Itron, Inc. (ITRI) Upgraded at Zacks Investment Research
Itron, Inc. (NASDAQ:ITRI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage currently has a $81.00 target price on the scientific and technical instruments company’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.03% from the company’s current price.
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 2017. Its favorable mix of business, in addition to operational efficiencies and greater day-to-day business discipline, will drive earnings growth. 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. The company outperformed the industry over the past year.”
A number of other analysts have also commented on the company. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $78.00 price objective (up from $75.00) on shares of Itron in a research report on Friday, August 4th. Needham & Company LLC reiterated a “buy” rating and issued a $84.00 price objective (up from $74.00) on shares of Itron in a research report on Thursday, August 3rd. Cowen and Company set a $74.00 price objective on Itron and gave the stock a “hold” rating in a research report on Thursday, August 3rd. BidaskClub lowered Itron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Finally, Robert W. Baird lowered Itron from an “outperform” rating to a “neutral” rating and lifted their price objective 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. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Itron currently has a consensus rating of “Buy” and a consensus target price of $80.13.
Itron (ITRI) traded up 0.28% on Monday, hitting $72.50. 26,031 shares of the company’s stock traded hands. The stock has a market cap of $2.81 billion, a PE ratio of 89.73 and a beta of 1.10. The stock has a 50-day moving average of $72.06 and a 200-day moving average of $66.34. Itron has a one year low of $47.58 and a one year high of $75.60.
Itron (NASDAQ:ITRI) last announced its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.71 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.03. The firm had revenue of $503.10 million during the quarter, compared to analyst estimates of $491.80 million. Itron had a return on equity of 15.43% and a net margin of 1.60%. The company’s revenue was down 1.9% on a year-over-year basis. During the same period last year, the company earned $0.65 earnings per share. On average, equities analysts forecast that Itron will post $3.07 earnings per share for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Itron by 0.9% in the second quarter. BlackRock Inc. now owns 4,377,905 shares of the scientific and technical instruments company’s stock valued at $296,603,000 after buying an additional 38,104 shares during the period. Vanguard Group Inc. boosted its position in Itron by 7.7% in the first quarter. Vanguard Group Inc. now owns 3,795,716 shares of the scientific and technical instruments company’s stock valued at $230,400,000 after buying an additional 271,194 shares during the period. Wellington Management Group LLP boosted its position in Itron by 65.7% in the first quarter. Wellington Management Group LLP now owns 1,786,445 shares of the scientific and technical instruments company’s stock valued at $108,437,000 after buying an additional 708,009 shares during the period. Impax Asset Management LTD boosted its position in Itron by 11.7% in the first quarter. Impax Asset Management LTD now owns 1,435,638 shares of the scientific and technical instruments company’s stock valued at $87,140,000 after buying an additional 149,909 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Itron by 94.2% in the second quarter. Bank of New York Mellon Corp now owns 895,681 shares of the scientific and technical instruments company’s stock valued at $60,683,000 after buying an additional 434,500 shares during the period. Institutional investors and hedge funds own 93.81% of the company’s stock.
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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