Yahoo Finance Trimble (TRMB) Advances Agri-Tech Footprint With Sabanto Deal
Trimble TRMB is expanding its footprint in the realm of autonomous farming technology through its recent collaboration with Sabanto. Per the agreement, TRMB is integrating BX992 Dual Antenna GNSS receivers and the advanced Trimble CenterPoint RTX into Sabanto’s autonomy solutions.
The integration positions Trimble as a key provider of advanced autonomous technology for Sabanto's fleet.
Trimble enhances the performance of autonomous tractors and empowers farmers with centimeter-level precision and reliability for their autonomous equipment.
This collaboration marks a significant leap toward enhancing agricultural efficiency, minimizing downtime and mitigating labor shortages through the seamless integration of advanced positioning systems into autonomous farming practices.
Trimble Inc. Price and Consensus
Trimble Inc. price-consensus-chart | Trimble Inc. Quote
Trimble’s Growth Prospects Plenty
Trimble‘s latest collaboration will help it to strengthen its footprint in autonomous farming technology.
Per a Mordor Intelligence report, the agricultural tractor market is expected to hit $66.92 billion in 2023 and reach $86.23 billion by 2028, witnessing a CAGR of 5.2% between 2023 and 2028.
Strong momentum in the promising agricultural technology market will likely boost investors’ optimism amid macroeconomic challenges.
TRMB has lost 7.5% in the year-to-date period compared with the Zacks Computer & Technology sector’s rally of 43.6%.
Trimble's initiatives to broaden its product portfolio are expected to help its shares rebound in 2024.
Expanding its GNSS technology, Trimble partnered with The HALO Trust and its foundation fund. This collaboration contributed high-precision GNSS technology to enhance landmine-clearance operations in Ukraine, offering improved accuracy, streamlined data flows and increased operational efficiency and safety.
Trimble recently collaborated with IIT Kanpur to support an innovative UAV program, offering advanced georeferencing products, hardware, software and training to empower India's growing UAV market.
TRMB’s collaboration with Microsoft’s MSFT cloud business AZURE and Ferguson plc FERG contribute to its expanding clientele.
Trimble integrates Azure AI Document Intelligence for Automatic Invoicing in Viewpoint Spectrum and Viewpoint Vista construction ERP software, streamlining invoice processing and improving accuracy.
Trimble and Ferguson boost construction supply chain efficiency by integrating Ferguson into Trimble Supplier Xchange, offering seamless digital connections, advanced pricing and streamlined procurement for mutual customers.
Trimble's commitment to diversifying its portfolio and enhancing technological capabilities through collaborations is expected to influence its financial performance.
For fourth-quarter 2023, Trimble expects revenues between $890 million and $930 million. The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $911.4 million, suggesting 6.41% year-over-year growth. The consensus mark for earnings is pegged at 58 cents.
Zacks Rank & Stocks to Consider
Currently, TRMB carries a Zacks Rank #3 (Hold).
A better-ranked stock in the broader technology sector is Flex FLEX, which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FLEX’s share has returned 18.4.4% on a year-to-date basis.
Long-term earnings growth rates for Flex are pegged at 12.39%.
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