Itron Inc. (ITRI) Receives “Buy” Rating from Canaccord Genuity
Itron Inc. (NASDAQ:ITRI)‘s stock had its “buy” rating restated by research analysts at Canaccord Genuity in a report issued on Monday. They currently have a $61.00 price objective on the stock, up from their previous price objective of $57.00. Canaccord Genuity’s target price would indicate a potential upside of 8.35% from the company’s previous close.
A number of other analysts also recently issued reports on ITRI. Robert W. Baird set a $56.00 price objective on shares of Itron and gave the stock a “buy” rating in a report on Sunday, September 4th. Needham & Company LLC raised their price objective on shares of Itron from $46.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, September 2nd. Zacks Investment Research downgraded shares of Itron from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th. Cowen and Company reiterated a “market perform” rating and issued a $50.00 target price (up previously from $45.00) on shares of Itron in a research note on Sunday, September 4th. Finally, TheStreet downgraded shares of Itron from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $52.75.
Itron (NASDAQ:ITRI) opened at 56.35 on Monday. The firm has a market capitalization of $2.15 billion, a PE ratio of 42.12 and a beta of 1.43. The company’s 50-day moving average is $51.99 and its 200-day moving average is $44.93. Itron has a 52-week low of $29.02 and a 52-week high of $56.35.
Itron (NASDAQ:ITRI) last posted its quarterly earnings data on Thursday, September 1st. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.22. Itron had a net margin of 2.62% and a return on equity of 10.94%. The business earned $513.02 million during the quarter. During the same quarter last year, the business posted ($0.39) EPS. The business’s quarterly revenue was up 9.0% on a year-over-year basis. Analysts forecast that Itron will post $2.37 EPS for the current fiscal year.
In related news, major shareholder Scopia Capital Management Lp bought 83,303 shares of the company’s stock in a transaction on Tuesday, September 13th. The stock was acquired at an average cost of $53.84 per share, for a total transaction of $4,485,033.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas S. Glanville sold 4,000 shares of Itron stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $53.15, for a total transaction of $212,600.00. Following the sale, the director now owns 20,783 shares of the company’s stock, valued at $1,104,616.45. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in ITRI. Scopia Capital Management LP raised its stake in shares of Itron by 26.6% in the first quarter. Scopia Capital Management LP now owns 4,475,083 shares of the company’s stock valued at $186,700,000 after buying an additional 940,900 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Itron by 164.6% in the first quarter. UBS Asset Management Americas Inc. now owns 742,060 shares of the company’s stock valued at $30,959,000 after buying an additional 461,562 shares during the last quarter. Frontier Capital Management Co. LLC raised its stake in shares of Itron by 35.0% in the second quarter. Frontier Capital Management Co. LLC now owns 1,773,931 shares of the company’s stock valued at $76,456,000 after buying an additional 459,922 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Itron by 9.0% in the second quarter. Vanguard Group Inc. now owns 3,145,447 shares of the company’s stock valued at $135,568,000 after buying an additional 260,300 shares during the last quarter. Finally, Robecosam AG bought a new stake in shares of Itron during the second quarter valued at about $9,642,000. Institutional investors and hedge funds own 96.92% of the company’s stock.
Itron Company Profile
Itron, Inc (Itron) is a technology and service company. The Company provides solutions that measure, manage, and analyze energy and water use. The Company operates through three segments: Electricity, Gas and Water. The Company is the supplier of electricity metering solutions, including standard meters and advanced and smart metering systems.
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