Itron, Inc. (ITRI) Upgraded to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Itron, Inc. (NASDAQ:ITRI) from a sell rating to a hold rating in a report issued on Monday morning.
According to Zacks, “Itron is likely to benefit from consistent focus on restructuring strategy, product development, and strong bookings and backlog position. The company anticipates that its investment in the OpenWay Riva IoT solution, and differentiated software and services offerings, combined with ongoing operational discipline, will drive financial results. Itron's recent acquisition of Comverge will enable it to offer a unique solution for utilities to better integrate their distributed energy resources, and optimize grid performance and reliability. Further, strong cash flow position and new projects will prove conducive to growth. Moreover, Itron has outperformed the Zacks categorized Electrical Test Equipment sub industry over the past one year. However, Itron’s performance will be hurt by fluctuation in currency rates. Higher expenses and increased competition also pose challenges for the company in the near term.”
Several other equities analysts have also recently issued reports on ITRI. Canaccord Genuity reissued a buy rating and issued a $72.00 price objective on shares of Itron in a report on Friday, May 26th. Guggenheim initiated coverage on Itron in a report on Tuesday, June 20th. They issued a buy rating and a $81.00 price objective for the company. BidaskClub cut Itron from a strong-buy rating to a buy rating in a report on Thursday, June 22nd. Finally, Robert W. Baird reissued an outperform rating and issued a $73.00 price objective on shares of Itron in a report on Thursday, July 13th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $73.25.
Shares of Itron (NASDAQ:ITRI) opened at 74.15 on Monday. The stock has a market cap of $2.87 billion, a PE ratio of 77.08 and a beta of 1.08. Itron has a 12 month low of $40.53 and a 12 month high of $75.60. The firm has a 50-day moving average price of $69.50 and a 200-day moving average price of $64.49.
Itron (NASDAQ:ITRI) last issued its quarterly earnings data on Wednesday, May 3rd. The scientific and technical instruments company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.06. The business had revenue of $477.59 million during the quarter, compared to analysts’ expectations of $454.20 million. Itron had a return on equity of 15.51% and a net margin of 1.88%. Equities analysts forecast that Itron will post $3.02 EPS for the current year.
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Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Itron by 153,249.9% in the first quarter. BlackRock Inc. now owns 4,339,801 shares of the scientific and technical instruments company’s stock worth $263,427,000 after buying an additional 4,336,971 shares during the last quarter. 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 worth $230,400,000 after buying an additional 271,194 shares during the last quarter. 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 worth $108,437,000 after buying an additional 708,009 shares during the last quarter. 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 worth $87,140,000 after buying an additional 149,909 shares during the last quarter. Finally, State Street Corp boosted its position in Itron by 6.5% in the first quarter. State Street Corp now owns 795,996 shares of the scientific and technical instruments company’s stock worth $48,315,000 after buying an additional 48,240 shares during the last quarter. 94.53% of the stock is owned by institutional investors.
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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