Prudential Financial Inc. lifted its position in Trimble Navigation Ltd. (NASDAQ:TRMB) by 108.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 595,502 shares of the scientific and technical instruments company’s stock after acquiring an additional 309,784 shares during the quarter. Prudential Financial Inc. owned 0.24% of Trimble Navigation worth $23,373,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. USA Financial Portformulas Corp raised its holdings in shares of Trimble Navigation by 187.6% in the third quarter. USA Financial Portformulas Corp now owns 22,383 shares of the scientific and technical instruments company’s stock valued at $879,000 after acquiring an additional 14,599 shares in the last quarter. Trillium Asset Management LLC raised its holdings in shares of Trimble Navigation by 40.4% in the third 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 acquiring an additional 15,646 shares in the last quarter. State of Tennessee Treasury Department raised its holdings in shares of Trimble Navigation by 40.6% in the third quarter. State of Tennessee Treasury Department now owns 215,889 shares of the scientific and technical instruments company’s stock valued at $8,474,000 after acquiring an additional 62,389 shares in the last quarter. State of Wisconsin Investment Board raised its holdings in shares of Trimble Navigation by 14.6% in the third quarter. State of Wisconsin Investment Board now owns 249,356 shares of the scientific and technical instruments company’s stock valued at $9,787,000 after acquiring an additional 31,761 shares in the last quarter. Finally, Stevens Capital Management LP bought a new stake in shares of Trimble Navigation in the third quarter valued at about $2,905,000. Hedge funds and other institutional investors own 90.85% of the company’s stock.
Several analysts recently weighed in on the company. Zacks Investment Research downgraded Trimble Navigation from a “buy” rating to a “hold” rating in a report on Wednesday, November 1st. Needham & Company LLC restated a “buy” rating and issued a $45.00 price objective (up from $42.00) on shares of Trimble Navigation in a report on Sunday, October 29th. Oppenheimer Holdings, Inc. lifted their price objective on Trimble Navigation from $41.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, October 27th. Wells Fargo & Company lifted their target price on Trimble Navigation from $34.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, October 27th. Finally, Piper Jaffray Companies set a $43.00 target price on Trimble Navigation and gave the company a “buy” rating in a research note on Sunday, October 1st. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $41.70.
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In other news, CEO Steven W. Berglund sold 200,000 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $40.45, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Chris Gibson sold 23,430 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $38.01, for a total value of $890,574.30. Following the sale, the vice president now owns 38,419 shares in the company, valued at approximately $1,460,306.19. The disclosure for this sale can be found here. Insiders have sold 501,440 shares of company stock worth $19,807,647 in the last 90 days. Insiders own 1.40% of the company’s stock.
Trimble Navigation Ltd. (NASDAQ:TRMB) opened at $41.53 on Friday. Trimble Navigation Ltd. has a 52 week low of $27.18 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 $10,307.11, a PE ratio of 32.75, a price-to-earnings-growth ratio of 2.87 and a beta of 2.34.
Trimble Navigation (NASDAQ:TRMB) last issued its quarterly earnings results on Thursday, October 26th. The scientific and technical instruments company reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.02. Trimble Navigation had a return on equity of 12.97% and a net margin of 7.66%. The business had revenue of $670.00 million for the quarter, compared to analyst estimates of $660.11 million. During the same quarter in the previous year, the firm earned $0.33 earnings per share. The company’s revenue was up 14.7% on a year-over-year basis. equities research analysts expect that Trimble Navigation Ltd. will post 1.27 EPS for the current fiscal year.
Trimble Navigation announced that its Board of Directors has authorized a share buyback program on Wednesday, November 15th that allows the company to buyback $600.00 million in outstanding shares. This buyback authorization allows the scientific and technical instruments company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
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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