Zacks Investment Research upgraded shares of Itron (NASDAQ:ITRI) from a sell rating to a hold rating in a research note released on Thursday morning.
According to Zacks, “Itron reported mixed second quarter results wherein revenues improved but earnings were down year over year. The company witnessed strong bookings and improvement in its backlogs. Itron continued to benefit from growing customer demand, owing to its robust product portfolio. Further, positive contributions from Riva projects drove the top-line growth. Nevertheless, strong position in North America’s water communication space remained positive throughout the quarter. Additionally, buyout of Silver Spring Networks contributed well to the network segment’s growth, which remains a significant growth factor for the company. However, inefficiencies related to global supply chain and elevated costs related to this are major concerns as it poses risk to margin expansion. Moreover, shares of Itron have underperformed the industry it belongs to over a year.”
Other research analysts also recently issued reports about the company. Guggenheim set a $73.00 price target on Itron and gave the company a buy rating in a report on Monday, August 6th. Cowen set a $80.00 target price on Itron and gave the stock a buy rating in a research note on Monday, August 6th. Canaccord Genuity set a $84.00 target price on Itron and gave the stock a buy rating in a research note on Wednesday, June 6th. TheStreet downgraded Itron from a b rating to a c rating in a research note on Monday, May 14th. Finally, BidaskClub downgraded Itron from a buy rating to a hold rating in a research note on Thursday, April 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $80.91.
Itron (NASDAQ:ITRI) last announced its quarterly earnings results on Monday, August 6th. The scientific and technical instruments company reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. Itron had a positive return on equity of 12.86% and a negative net margin of 5.18%. The business had revenue of $585.89 million for the quarter, compared to the consensus estimate of $592.12 million. During the same period last year, the business posted $0.71 EPS. The business’s revenue was up 16.5% compared to the same quarter last year. research analysts predict that Itron will post 2.79 EPS for the current year.
In other Itron news, insider Lynda L. Ziegler sold 978 shares of Itron stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $59.30, for a total transaction of $57,995.40. Following the completion of the sale, the insider now owns 13,894 shares of the company’s stock, valued at approximately $823,914.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Scopia Capital Management Lp purchased 128,620 shares of the stock in a transaction on Wednesday, May 23rd. The shares were purchased at an average cost of $59.66 per share, with a total value of $7,673,469.20. The disclosure for this purchase can be found here. Insiders own 2.03% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Itron by 8.2% in the 2nd quarter. BlackRock Inc. now owns 5,056,574 shares of the scientific and technical instruments company’s stock valued at $303,648,000 after buying an additional 384,272 shares during the period. Robecosam AG raised its holdings in Itron by 213.6% in the 1st quarter. Robecosam AG now owns 345,000 shares of the scientific and technical instruments company’s stock worth $24,685,000 after purchasing an additional 235,000 shares during the period. First Trust Advisors LP raised its holdings in Itron by 52.1% in the 2nd quarter. First Trust Advisors LP now owns 575,715 shares of the scientific and technical instruments company’s stock worth $34,572,000 after purchasing an additional 197,199 shares during the period. Marcato Capital Management LP raised its holdings in Itron by 8.7% in the 1st quarter. Marcato Capital Management LP now owns 937,000 shares of the scientific and technical instruments company’s stock worth $67,042,000 after purchasing an additional 75,000 shares during the period. Finally, KBC Group NV raised its holdings in Itron by 22.1% in the 2nd quarter. KBC Group NV now owns 369,524 shares of the scientific and technical instruments company’s stock worth $22,190,000 after purchasing an additional 66,954 shares during the period. 94.65% of the stock is owned by institutional investors.
Itron Company Profile
Itron, Inc, a technology company, provides end-to-end solutions that measures, manages, and analyzes energy and water use worldwide. The company operates through three segments: Electricity, Gas, and Water. It offers standard electromechanical and electronic, gas, and water and heat meters; and smart electricity, gas, and water meters and communication modules.
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