Trimble (TRMB) Rating Lowered to Sell at Zacks Investment Research
Trimble (NASDAQ:TRMB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
According to Zacks, “Trimble reported mixed fourth quarter results. Negative impact of U.S. trade policy remained an overhang for the company throughout the quarter. It did hurt Trimble’s performance in China. Lower Chinese demand for agricultural products affected the company’s agriculture business and is expected to continue in 2019. Further, sluggish civil construction business of Trimble remained a big negative during the reported quarter and is also likely to remain a headwind this year which does not bode well for its robust building and infrastructure business. Notably, the stock has underperformed the industry it belongs to over a year. Nevertheless, the company benefited from its well-performing segments. Further, positive contributions from strategic acquisitions drove the results. Also, growing subscription revenues remained positive for the company. However, growing competition and unfavorable foreign exchange fluctuations are concerns.”
Several other equities research analysts have also issued reports on TRMB. BidaskClub lowered shares of Trimble from a “hold” rating to a “sell” rating in a research note on Wednesday, December 12th. Robert W. Baird boosted their price objective on shares of Trimble from $44.00 to $47.00 and gave the stock an “outperform” rating in a research note on Friday, November 2nd. Finally, JPMorgan Chase & Co. upgraded shares of Trimble from a “neutral” rating to an “overweight” rating and lowered their price objective for the stock from $41.00 to $40.00 in a research note on Thursday, January 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $41.00.
Trimble (NASDAQ:TRMB) last issued its quarterly earnings results on Wednesday, February 6th. The scientific and technical instruments company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.01. Trimble had a net margin of 9.10% and a return on equity of 16.48%. The firm had revenue of $792.90 million for the quarter, compared to analyst estimates of $809.82 million. During the same period in the previous year, the business earned $0.39 EPS. The company’s revenue was up 11.9% compared to the same quarter last year. As a group, equities research analysts forecast that Trimble will post 1.85 EPS for the current fiscal year.
In related news, SVP Darryl R. Matthews sold 2,400 shares of Trimble stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $37.21, for a total transaction of $89,304.00. Following the completion of the sale, the senior vice president now owns 13,841 shares of the company’s stock, valued at approximately $515,023.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert G. Painter sold 1,800 shares of Trimble stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $35.43, for a total transaction of $63,774.00. Following the sale, the chief financial officer now directly owns 22,114 shares of the company’s stock, valued at approximately $783,499.02. The disclosure for this sale can be found here. Insiders have sold a total of 18,492 shares of company stock worth $715,754 over the last 90 days. 0.36% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in TRMB. Quantamental Technologies LLC bought a new stake in Trimble in the 4th quarter valued at about $68,000. Oregon Public Employees Retirement Fund boosted its holdings in Trimble by 3,229.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,272,537 shares of the scientific and technical instruments company’s stock valued at $99,000 after purchasing an additional 3,174,232 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Trimble by 215.3% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,396 shares of the scientific and technical instruments company’s stock valued at $104,000 after purchasing an additional 1,636 shares during the period. Csenge Advisory Group bought a new stake in Trimble in the 3rd quarter valued at about $108,000. Finally, Commerce Bank bought a new stake in Trimble in the 3rd quarter valued at about $211,000. 92.22% of the stock is owned by institutional investors and hedge funds.
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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