Itron (NASDAQ:ITRI) Reaches New 1-Year High on Strong Earnings

Shares of Itron, Inc. (NASDAQ:ITRI) reached a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $98.18 and last traded at $96.34, with a volume of 65466 shares traded. The stock had previously closed at $91.54.

The scientific and technical instruments company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.39. Itron had a return on equity of 14.51% and a net margin of 7.03%. The business had revenue of $603.44 million for the quarter, compared to analysts’ expectations of $579.49 million. During the same period last year, the firm posted $0.49 earnings per share. The business’s revenue for the quarter was up 22.0% on a year-over-year basis.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ITRI. TheStreet upgraded shares of Itron from a “c” rating to a “b-” rating in a research note on Monday, February 26th. Oppenheimer lifted their target price on Itron from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday. JPMorgan Chase & Co. upped their price target on Itron from $77.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 13th. Roth Mkm lifted their price objective on Itron from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday. Finally, Canaccord Genuity Group boosted their price objective on Itron from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Itron presently has a consensus rating of “Moderate Buy” and an average price target of $103.60.

Insiders Place Their Bets

In other news, SVP Donald L. Reeves III sold 383 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was 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 in the company, valued at $656,321.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Thomas Deitrich sold 1,912 shares of the company’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 $144,107.44. Following the sale, the chief executive officer now owns 169,073 shares of the company’s stock, valued at $12,743,032.01. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Donald L. Reeves III sold 383 shares of the 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 transaction, the senior vice president now owns 8,708 shares of the company’s stock, valued at approximately $656,321.96. The disclosure for this sale can be found here. Insiders have sold a total of 30,467 shares of company stock worth $2,752,520 in the last 90 days. 1.45% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ITRI. Norges Bank purchased a new stake in Itron during the fourth quarter valued at approximately $24,504,000. Assenagon Asset Management S.A. lifted its position in Itron by 517.4% in the third quarter. Assenagon Asset Management S.A. now owns 246,688 shares of the scientific and technical instruments company’s stock worth $14,944,000 after buying an additional 206,729 shares during the last quarter. Mesirow Institutional Investment Management Inc. purchased a new position in Itron during the fourth quarter worth $11,654,000. Vanguard Group Inc. increased its position in 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 acquiring an additional 142,564 shares during the last quarter. Finally, Braun Stacey Associates Inc. raised its stake in shares of Itron by 140.6% in the fourth quarter. Braun Stacey Associates Inc. now owns 216,188 shares of the scientific and technical instruments company’s stock valued at $16,324,000 after acquiring an additional 126,328 shares during the period. Institutional investors own 96.19% of the company’s stock.

Itron Stock Up 7.2 %

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.43 and a current ratio of 1.90. The company’s fifty day moving average price is $91.94 and its 200-day moving average price is $77.39. The stock has a market cap of $4.91 billion, a P/E ratio of 30.75, a price-to-earnings-growth ratio of 1.11 and a beta of 1.38.

About Itron

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.