Trimble shares close lower on Monday, company appoints David Barnes as its next Chief Financial Officer

Trimble Inc (TRMB) said on Monday that David Barnes would become part of its team on December 2nd and would be appointed as its next Chief Financial Officer, effective January 4th 2020.

Trimble shares closed lower for the seventh time in the past ten trading sessions on NASDAQ on Monday. It has also been the steepest daily loss since November 12th. The stock went down 1.89% ($0.75) to $38.91, after touching an intraday low at $38.71, or a price level not seen since November 14th ($38.61).

Shares of Trimble Inc have risen 18.23% so far this year, following a 19.02% drop in 2018.

Having more than 35 years of financial and strategic management experience, David Barnes was Chief Financial Officer at MWH Global Inc, an international provider of engineering and construction services. While being at MWH, he also was a member of the company’s board of directors and was responsible for Information Technology and Procurement.

After MWH was sold to Stantec Inc, Barnes assumed operational responsibility for Stantec’s businesses outside North America.

“We are excited to welcome David to Trimble as our new CFO,” Rob Painter, Trimble’s incoming president and Chief Executive Officer, said in a statement.

“David brings extensive financial, operational and strategic experience. This, combined with David’s experience in effectively and efficiently scaling global businesses, will be a significant asset to Trimble as we enter our next phase of growth,” Painter added.

Analyst stock price forecast and recommendation

According to CNN Money, the 10 analysts, offering 12-month forecasts regarding Trimble Inc’s stock price, have a median target of $46.00, with a high estimate of $52.00 and a low estimate of $35.00. The median estimate represents an 18.22% upside compared to the closing price of $38.91 on November 18th.

The same media also reported that at least 5 out of 12 surveyed investment analysts had rated Trimble Inc’s stock as “Buy”, while 4 – as “Hold”.