Itron (NASDAQ:ITRI) Rating Lowered to Hold at Wall Street Zen

Itron (NASDAQ:ITRI) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Sunday.

Several other equities research analysts have also recently weighed in on ITRI. Guggenheim restated a “buy” rating and set a $133.00 target price on shares of Itron in a report on Thursday, April 17th. Oppenheimer boosted their target price on Itron from $124.00 to $131.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Piper Sandler decreased their price objective on shares of Itron from $124.00 to $121.00 and set a “neutral” rating for the company in a report on Monday, May 5th. Finally, Canaccord Genuity Group boosted their price objective on shares of Itron from $130.00 to $132.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $127.36.

Itron Stock Up 0.7%

NASDAQ:ITRI opened at $116.46 on Friday. The company has a market cap of $5.31 billion, a PE ratio of 23.86, a P/E/G ratio of 0.81 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a current ratio of 3.36 and a quick ratio of 2.83. Itron has a one year low of $90.11 and a one year high of $124.90. The firm’s 50 day simple moving average is $107.03 and its 200 day simple moving average is $107.56.

Itron (NASDAQ:ITRI) last announced its earnings results on Thursday, May 1st. The scientific and technical instruments company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.30 by $0.22. Itron had a net margin of 9.37% and a return on equity of 19.03%. The company had revenue of $607.15 million during the quarter, compared to the consensus estimate of $608.86 million. During the same quarter in the prior year, the company posted $1.24 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts anticipate that Itron will post 5.33 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Joan S. Hooper sold 938 shares of Itron stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $114.95, for a total value of $107,823.10. Following the completion of the transaction, the chief financial officer now owns 89,364 shares in the company, valued at approximately $10,272,391.80. This trade represents a 1.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mary C. Hemmingsen sold 5,150 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $108.70, for a total value of $559,805.00. Following the completion of the sale, the director now owns 952 shares of the company’s stock, valued at approximately $103,482.40. This represents a 84.40% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,086 shares of company stock worth $897,298. Company insiders own 1.45% of the company’s stock.

Hedge Funds Weigh In On Itron

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Itron during the 4th quarter worth about $64,615,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Itron by 129.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 732,274 shares of the scientific and technical instruments company’s stock valued at $76,713,000 after purchasing an additional 413,487 shares in the last quarter. Bowen Hanes & Co. Inc. acquired a new stake in shares of Itron during the fourth quarter valued at about $27,486,000. Raiffeisen Bank International AG acquired a new stake in shares of Itron during the fourth quarter worth approximately $27,619,000. Finally, Wellington Management Group LLP grew its position in shares of Itron by 180.7% in the 4th quarter. Wellington Management Group LLP now owns 333,363 shares of the scientific and technical instruments company’s stock worth $36,197,000 after acquiring an additional 214,600 shares in the last quarter. Institutional investors and hedge funds own 96.19% of the company’s stock.

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.