Itron, Inc. (ITRI) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research cut shares of Itron, Inc. (NASDAQ:ITRI) from a buy rating to a hold rating in a report published on Friday.
According to Zacks, “Itron expects revenues to be between $2.03 million and $2.06 billion and adjusted earnings per share between $2.95 and $3.15 for the full year. Itron continues to focus on expanding its portfolio of outcome-based solutions, aimed at higher growth opportunities utilizing the power of the OpenWay Riva platform. The company’s restructuring projects will help in reducing costs and increase manufacturing flexibility. Moreover, the Comverge acquisition, strong bookings and backlog, and new projects are anticipated to fuel growth. However, Itron‘s liquidity could be affected by the stability of electricity, gas, and water industries and competitive pressures. Elevated expenses and fluctuation in currency rates may mar income in the near term. The company underperformed the industry over the past year. “
ITRI has been the subject of several other reports. BidaskClub cut Itron from a strong-buy rating to a buy rating in a research report on Thursday, June 22nd. JMP Securities set a $88.00 target price on Itron and gave the stock a buy rating in a research report on Tuesday, July 18th. Canaccord Genuity reaffirmed a buy rating and issued a $78.00 target price on shares of Itron in a research report on Friday, July 14th. Robert W. Baird cut Itron from an outperform rating to a neutral rating and raised their target price for the stock from $73.00 to $77.00 in a research report on Wednesday, July 26th. They noted that the move was a valuation call. Finally, Cowen and Company set a $74.00 target price on Itron and gave the stock a hold rating in a research report on Thursday, August 3rd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $80.13.
Itron (NASDAQ:ITRI) traded up 0.14% during mid-day trading on Friday, reaching $72.70. 140,899 shares of the company traded hands. The stock has a 50 day moving average price of $72.49 and a 200-day moving average price of $66.67. Itron has a 52-week low of $51.55 and a 52-week high of $75.60. The company has a market capitalization of $2.81 billion, a P/E ratio of 89.98 and a beta of 1.08.
Itron (NASDAQ:ITRI) last posted its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.71 earnings per share for the quarter, beating the 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 company had revenue of $503.10 million during the quarter, compared to analysts’ expectations of $491.80 million. During the same period in the prior year, the business earned $0.65 earnings per share. Itron’s revenue for the quarter was down 1.9% compared to the same quarter last year. Analysts expect that Itron will post $3.07 EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ITRI. 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 valued at $109,000 after buying an additional 31 shares in 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 valued at $115,000 after buying an additional 300 shares in 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 valued at $115,000 after buying an additional 681 shares in 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 valued at $142,000 after buying an additional 897 shares in 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 valued at $144,000 after buying an additional 36 shares in the last quarter. Hedge funds and other institutional investors own 93.81% of the company’s stock.
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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