Itron, Inc. (NASDAQ:ITRI) – Equities research analysts at Oppenheimer reduced their FY2018 earnings per share (EPS) estimates for Itron in a report issued on Thursday. Oppenheimer analyst N. Kaye now forecasts that the scientific and technical instruments company will post earnings of $3.23 per share for the year, down from their prior forecast of $3.57.
A number of other analysts also recently issued reports on the company. Zacks Investment Research upgraded Itron from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research report on Monday, August 28th. JMP Securities set a $102.00 price target on Itron and gave the stock a “buy” rating in a research report on Thursday, October 12th. Argus restated a “buy” rating and issued a $80.00 price target (up from $78.00) on shares of Itron in a research report on Tuesday, September 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $84.00 target price on shares of Itron in a research report on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $81.78.
Itron (NASDAQ:ITRI) last issued its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.12). The company had revenue of $486.75 million during the quarter, compared to the consensus estimate of $526.55 million. Itron had a return on equity of 14.84% and a net margin of 3.42%. The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.77 earnings per share.
Institutional investors have recently made changes to their positions in the company. Bessemer Group Inc. purchased a new position in shares of Itron during the third quarter valued at $620,000. Delta Lloyd Asset Management N.V. purchased a new position in Itron in the second quarter valued at about $4,743,000. Municipal Employees Retirement System of Michigan grew its stake in Itron by 39.9% in the third quarter. Municipal Employees Retirement System of Michigan now owns 17,080 shares of the scientific and technical instruments company’s stock valued at $1,323,000 after purchasing an additional 4,870 shares during the last quarter. Laurion Capital Management LP purchased a new position in Itron in the second quarter valued at about $906,000. Finally, Shelton Capital Management purchased a new position in Itron in the second quarter valued at about $563,000. Hedge funds and other institutional investors own 93.54% of the company’s stock.
In other news, major shareholder Scopia Capital Management Lp purchased 38,925 shares of the business’s stock in a transaction dated Thursday, December 21st. The shares were purchased at an average price of $69.44 per share, for a total transaction of $2,702,952.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Thomas Deitrich sold 11,899 shares of the firm’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $69.27, for a total value of $824,243.73. Following the transaction, the chief operating officer now owns 82,776 shares in the company, valued at approximately $5,733,893.52. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 671,511 shares of company stock valued at $46,471,216. Corporate insiders own 2.03% of the company’s stock.
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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. It provides a portfolio of products, solutions, software and services to electric, gas and water utility customers across the globe.
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