Short Interest in Itron, Inc. (NASDAQ:ITRI) Declines By 5.5%

Itron, Inc. (NASDAQ:ITRI) saw a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 3,270,000 shares, a decrease of 5.5% from the August 31st total of 3,460,000 shares. Approximately 7.4% of the shares of the stock are sold short. Based on an average trading volume of 631,200 shares, the short-interest ratio is presently 5.2 days.

Analysts Set New Price Targets

Several research firms recently weighed in on ITRI. Janney Montgomery Scott started coverage on Itron in a research report on Friday, September 27th. They set a “buy” rating and a $131.00 price target on the stock. BNP Paribas assumed coverage on shares of Itron in a research report on Thursday, September 5th. They issued an “outperform” rating and a $133.00 price target for the company. Canaccord Genuity Group raised their price target on shares of Itron from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Guggenheim upgraded shares of Itron from a “neutral” rating to a “buy” rating and set a $130.00 price objective on the stock in a research note on Thursday, July 11th. Finally, Robert W. Baird lifted their target price on shares of Itron from $115.00 to $123.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $119.67.

Insider Activity

In other news, CFO Joan S. Hooper sold 509 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $102.15, for a total transaction of $51,994.35. Following the sale, the chief financial officer now directly owns 72,338 shares of the company’s stock, valued at $7,389,326.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Thomas Deitrich sold 887 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $102.15, for a total value of $90,607.05. Following the completion of the transaction, the chief executive officer now owns 205,276 shares of the company’s stock, valued at approximately $20,968,943.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Joan S. Hooper sold 509 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $102.15, for a total transaction of $51,994.35. Following the sale, the chief financial officer now directly owns 72,338 shares in the company, valued at $7,389,326.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,776 shares of company stock worth $584,721. Insiders own 1.45% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Silvercrest Asset Management Group LLC bought a new position in Itron during the first quarter worth $401,000. Norges Bank bought a new position in shares of Itron during the 4th quarter worth about $24,504,000. Select Equity Group L.P. increased its holdings in shares of Itron by 86.2% during the 2nd quarter. Select Equity Group L.P. now owns 603,877 shares of the scientific and technical instruments company’s stock worth $59,760,000 after purchasing an additional 279,629 shares during the period. Hood River Capital Management LLC acquired a new position in shares of Itron during the second quarter valued at about $22,612,000. Finally, Driehaus Capital Management LLC bought a new stake in shares of Itron in the second quarter valued at about $18,758,000. 96.19% of the stock is currently owned by institutional investors and hedge funds.

Itron Stock Down 1.6 %

Shares of Itron stock opened at $105.08 on Wednesday. Itron has a 12-month low of $56.11 and a 12-month high of $113.07. The company has a quick ratio of 2.61, a current ratio of 3.16 and a debt-to-equity ratio of 0.98. The stock has a 50 day moving average price of $101.06 and a two-hundred day moving average price of $100.10. The stock has a market capitalization of $4.82 billion, a P/E ratio of 30.20, a PEG ratio of 0.90 and a beta of 1.47.

Itron (NASDAQ:ITRI) last announced its earnings results on Thursday, August 1st. The scientific and technical instruments company reported $1.21 EPS for the quarter, topping the consensus estimate of $0.96 by $0.25. The firm had revenue of $609.07 million for the quarter, compared to the consensus estimate of $599.25 million. Itron had a net margin of 7.98% and a return on equity of 16.42%. The business’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 EPS. Equities analysts expect that Itron will post 4.59 earnings per share for the current year.

About Itron

Itron, Inc, a technology, solutions, and service company, provides end-to-end solutions that help manage energy, water, and smart city operations worldwide. It operates in three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing, such as standard gas, electricity, water, and communicating meters, as well as heat and allocation products.