Trimble (TRMB) Upgraded to “Overweight” at JPMorgan Chase & Co.

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JPMorgan Chase & Co. upgraded shares of Trimble (NASDAQ:TRMB) from a neutral rating to an overweight rating in a research note released on Thursday, Marketbeat reports. They currently have $40.00 price target on the scientific and technical instruments company’s stock, down from their previous price target of $41.00.

A number of other brokerages have also recently issued reports on TRMB. BidaskClub upgraded shares of Trimble from a sell rating to a hold rating in a research note on Friday, September 14th. ValuEngine upgraded shares of Trimble from a hold rating to a buy rating in a research note on Wednesday, September 12th. Zacks Investment Research cut shares of Trimble from a buy rating to a hold rating in a research note on Tuesday, October 16th. Finally, Robert W. Baird upped their target price on shares of Trimble from $44.00 to $47.00 and gave the company an outperform rating in a research note on Friday, November 2nd. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Trimble currently has a consensus rating of Buy and an average price target of $42.50.

Trimble stock traded down $0.09 during mid-day trading on Thursday, reaching $35.21. The stock had a trading volume of 867,500 shares, compared to its average volume of 949,300. The stock has a market cap of $8.62 billion, a price-to-earnings ratio of 27.51, a PEG ratio of 1.77 and a beta of 2.24. Trimble has a one year low of $29.75 and a one year high of $45.70. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.08 and a quick ratio of 0.79.

Trimble (NASDAQ:TRMB) last announced its quarterly earnings results on Thursday, November 1st. The scientific and technical instruments company reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.03). The firm had revenue of $804.70 million during the quarter, compared to the consensus estimate of $806.12 million. Trimble had a return on equity of 16.21% and a net margin of 5.32%. The business’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 EPS. On average, equities analysts expect that Trimble will post 1.67 EPS for the current fiscal year.

In other Trimble news, insider James A. Kirkland sold 14,292 shares of the company’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $39.37, for a total transaction of $562,676.04. Following the transaction, the insider now owns 51,436 shares in the company, valued at approximately $2,025,035.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert G. Painter sold 750 shares of the company’s stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $38.87, for a total transaction of $29,152.50. Following the transaction, the chief financial officer now owns 10,888 shares in the company, valued at approximately $423,216.56. The disclosure for this sale can be found here. Insiders have sold a total of 19,242 shares of company stock worth $744,907 in the last 90 days. Company insiders own 0.36% of the company’s stock.

Several large investors have recently modified their holdings of TRMB. Bank of New York Mellon Corp lifted its stake in shares of Trimble by 24,279.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,787,337 shares of the scientific and technical instruments company’s stock worth $164,597,000 after purchasing an additional 3,771,802 shares during the period. Capital International Investors lifted its stake in shares of Trimble by 38.2% in the 3rd quarter. Capital International Investors now owns 11,285,352 shares of the scientific and technical instruments company’s stock worth $490,461,000 after purchasing an additional 3,121,423 shares during the period. FMR LLC lifted its stake in shares of Trimble by 28.7% in the 2nd quarter. FMR LLC now owns 8,494,787 shares of the scientific and technical instruments company’s stock worth $278,969,000 after purchasing an additional 1,893,300 shares during the period. Select Equity Group L.P. lifted its stake in shares of Trimble by 95.0% in the 3rd quarter. Select Equity Group L.P. now owns 3,645,708 shares of the scientific and technical instruments company’s stock worth $158,442,000 after purchasing an additional 1,776,477 shares during the period. Finally, Capital World Investors bought a new position in shares of Trimble in the 3rd quarter worth approximately $65,199,000. Hedge funds and other institutional investors own 90.31% of the company’s stock.

About Trimble

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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