Itron (NASDAQ:ITRI – Get Rating) announced its quarterly earnings results on Thursday. The scientific and technical instruments company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.14), Briefing.com reports. The business had revenue of $431.88 million for the quarter, compared to the consensus estimate of $488.53 million. Itron had a positive return on equity of 4.45% and a negative net margin of 5.15%. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.28 EPS.
Itron Price Performance
Shares of Itron stock traded up $0.98 during midday trading on Friday, reaching $51.64. The company had a trading volume of 587,594 shares, compared to its average volume of 403,239. 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 market capitalization of $2.33 billion, a price-to-earnings ratio of -24.13 and a beta of 1.24. The stock has a fifty day simple moving average of $50.32 and a 200 day simple moving average of $51.49. Itron has a 1-year low of $43.18 and a 1-year high of $86.49.
Analysts Set New Price Targets
A number of brokerages have commented on ITRI. Morgan Stanley cut their price target on shares of Itron from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, June 9th. StockNews.com cut shares of Itron from a “buy” rating to a “hold” rating in a research note on Friday. Piper Sandler dropped their price objective on shares of Itron from $51.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, July 19th. Stephens lowered shares of Itron from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $65.00 to $55.00 in a report on Friday. Finally, Raymond James dropped their price objective on shares of Itron from $72.00 to $68.00 and set a “strong-buy” rating for the company in a report on Tuesday, July 12th. Eight investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $68.40.
Insider Activity at Itron
Hedge Funds Weigh In On Itron
A number of hedge funds and other institutional investors have recently bought and sold shares of ITRI. Federated Hermes Inc. boosted its stake in Itron by 233.6% in the first quarter. Federated Hermes Inc. now owns 622,483 shares of the scientific and technical instruments company’s stock valued at $32,793,000 after acquiring an additional 435,870 shares during the last quarter. Clearbridge Investments LLC bought a new position in Itron in the first quarter valued at approximately $13,588,000. Renaissance Technologies LLC boosted its stake in Itron by 216.1% in the first quarter. Renaissance Technologies LLC now owns 290,361 shares of the scientific and technical instruments company’s stock valued at $15,296,000 after acquiring an additional 198,500 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Itron by 13.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,043,908 shares of the scientific and technical instruments company’s stock worth $54,994,000 after purchasing an additional 123,400 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Itron by 12.5% during the first quarter. First Trust Advisors LP now owns 991,633 shares of the scientific and technical instruments company’s stock worth $52,239,000 after purchasing an additional 110,107 shares in the last quarter. 99.15% of the stock is owned by institutional investors.
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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