Itron (NASDAQ:ITRI) Reaches New 52-Week High After Strong Earnings

Itron, Inc. (NASDAQ:ITRI)’s share price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. 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 for the quarter, topping analysts’ consensus estimates of $0.85 by $0.39. Itron had a return on equity of 14.51% and a net margin of 7.03%. The company had revenue of $603.44 million during the quarter, compared to analysts’ expectations of $579.49 million. During the same quarter in the prior year, the firm posted $0.49 EPS. Itron’s quarterly revenue was up 22.0% compared to the same quarter last year.

Analyst Ratings Changes

Several brokerages have recently issued reports on ITRI. Robert W. Baird lifted their target price on shares of Itron from $108.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, March 13th. TD Cowen boosted their price objective on Itron from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday. Piper Sandler reissued an “overweight” rating and set a $109.00 target price (up previously from $103.00) on shares of Itron in a report on Friday. Roth Mkm lifted their price target on Itron from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Canaccord Genuity Group increased 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 equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.60.

Insider Activity

In related news, CFO Joan S. Hooper sold 1,560 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $75.37, for a total transaction of $117,577.20. Following the completion of the sale, the chief financial officer now directly owns 60,141 shares in the company, valued at $4,532,827.17. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Donald L. Reeves III sold 383 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $75.37, for a total value 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Joan S. Hooper sold 1,560 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $75.37, for a total value of $117,577.20. Following the transaction, the chief financial officer now owns 60,141 shares of the company’s stock, valued at $4,532,827.17. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,467 shares of company stock valued at $2,752,520. 1.45% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Itron by 293.4% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 4,198 shares of the scientific and technical instruments company’s stock valued at $388,000 after acquiring an additional 3,131 shares during the period. Jennison Associates LLC raised its position in Itron by 19.3% in the first quarter. Jennison Associates LLC now owns 5,625 shares of the scientific and technical instruments company’s stock valued at $520,000 after purchasing an additional 909 shares during the period. Janney Montgomery Scott LLC acquired a new position in Itron during the first quarter worth $346,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Itron by 10.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,697 shares of the scientific and technical instruments company’s stock worth $10,242,000 after buying an additional 10,716 shares during the period. Finally, Braun Stacey Associates Inc. boosted its position in shares of Itron by 18.2% during the first quarter. Braun Stacey Associates Inc. now owns 255,497 shares of the scientific and technical instruments company’s stock worth $23,638,000 after buying an additional 39,309 shares during the period. Institutional investors and hedge funds own 96.19% of the company’s stock.

Itron Price Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 1.90 and a quick ratio of 1.43. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of 30.75, a PEG ratio of 1.11 and a beta of 1.38. The stock has a 50 day moving average price of $91.94 and a two-hundred day moving average price of $77.39.

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.