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

Itron, Inc. (NASDAQ:ITRI)’s stock price hit a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $98.18 and last traded at $96.34, with a volume of 65466 shares. The stock had previously closed at $91.54.

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. The company had revenue of $603.44 million for the quarter, compared to analyst estimates of $579.49 million. Itron had a return on equity of 14.51% and a net margin of 7.03%. The firm’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 earnings per share.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ITRI shares. Piper Sandler reiterated an “overweight” rating and set a $109.00 target price (up previously from $103.00) on shares of Itron in a research note on Friday. Oppenheimer increased their price target on Itron from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday. Canaccord Genuity Group raised Itron from a “hold” rating to a “buy” rating and increased their price target for the stock from $68.00 to $105.00 in a research report on Tuesday, February 27th. TD Cowen increased their price target on Itron from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Robert W. Baird increased their price target on Itron from $108.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 13th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Itron has a consensus rating of “Moderate Buy” and an average target price of $103.60.

Insider Activity at Itron

In related news, Director Jerome J. Lande sold 14,896 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $95.25, for a total transaction of $1,418,844.00. Following the sale, the director now owns 5,750 shares of the company’s stock, valued at approximately $547,687.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, SVP Donald L. Reeves III sold 383 shares of the firm’s stock in a transaction on 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 directly owns 8,708 shares of the company’s stock, valued at approximately $656,321.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jerome J. Lande sold 14,896 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $95.25, for a total value of $1,418,844.00. Following the transaction, the director now directly owns 5,750 shares of the company’s stock, valued at $547,687.50. The disclosure for this sale can be found here. Insiders have sold a total of 30,467 shares of company stock valued at $2,752,520 in the last 90 days. 1.45% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in shares of Itron in the 3rd quarter worth about $239,000. Raymond James Financial Services Advisors Inc. raised its position in shares of Itron by 1.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 19,549 shares of the scientific and technical instruments company’s stock worth $1,184,000 after acquiring an additional 236 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Itron by 453.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 114,856 shares of the scientific and technical instruments company’s stock worth $6,958,000 after acquiring an additional 94,085 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Itron by 313.4% in the 3rd quarter. Mackenzie Financial Corp now owns 11,595 shares of the scientific and technical instruments company’s stock worth $677,000 after acquiring an additional 8,790 shares in the last quarter. Finally, Inspire Investing LLC raised its position in shares of Itron by 9.6% in the 3rd quarter. Inspire Investing LLC now owns 5,684 shares of the scientific and technical instruments company’s stock worth $344,000 after acquiring an additional 498 shares in the last quarter. 96.19% of the stock is owned by institutional investors.

Itron Stock Performance

The company has a 50-day moving average price of $91.94 and a two-hundred day moving average price of $77.39. The company has a current ratio of 1.90, a quick ratio of 1.43 and a debt-to-equity ratio of 0.33. The stock has a market capitalization 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.