Itron (NASDAQ:ITRI) Sets New 52-Week High After Better-Than-Expected Earnings

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

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

Analysts Set New Price Targets

ITRI has been the topic of a number of recent research reports. Stephens reaffirmed an “equal weight” rating and issued a $110.00 price objective on shares of Itron in a research note on Monday, August 5th. JPMorgan Chase & Co. raised their price target on shares of Itron from $104.00 to $112.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Janney Montgomery Scott started coverage on Itron in a report on Friday, September 27th. They set a “buy” rating and a $131.00 price objective for the company. Guggenheim upgraded Itron from a “neutral” rating to a “buy” rating and set a $130.00 target price on the stock in a report on Thursday, July 11th. Finally, Roth Mkm upped their price target on Itron from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $123.50.

Insider Activity

In related news, SVP Donald L. Reeves III sold 4,210 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $101.00, for a total value 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Donald L. Reeves III sold 4,210 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 16,269 shares in the company, valued at $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 this hyperlink. Also, CFO Joan S. Hooper sold 509 shares of the company’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 $51,994.35. Following the completion of the transaction, the chief financial officer now owns 72,338 shares in the company, valued at approximately $7,389,326.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 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 insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ITRI. Commonwealth Equity Services LLC bought a new stake in Itron in the 1st quarter valued at about $1,076,000. Jupiter Asset Management Ltd. purchased a new stake in shares of Itron during the 1st quarter valued at approximately $2,029,000. Sculptor Capital LP purchased a new stake in shares of Itron during the 2nd quarter valued at approximately $5,255,000. UniSuper Management Pty Ltd bought a new position in Itron in the 1st quarter worth approximately $904,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Itron by 113.0% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 30,988 shares of the scientific and technical instruments company’s stock valued at $2,867,000 after buying an additional 16,441 shares in the last quarter. Institutional investors own 96.19% of the company’s stock.

Itron Price Performance

The firm has a market cap of $5.03 billion, a P/E ratio of 27.61, a PEG ratio of 0.87 and a beta of 1.47. The business’s fifty day simple moving average is $103.68 and its 200-day simple moving average is $102.41. The company has a current ratio of 3.16, a quick ratio of 2.61 and a debt-to-equity ratio of 0.98.

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.