Itron (NASDAQ:ITRI) Hits New 1-Year High on Strong Earnings

Itron, Inc. (NASDAQ:ITRI) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock 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, topping analysts’ consensus estimates of $1.13 by $0.71. Itron had a net margin of 7.98% and a return on equity of 16.42%. The firm had revenue of $615.46 million for the quarter, compared to analyst estimates of $596.41 million. During the same period in the prior year, the firm earned $0.98 earnings per share. The business’s quarterly revenue was up 9.8% compared to the same quarter last year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ITRI shares. Oppenheimer raised their price objective on shares of Itron from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday. BNP Paribas assumed coverage on Itron in a report on Thursday, September 5th. They set an “outperform” rating and a $133.00 price target for the company. Guggenheim upgraded Itron from a “neutral” rating to a “buy” rating and set a $130.00 price objective on the stock in a report on Thursday, July 11th. Piper Sandler raised their target price on Itron from $110.00 to $119.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Stephens reaffirmed an “equal weight” rating and issued a $110.00 price target on shares of Itron in a report on Monday, August 5th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $123.50.

Insider Activity

In other Itron news, SVP Donald L. Reeves III sold 4,210 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $101.00, for a total transaction of $425,210.00. Following the transaction, the senior vice president now directly owns 16,269 shares of the company’s stock, valued at approximately $1,643,169. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Thomas Deitrich sold 37,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $104.83, for a total value of $3,931,125.00. Following the transaction, the chief executive officer now owns 205,276 shares of the company’s stock, valued at approximately $21,519,083.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Donald L. Reeves III sold 4,210 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were 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 directly owns 16,269 shares in the company, valued at $1,643,169. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,276 shares of company stock valued at $4,515,846 in the last ninety days. 1.45% of the stock is currently owned by company insiders.

Institutional Trading of Itron

Several hedge funds have recently made changes to their positions in the company. Hexagon Capital Partners LLC raised its holdings in Itron by 85.6% during the second quarter. Hexagon Capital Partners LLC now owns 271 shares of the scientific and technical instruments company’s stock worth $27,000 after purchasing an additional 125 shares in the last quarter. Quarry LP boosted its holdings in Itron by 53.0% in the 2nd quarter. Quarry LP now owns 352 shares of the scientific and technical instruments company’s stock valued at $35,000 after purchasing an additional 122 shares in the last quarter. Covestor Ltd increased its position in Itron by 26.1% during the 3rd quarter. Covestor Ltd now owns 536 shares of the scientific and technical instruments company’s stock worth $57,000 after purchasing an additional 111 shares during the period. GAMMA Investing LLC raised its stake in shares of Itron by 46.6% during the 2nd quarter. GAMMA Investing LLC now owns 720 shares of the scientific and technical instruments company’s stock worth $71,000 after buying an additional 229 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Itron by 21.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 724 shares of the scientific and technical instruments company’s stock valued at $77,000 after buying an additional 129 shares during the period. Institutional investors and hedge funds own 96.19% of the company’s stock.

Itron Stock Performance

The stock has a 50 day moving average of $103.68 and a two-hundred day moving average of $102.41. The stock has a market capitalization of $5.03 billion, a PE ratio of 27.61, a P/E/G ratio of 0.87 and a beta of 1.47. The company has a debt-to-equity ratio of 0.98, a current ratio of 3.16 and a quick ratio of 2.61.

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.