Itron (NASDAQ:ITRI) Shares Gap Down Following Weak Earnings

Itron, Inc. (NASDAQ:ITRIGet Rating)’s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $58.62, but opened at $53.78. Itron shares last traded at $51.94, with a volume of 3,225 shares traded.

The scientific and technical instruments company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.14). The company had revenue of $431.88 million during the quarter, compared to analysts’ expectations of $488.53 million. Itron had a negative net margin of 5.15% and a positive return on equity of 4.45%. The company’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter last year, the business posted $0.28 earnings per share.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ITRI. Piper Sandler decreased their target price on Itron from $51.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, July 19th. Raymond James decreased their target price on Itron from $72.00 to $68.00 and set a “strong-buy” rating for the company in a report on Tuesday, July 12th. Morgan Stanley decreased their price target on Itron from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, June 9th. JPMorgan Chase & Co. lifted their price target on Itron from $71.00 to $73.00 in a report on Wednesday, July 20th. Finally, StockNews.com downgraded Itron from a “buy” rating to a “hold” rating in a report on Friday. Eight research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Itron currently has an average rating of “Hold” and an average target price of $68.40.

Insider Activity

In other news, CFO Joan S. Hooper sold 627 shares of the business’s stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $49.36, for a total value of $30,948.72. Following the completion of the sale, the chief financial officer now directly owns 50,409 shares of the company’s stock, valued at approximately $2,488,188.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 1,015 shares of company stock valued at $48,923. Insiders own 1.37% of the company’s stock.

Institutional Trading of Itron

Institutional investors and hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Itron by 105.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company’s stock valued at $34,000 after purchasing an additional 358 shares during the last quarter. Wolverine Asset Management LLC acquired a new position in shares of Itron in the first quarter valued at approximately $36,000. US Bancorp DE raised its stake in shares of Itron by 30.7% during the first quarter. US Bancorp DE now owns 1,040 shares of the scientific and technical instruments company’s stock worth $54,000 after purchasing an additional 244 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Itron by 122.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,090 shares of the scientific and technical instruments company’s stock worth $54,000 after purchasing an additional 600 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of Itron by 29.1% during the first quarter. Exchange Traded Concepts LLC now owns 1,376 shares of the scientific and technical instruments company’s stock worth $72,000 after purchasing an additional 310 shares during the last quarter. 99.15% of the stock is owned by hedge funds and other institutional investors.

Itron Price Performance

The company has a current ratio of 1.64, a quick ratio of 1.24 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average price of $50.32 and a 200 day moving average price of $51.49.

About Itron

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Itron, Inc, a technology and service company, provides end-to-end solutions that help manage operations in the energy, water, and smart city space worldwide. The company operates through three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing.

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