Zacks Investment Research Upgrades Itron (ITRI) to Buy

Zacks Investment Research upgraded shares of Itron (NASDAQ:ITRI) from a hold rating to a buy rating in a report published on Monday, Zacks.com reports. The firm currently has $67.00 price objective on the scientific and technical instruments company’s stock.

According to Zacks, “Itron reported strong first quarter results wherein both earnings and revenues surpassed the estimates and grew year over year on the back of favorable demand conditions and strengthening supply chain environment. The company witnessed growing customer deployments which remained a major positive. Further, Itron delivered robust performance in North America AMI market. All these factors aided the performance of Networked Solutions segment which drove the top-line growth in the reported quarter. Additionally, strengthening recurring managed service offerings aided the performance of Outcomes segment of Itron. Also, benefits from Silver Spring Networks buyout remained tailwinds. However, sluggishness in Device Solutions segment due to weakening EMEA volumes remained an overhang. Notably, shares of Itron have underperformed the industry it belongs to over a year.”

Other research analysts have also issued research reports about the company. Needham & Company LLC cut their price objective on Itron to $75.00 and set a buy rating for the company in a research report on Wednesday, January 23rd. Cowen set a $67.00 price objective on Itron and gave the company a buy rating in a research report on Thursday, February 28th. ValuEngine upgraded Itron from a sell rating to a hold rating in a research report on Wednesday, May 8th. BidaskClub upgraded Itron from a sell rating to a hold rating in a research report on Saturday, February 23rd. Finally, JMP Securities cut their price objective on Itron from $80.00 to $72.00 and set a market outperform rating for the company in a research report on Thursday, February 28th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $70.22.

Shares of ITRI stock opened at $58.76 on Monday. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 22.17, a price-to-earnings-growth ratio of 0.86 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.40 and a debt-to-equity ratio of 1.43. Itron has a 52-week low of $44.35 and a 52-week high of $66.95.

Itron (NASDAQ:ITRI) last issued its quarterly earnings data on Monday, May 6th. The scientific and technical instruments company reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.27. The firm had revenue of $614.58 million during the quarter, compared to analyst estimates of $591.88 million. Itron had a return on equity of 17.97% and a net margin of 1.87%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.13 earnings per share. Analysts expect that Itron will post 2.66 EPS for the current year.

In related news, major shareholder Scopia Capital Management Lp sold 66,810 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $54.21, for a total value of $3,621,770.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Philip Mezey sold 3,657 shares of the stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $60.65, for a total transaction of $221,797.05. Following the completion of the transaction, the chief executive officer now directly owns 109,722 shares of the company’s stock, valued at approximately $6,654,639.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 673,678 shares of company stock valued at $34,787,733. 2.35% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in ITRI. Premia Global Advisors LLC bought a new stake in Itron in the first quarter worth about $41,000. Oppenheimer Asset Management Inc. bought a new stake in Itron in the fourth quarter worth about $44,000. Smithfield Trust Co. lifted its stake in Itron by 2,120.0% in the first quarter. Smithfield Trust Co. now owns 1,443 shares of the scientific and technical instruments company’s stock worth $67,000 after purchasing an additional 1,378 shares during the last quarter. ETF Managers Group LLC lifted its stake in Itron by 15.6% in the fourth quarter. ETF Managers Group LLC now owns 1,818 shares of the scientific and technical instruments company’s stock worth $86,000 after purchasing an additional 246 shares during the last quarter. Finally, Osborn Williams & Donohoe LLC bought a new stake in Itron in the first quarter worth about $95,000. 97.81% of the stock is owned by hedge funds and other institutional investors.

Itron Company Profile

Itron, Inc, a technology and service company, provides end-to-end solutions that measures, manages, and analyzes energy and water use worldwide. The company operates through three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing.

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Analyst Recommendations for Itron (NASDAQ:ITRI)

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