Trimble (TRMB) Stock Price Up 5.1%
Trimble Inc (NASDAQ:TRMB) shares rose 5.1% during trading on Monday . The stock traded as high as $40.20 and last traded at $40.00. Approximately 2,237,239 shares were traded during trading, an increase of 116% from the average daily volume of 1,038,022 shares. The stock had previously closed at $38.07.
TRMB has been the topic of several recent research reports. Oppenheimer reaffirmed a “buy” rating on shares of Trimble in a report on Thursday, October 19th. Wells Fargo & Co raised their target price on shares of Trimble from $34.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, October 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 target price (up from $42.00) on shares of Trimble in a report on Sunday, October 29th. Zacks Investment Research raised shares of Trimble from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Tuesday, October 31st. Finally, BidaskClub cut shares of Trimble from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $42.10.
The firm has a market capitalization of $9,960.00, a P/E ratio of 85.11, a PEG ratio of 2.33 and a beta of 2.38. The company has a current ratio of 1.63, a quick ratio of 1.29 and a debt-to-equity ratio of 0.33.
Trimble declared that its Board of Directors has initiated a share repurchase plan 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. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, SVP Sachin Sankpal sold 6,512 shares of Trimble stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $41.99, for a total value of $273,438.88. Following the transaction, the senior vice president now directly owns 17,997 shares of the company’s stock, valued at $755,694.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jurgen Kliem sold 995 shares of Trimble stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $42.50, for a total transaction of $42,287.50. Following the completion of the transaction, the vice president now directly owns 18,175 shares in the company, valued at $772,437.50. The disclosure for this sale can be found here. Insiders sold 46,579 shares of company stock worth $1,923,335 over the last three months. 1.40% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in Trimble by 1.2% in the fourth quarter. BlackRock Inc. now owns 23,195,889 shares of the scientific and technical instruments company’s stock valued at $942,682,000 after acquiring an additional 277,736 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Trimble by 0.4% during the third quarter. Bank of New York Mellon Corp now owns 8,243,002 shares of the scientific and technical instruments company’s stock worth $323,537,000 after buying an additional 33,278 shares during the last quarter. State Street Corp grew its stake in shares of Trimble by 0.4% during the second quarter. State Street Corp now owns 8,192,632 shares of the scientific and technical instruments company’s stock worth $292,228,000 after buying an additional 35,154 shares during the last quarter. Capital International Investors grew its stake in shares of Trimble by 0.5% during the third quarter. Capital International Investors now owns 8,068,056 shares of the scientific and technical instruments company’s stock worth $316,671,000 after buying an additional 38,431 shares during the last quarter. Finally, King Luther Capital Management Corp grew its stake in shares of Trimble by 2.1% during the fourth quarter. King Luther Capital Management Corp now owns 3,628,431 shares of the scientific and technical instruments company’s stock worth $147,459,000 after buying an additional 73,934 shares during the last quarter. 90.41% of the stock is currently owned by institutional investors and hedge funds.
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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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