Zacks Investment Research upgraded shares of Itron, Inc. (NASDAQ:ITRI) from a sell rating to a hold rating in a report published on Monday, July 17th.
According to Zacks, “Itron is likely to benefit from consistent focus on restructuring strategy, product development, and strong bookings and backlog position. The company anticipates that its investment in the OpenWay Riva IoT solution, and differentiated software and services offerings, combined with ongoing operational discipline, will drive financial results. Itron's recent acquisition of Comverge will enable it to offer a unique solution for utilities to better integrate their distributed energy resources, and optimize grid performance and reliability. Further, strong cash flow position and new projects will prove conducive to growth. Moreover, Itron has outperformed the Zacks categorized Electrical Test Equipment sub industry over the past one year. However, Itron’s performance will be hurt by fluctuation in currency rates. Higher expenses and increased competition also pose challenges for the company in the near term.”
A number of other equities research analysts have also weighed in on ITRI. Canaccord Genuity reissued a buy rating and issued a $72.00 target price on shares of Itron in a research note on Friday, May 26th. Guggenheim started coverage on Itron in a research note on Tuesday, June 20th. They issued a buy rating and a $81.00 target price for the company. BidaskClub lowered Itron from a strong-buy rating to a buy rating in a research note on Thursday, June 22nd. Finally, Robert W. Baird reissued an outperform rating and issued a $73.00 target price on shares of Itron in a research note on Thursday, July 13th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $79.00.
Itron (NASDAQ ITRI) traded down 1.45% during mid-day trading on Monday, reaching $71.60. 217,948 shares of the company’s stock traded hands. Itron has a 12 month low of $47.15 and a 12 month high of $75.60. The firm’s 50-day moving average price is $71.09 and its 200 day moving average price is $65.62. The stock has a market capitalization of $2.77 billion, a PE ratio of 88.61 and a beta of 1.10.
Itron (NASDAQ:ITRI) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.03. Itron had a return on equity of 15.43% and a net margin of 1.60%. The firm had revenue of $503.10 million during the quarter, compared to analyst estimates of $491.80 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. The company’s revenue was down 1.9% compared to the same quarter last year. Equities research analysts predict that Itron will post $3.07 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its position in Itron by 2.0% in the second quarter. PNC Financial Services Group Inc. now owns 1,610 shares of the scientific and technical instruments company’s stock worth $109,000 after buying an additional 31 shares during the last quarter. LS Investment Advisors LLC raised its position in Itron by 56.2% in the first quarter. LS Investment Advisors LLC now owns 1,892 shares of the scientific and technical instruments company’s stock worth $115,000 after buying an additional 681 shares during the last quarter. Pacad Investment Ltd. raised its position in Itron by 21.4% in the second quarter. Pacad Investment Ltd. now owns 1,700 shares of the scientific and technical instruments company’s stock worth $115,000 after buying an additional 300 shares during the last quarter. Riverhead Capital Management LLC raised its position in Itron by 74.8% in the second quarter. Riverhead Capital Management LLC now owns 2,097 shares of the scientific and technical instruments company’s stock worth $142,000 after buying an additional 897 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in Itron by 1.5% in the first quarter. SG Americas Securities LLC now owns 2,366 shares of the scientific and technical instruments company’s stock worth $144,000 after buying an additional 36 shares during the last quarter. 94.63% of the stock is owned by institutional investors and hedge funds.
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. It provides a portfolio of products, solutions, software and services to electric, gas and water utility customers across the globe.
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