. Trimble Navigation has a fifty-two week low of $27.18 and a fifty-two 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.
Trimble Navigation (NASDAQ:TRMB) last posted its earnings results on Thursday, October 26th. The scientific and technical instruments company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.37 by $0.02. The firm had revenue of $670.00 million for the quarter, compared to analyst estimates of $660.11 million. Trimble Navigation had a return on equity of 12.97% and a net margin of 7.66%. Trimble Navigation’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period last year, the company earned $0.33 earnings per share. equities analysts expect that Trimble Navigation will post 1.27 earnings per share for the current year.
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Trimble Navigation declared that its Board of Directors has approved a share buyback program 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 reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.
In other Trimble Navigation news, CEO Steven W. Berglund sold 200,000 shares of Trimble Navigation stock in a transaction on Monday, October 30th. The stock was sold at an average price of $40.45, for a total value of $8,090,000.00. Following the sale, the chief executive officer now owns 350,489 shares in the company, valued at $14,177,280.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP James Veneziano sold 13,502 shares of Trimble Navigation stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $41.40, for a total value of $558,982.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 514,942 shares of company stock worth $20,366,629. 1.40% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of TRMB. Balyasny Asset Management LLC grew its stake in shares of Trimble Navigation by 234.9% in the second quarter. Balyasny Asset Management LLC now owns 1,624,717 shares of the scientific and technical instruments company’s stock valued at $57,954,000 after buying an additional 1,139,589 shares in the last quarter. Vanguard Group Inc. grew its stake in Trimble Navigation by 4.2% during the 2nd quarter. Vanguard Group Inc. now owns 21,314,854 shares of the scientific and technical instruments company’s stock worth $760,302,000 after purchasing an additional 849,914 shares in the last quarter. Capital International Investors grew its stake in Trimble Navigation by 8.6% during the 2nd quarter. Capital International Investors now owns 8,029,625 shares of the scientific and technical instruments company’s stock worth $286,417,000 after purchasing an additional 639,190 shares in the last quarter. First Quadrant L P CA grew its stake in Trimble Navigation by 9,319.3% during the 3rd quarter. First Quadrant L P CA now owns 609,052 shares of the scientific and technical instruments company’s stock worth $23,905,000 after purchasing an additional 602,586 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Trimble Navigation by 405.7% during the 2nd quarter. Renaissance Technologies LLC now owns 633,844 shares of the scientific and technical instruments company’s stock worth $22,609,000 after buying an additional 508,500 shares during the last quarter. 88.80% of the stock is owned by institutional investors and hedge funds.
About Trimble Navigation
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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