Zacks Investment Research Lowers Itron, Inc. (NASDAQ:ITRI) to Sell
Itron, Inc. (NASDAQ:ITRI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Itron will continue to face temporary redundant costs in product development, and general & administrative expenses while executing its restructuring plans. Further, Itron‘s liquidity could be affected by the stability of the electricity, gas, and water industries, competitive pressures, changes in estimated liabilities for product warranties and litigation, future business combinations and capital market fluctuations. Moreover, the company's performance will be hurt by fluctuation in currency rates. Higher expenses and increased competition also pose challenges for the company in the near term.”
Several other research firms also recently issued reports on ITRI. Guggenheim assumed coverage on Itron in a report on Tuesday, June 20th. They set a “buy” rating and a $81.00 price objective on the stock. BidaskClub downgraded Itron from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Finally, Canaccord Genuity reissued a “buy” rating and issued a $72.00 price target on shares of Itron in a research note on Friday, May 26th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $70.88.
Shares of Itron (NASDAQ ITRI) traded up 0.58% during trading on Tuesday, hitting $69.35. The stock had a trading volume of 135,609 shares. Itron has a 52 week low of $40.12 and a 52 week high of $71.95. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 72.09 and a beta of 1.08. The stock’s 50 day moving average is $67.99 and its 200 day moving average is $63.90.
Itron (NASDAQ:ITRI) last posted its quarterly earnings data on Wednesday, May 3rd. The scientific and technical instruments company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.06. Itron had a return on equity of 15.51% and a net margin of 1.88%. The firm had revenue of $477.59 million for the quarter, compared to the consensus estimate of $454.20 million. On average, equities research analysts expect that Itron will post $3.02 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in ITRI. LS Investment Advisors LLC boosted its stake in Itron by 56.2% in the first quarter. LS Investment Advisors LLC now owns 1,892 shares of the scientific and technical instruments company’s stock worth $115,000 after buying an additional 681 shares in the last quarter. SG Americas Securities LLC boosted its stake in Itron by 1.5% in the first quarter. SG Americas Securities LLC now owns 2,366 shares of the scientific and technical instruments company’s stock worth $144,000 after buying an additional 36 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Itron by 21.7% in the first quarter. Envestnet Asset Management Inc. now owns 2,492 shares of the scientific and technical instruments company’s stock worth $152,000 after buying an additional 444 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Itron during the first quarter worth approximately $175,000. Finally, State of Alaska Department of Revenue boosted its stake in Itron by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 3,680 shares of the scientific and technical instruments company’s stock worth $223,000 after buying an additional 80 shares in the last quarter. Institutional investors and hedge funds own 94.83% of the company’s stock.
Itron Company Profile
Itron, Inc (Itron) is a technology and service company. The Company provides solutions that measure, manage and analyze energy and water use. The Company operates through three segments: Electricity, Gas and Water. It provides a portfolio of products, solutions, software and services to electric, gas and water utility customers across the globe.
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