Itron (NASDAQ:ITRI) Given New $55.00 Price Target at Morgan Stanley

Itron (NASDAQ:ITRIGet Rating) had its price objective dropped by research analysts at Morgan Stanley from $60.00 to $55.00 in a note issued to investors on Thursday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the scientific and technical instruments company’s stock. Morgan Stanley’s price target would suggest a potential upside of 9.47% from the company’s current price.

A number of other brokerages have also recently issued reports on ITRI. Zacks Investment Research cut shares of Itron from a “hold” rating to a “strong sell” rating and set a $43.00 price target on the stock. in a research note on Thursday, March 3rd. Piper Sandler assumed coverage on shares of Itron in a research note on Thursday, May 12th. They issued a “neutral” rating and a $51.00 price target on the stock. StockNews.com raised Itron from a “hold” rating to a “buy” rating in a research report on Wednesday, May 25th. Stephens decreased their target price on Itron from $90.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, March 2nd. Finally, Wells Fargo & Company decreased their target price on Itron from $60.00 to $43.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Itron presently has a consensus rating of “Hold” and a consensus price target of $70.91.

Shares of ITRI stock traded down $0.89 during mid-day trading on Thursday, reaching $50.24. 1,903 shares of the company’s stock traded hands, compared to its average volume of 268,553. The company has a market cap of $2.26 billion, a P/E ratio of -24.51 and a beta of 1.25. The company’s 50-day moving average price is $50.16 and its 200-day moving average price is $55.84. Itron has a 12 month low of $44.02 and a 12 month high of $102.32. The company has a quick ratio of 1.24, a current ratio of 1.58 and a debt-to-equity ratio of 0.38.

Itron (NASDAQ:ITRIGet Rating) last announced its quarterly earnings results on Monday, May 2nd. The scientific and technical instruments company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The company had revenue of $475.30 million for the quarter, compared to analysts’ expectations of $488.49 million. Itron had a negative net margin of 4.80% and a positive return on equity of 5.19%. Itron’s revenue was down 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.52 EPS. Equities analysts predict that Itron will post 1.28 earnings per share for the current year.

In other news, CFO Joan S. Hooper sold 627 shares of the company’s stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $49.36, for a total transaction of $30,948.72. Following the completion of the sale, the chief financial officer now owns 50,409 shares of the company’s stock, valued at approximately $2,488,188.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.37% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in shares of Itron by 23.3% during the 4th quarter. Bank of America Corp DE now owns 192,185 shares of the scientific and technical instruments company’s stock valued at $13,169,000 after acquiring an additional 36,353 shares during the period. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Itron during the 4th quarter valued at approximately $5,263,000. ProShare Advisors LLC grew its stake in shares of Itron by 60.8% during the 4th quarter. ProShare Advisors LLC now owns 11,516 shares of the scientific and technical instruments company’s stock valued at $789,000 after acquiring an additional 4,356 shares during the period. Renaissance Technologies LLC bought a new position in shares of Itron during the 4th quarter valued at approximately $6,294,000. Finally, Trillium Asset Management LLC bought a new position in shares of Itron during the 4th quarter valued at approximately $8,192,000. 99.15% of the stock is owned by hedge funds and other institutional investors.

Itron Company Profile (Get Rating)

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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