Zacks Investment Research upgraded shares of Itron (NASDAQ:ITRI) from a hold rating to a buy rating in a research report sent to investors on Monday morning, Zacks.com reports. The brokerage currently has $67.00 target price on the scientific and technical instruments company’s stock.
According to Zacks, “Itron reported strong first quarter results wherein both earnings and revenues surpassed the estimates and grew year over year on the back of favorable demand conditions and strengthening supply chain environment. The company witnessed growing customer deployments which remained a major positive. Further, Itron delivered robust performance in North America AMI market. All these factors aided the performance of Networked Solutions segment which drove the top-line growth in the reported quarter. Additionally, strengthening recurring managed service offerings aided the performance of Outcomes segment of Itron. Also, benefits from Silver Spring Networks buyout remained tailwinds. However, sluggishness in Device Solutions segment due to weakening EMEA volumes remained an overhang. Notably, shares of Itron have underperformed the industry it belongs to over a year.”
Other research analysts have also recently issued research reports about the stock. Robert W. Baird raised shares of Itron from a neutral rating to an outperform rating and increased their target price for the stock from $56.00 to $62.00 in a report on Tuesday, May 7th. ValuEngine raised shares of Itron from a sell rating to a hold rating in a report on Wednesday, May 8th. Oppenheimer increased their target price on shares of Itron from $60.00 to $68.00 and gave the stock an outperform rating in a report on Tuesday, May 7th. BidaskClub raised shares of Itron from a strong sell rating to a sell rating in a report on Thursday, February 7th. Finally, JMP Securities dropped their target price on shares of Itron from $80.00 to $72.00 and set a market outperform rating for the company in a report on Thursday, February 28th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Itron currently has an average rating of Buy and an average target price of $70.22.
ITRI stock opened at $57.01 on Monday. The stock has a market capitalization of $2.24 billion, a PE ratio of 21.51, a P/E/G ratio of 0.86 and a beta of 1.37. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.40 and a quick ratio of 1.07. Itron has a 12 month low of $44.35 and a 12 month high of $66.95.
Itron (NASDAQ:ITRI) last posted its earnings results on Monday, May 6th. The scientific and technical instruments company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.27. The firm had revenue of $614.58 million during the quarter, compared to analysts’ expectations of $591.88 million. Itron had a net margin of 1.87% and a return on equity of 17.97%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.13 earnings per share. As a group, analysts anticipate that Itron will post 2.66 EPS for the current year.
In related news, major shareholder Scopia Capital Management Lp sold 66,810 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $54.21, for a total value of $3,621,770.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Philip Mezey sold 22,645 shares of the firm’s stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $60.75, for a total transaction of $1,375,683.75. Following the completion of the transaction, the chief executive officer now owns 87,077 shares of the company’s stock, valued at approximately $5,289,927.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 673,678 shares of company stock valued at $34,787,733. 2.35% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of ITRI. Premia Global Advisors LLC bought a new position in Itron in the 1st quarter valued at approximately $41,000. Oppenheimer Asset Management Inc. bought a new position in Itron in the 4th quarter valued at approximately $44,000. Smithfield Trust Co. raised its holdings in Itron by 2,120.0% in the 1st quarter. Smithfield Trust Co. now owns 1,443 shares of the scientific and technical instruments company’s stock valued at $67,000 after buying an additional 1,378 shares during the last quarter. ETF Managers Group LLC raised its holdings in Itron by 15.6% in the 4th quarter. ETF Managers Group LLC now owns 1,818 shares of the scientific and technical instruments company’s stock valued at $86,000 after buying an additional 246 shares during the last quarter. Finally, Osborn Williams & Donohoe LLC bought a new position in Itron during the 1st quarter worth approximately $95,000. Institutional investors and hedge funds own 97.81% of the company’s stock.
Itron, Inc, a technology and service company, provides end-to-end solutions that measures, manages, and analyzes energy and water use worldwide. The company operates through three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing.
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