Canaccord Genuity Group Increases Itron (NASDAQ:ITRI) Price Target to $115.00

Itron (NASDAQ:ITRI) had its price target boosted by research analysts at Canaccord Genuity Group from $105.00 to $115.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the scientific and technical instruments company’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 7.47% from the stock’s previous close.

A number of other analysts also recently weighed in on ITRI. JPMorgan Chase & Co. raised their price target on shares of Itron from $77.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 13th. Raymond James downgraded shares of Itron from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 4th. Robert W. Baird raised their price target on shares of Itron from $108.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 13th. Piper Sandler reissued an “overweight” rating and set a $109.00 price target (up previously from $103.00) on shares of Itron in a research report on Friday. Finally, Canaccord Genuity Group raised shares of Itron from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $68.00 to $105.00 in a report on Tuesday, February 27th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Itron presently has an average rating of “Moderate Buy” and a consensus price target of $103.60.

Itron Trading Up 7.2 %

ITRI opened at $107.01 on Friday. The firm has a market capitalization of $4.91 billion, a P/E ratio of 30.75, a P/E/G ratio of 1.19 and a beta of 1.38. The firm’s 50 day moving average is $91.94 and its 200-day moving average is $77.51. Itron has a 52-week low of $56.11 and a 52-week high of $107.11. The company has a quick ratio of 1.43, a current ratio of 1.90 and a debt-to-equity ratio of 0.33.

Itron (NASDAQ:ITRI) last released its quarterly earnings results on Thursday, May 2nd. The scientific and technical instruments company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.39. Itron had a net margin of 7.03% and a return on equity of 14.51%. The business had revenue of $603.44 million during the quarter, compared to the consensus estimate of $579.49 million. During the same quarter last year, the company earned $0.49 earnings per share. The business’s quarterly revenue was up 22.0% compared to the same quarter last year. Analysts expect that Itron will post 3.68 EPS for the current fiscal year.

Insider Activity

In other news, CFO Joan S. Hooper sold 1,560 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $75.37, for a total transaction of $117,577.20. Following the completion of the transaction, the chief financial officer now owns 60,141 shares of the company’s stock, valued at $4,532,827.17. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP Donald L. Reeves III sold 383 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $75.37, for a total transaction of $28,866.71. Following the completion of the transaction, the senior vice president now owns 8,708 shares of the company’s stock, valued at $656,321.96. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Joan S. Hooper sold 1,560 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $75.37, for a total transaction of $117,577.20. Following the transaction, the chief financial officer now directly owns 60,141 shares of the company’s stock, valued at approximately $4,532,827.17. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,467 shares of company stock valued at $2,752,520. 1.45% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Itron

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Itron by 2.6% during the third quarter. Vanguard Group Inc. now owns 5,668,071 shares of the scientific and technical instruments company’s stock valued at $343,372,000 after purchasing an additional 142,564 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Itron by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,681,573 shares of the scientific and technical instruments company’s stock valued at $126,978,000 after purchasing an additional 51,874 shares in the last quarter. Vontobel Holding Ltd. raised its stake in shares of Itron by 16.0% during the fourth quarter. Vontobel Holding Ltd. now owns 804,648 shares of the scientific and technical instruments company’s stock valued at $60,759,000 after purchasing an additional 110,849 shares in the last quarter. Guinness Asset Management LTD raised its stake in shares of Itron by 1.9% during the third quarter. Guinness Asset Management LTD now owns 635,881 shares of the scientific and technical instruments company’s stock valued at $38,504,000 after purchasing an additional 11,983 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Itron by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 518,157 shares of the scientific and technical instruments company’s stock valued at $39,126,000 after purchasing an additional 15,157 shares in the last quarter. 96.19% of the stock is currently owned by institutional investors.

Itron Company Profile

Itron, Inc, a technology, solutions, and service company, provides end-to-end solutions that help manage energy, water, and smart city operations worldwide. It operates in three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing, such as standard gas, electricity, water, and communicating meters, as well as heat and allocation products.