Itron (NASDAQ:ITRI) released its earnings results on Monday. The scientific and technical instruments company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.24, Briefing.com reports. Itron had a positive return on equity of 12.86% and a negative net margin of 5.18%. The firm had revenue of $595.96 million during the quarter, compared to the consensus estimate of $604.98 million. During the same period in the prior year, the firm posted $0.77 earnings per share. The firm’s revenue for the quarter was up 22.4% compared to the same quarter last year. Itron updated its FY 2018 guidance to $2.40-2.50 EPS and its FY18 guidance to $2.40-2.50 EPS.
NASDAQ:ITRI traded down $2.67 during trading hours on Tuesday, hitting $52.10. 17,313 shares of the stock traded hands, compared to its average volume of 245,708. The company has a quick ratio of 1.18, a current ratio of 1.51 and a debt-to-equity ratio of 1.61. Itron has a fifty-two week low of $49.85 and a fifty-two week high of $77.40. The company has a market cap of $2.14 billion, a P/E ratio of 17.05, a price-to-earnings-growth ratio of 0.93 and a beta of 1.10.
A number of brokerages have recently commented on ITRI. BidaskClub downgraded Itron from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 25th. Argus upgraded Itron from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research report on Wednesday, August 22nd. Guggenheim set a $73.00 price objective on Itron and gave the company a “buy” rating in a research report on Monday, August 6th. Zacks Investment Research upgraded Itron from a “sell” rating to a “hold” rating in a research report on Thursday, August 9th. Finally, ValuEngine upgraded Itron from a “sell” rating to a “hold” rating in a research report on Wednesday, August 8th. Three analysts have rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $77.00.
In other Itron news, insider Philip Mezey sold 16,694 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $65.04, for a total transaction of $1,085,777.76. Following the sale, the insider now directly owns 93,341 shares of the company’s stock, valued at approximately $6,070,898.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.32% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Everence Capital Management Inc. acquired a new position in shares of Itron in the third quarter worth $202,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Itron in the second quarter worth $271,000. Cubist Systematic Strategies LLC increased its stake in shares of Itron by 21.6% in the second quarter. Cubist Systematic Strategies LLC now owns 5,125 shares of the scientific and technical instruments company’s stock worth $308,000 after acquiring an additional 909 shares during the last quarter. CAPROCK Group Inc. increased its stake in shares of Itron by 28.7% in the second quarter. CAPROCK Group Inc. now owns 6,035 shares of the scientific and technical instruments company’s stock worth $362,000 after acquiring an additional 1,346 shares during the last quarter. Finally, Xact Kapitalforvaltning AB increased its stake in shares of Itron by 66.8% in the first quarter. Xact Kapitalforvaltning AB now owns 5,244 shares of the scientific and technical instruments company’s stock worth $375,000 after acquiring an additional 2,100 shares during the last quarter. 93.73% of the stock is currently owned by institutional investors and hedge funds.
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Itron, Inc, a technology company, provides end-to-end solutions that measures, manages, and analyzes energy and water use worldwide. The company operates through three segments: Electricity, Gas, and Water. It offers standard electromechanical and electronic, gas, and water and heat meters; and smart electricity, gas, and water meters and communication modules.
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