Itron (NASDAQ:ITRI) Reaches New 12-Month High on Better-Than-Expected Earnings

Itron, Inc. (NASDAQ:ITRI) hit a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $115.92 and last traded at $114.34, with a volume of 261950 shares traded. The stock had previously closed at $103.86.

The scientific and technical instruments company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.71. Itron had a return on equity of 16.42% and a net margin of 7.98%. The business had revenue of $615.46 million for the quarter, compared to analysts’ expectations of $596.41 million. During the same quarter in the prior year, the business earned $0.98 EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ITRI shares. Roth Mkm increased their price target on shares of Itron from $125.00 to $130.00 and gave the company a “buy” rating in a report on Friday. Guggenheim raised Itron from a “neutral” rating to a “buy” rating and set a $130.00 price target for the company in a report on Thursday, July 11th. Janney Montgomery Scott assumed coverage on Itron in a report on Friday, September 27th. They issued a “buy” rating and a $131.00 price objective on the stock. Piper Sandler lifted their target price on Itron from $110.00 to $119.00 and gave the stock a “neutral” rating in a report on Friday. Finally, BNP Paribas initiated coverage on shares of Itron in a research note on Thursday, September 5th. They issued an “outperform” rating and a $133.00 price target on the stock. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $123.50.

Insider Buying and Selling at Itron

In other Itron news, CEO Thomas Deitrich sold 887 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $102.15, for a total value of $90,607.05. Following the sale, the chief executive officer now owns 205,276 shares of the company’s stock, valued at approximately $20,968,943.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Itron news, SVP Donald L. Reeves III sold 4,210 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $101.00, for a total transaction of $425,210.00. Following the completion of the transaction, the senior vice president now owns 16,269 shares of the company’s stock, valued at approximately $1,643,169. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $90,607.05. Following the completion of the sale, the chief executive officer now owns 205,276 shares in the company, valued at approximately $20,968,943.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,276 shares of company stock worth $4,515,846 over the last three months. Corporate insiders own 1.45% of the company’s stock.

Hedge Funds Weigh In On Itron

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC acquired a new position in shares of Itron during the first quarter worth $1,076,000. Sequoia Financial Advisors LLC acquired a new stake in shares of Itron during the first quarter valued at about $1,228,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Itron by 10.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,697 shares of the scientific and technical instruments company’s stock valued at $10,242,000 after purchasing an additional 10,716 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Itron in the first quarter valued at approximately $346,000. Finally, Jennison Associates LLC raised its holdings in Itron by 19.3% in the 1st quarter. Jennison Associates LLC now owns 5,625 shares of the scientific and technical instruments company’s stock valued at $520,000 after buying an additional 909 shares during the last quarter. Institutional investors own 96.19% of the company’s stock.

Itron Trading Up 0.0 %

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 company has a market cap of $5.03 billion, a price-to-earnings ratio of 27.61, a PEG ratio of 0.87 and a beta of 1.47. The firm has a 50 day moving average price of $103.68 and a two-hundred day moving average price of $102.41.

Itron Company Profile

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.