Trimble Inc. (TRMB) has agreed to sell its Iron Solutions business to Randall Reilly. While financial terms remained undisclosed, the acquisition is expected to close in Q3.
Trimble’s technology solutions help professionals and field workers in transforming their work processes. Randall-Reilly is a B2B data and analytics platform that provides market intelligence helping deliver better outcomes. It serves transportation, construction, agriculture, and other industrial markets.
Trimble’s Iron Solutions unit provides market intelligence, analytics, and cloud-based enterprise systems to the heavy equipment industry. These services facilitate equipment transactions while also improving the productivity of dealers and lenders.
Randall-Reilly President and CEO Matt Reilly said, “The addition of Iron Guides, a market standard for used equipment valuation among lenders enables us to super-serve both our dealer and buyer audiences.” (See Trimble stock chart on TipRanks)
Rob Painter, President and CEO of Trimble, commented, “As we refocus our efforts on Trimble’s core capabilities, Iron Solutions will be an ideal fit with Randall-Reilly’s existing portfolio of market intelligence solutions.”
Last month, Robert W. Baird analyst Richard Eastman reiterated a Buy rating on the stock and increased the price target to $81 from $72. This implies 3.5% upside potential to current price levels.
Eastman noted the stock can be bought into on dips owing to infrastructure/earnings power opportunity and balance sheet optionality.
Based on 3 Buys and 1 Hold, consensus among analysts is a Strong Buy. The TRMB average analyst price target of $87.75 implies 12.1% upside potential. That’s after shares have surged 81.9% over the past year.
Related News:
Corsair Gaming Enters Meme Stocks List; Shares Rise
State Street Provides Upbeat Guidance for Q2 Revenues; Shares Gain 1.3%
Lazydays Holdings To Acquire Burlington RV Superstore; Shares Gain 3.9%
