Itron, Inc. (ITRI) Rating Increased to Hold at Zacks Investment Research
Itron, Inc. (NASDAQ:ITRI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Itron is likely to benefit from consistent focus on restructuring strategy, product development, and strong bookings and backlog position. The company anticipates that its investment in the OpenWay Riva IoT solution, and differentiated software and services offerings, combined with ongoing operational discipline, will drive financial results. Itron's recent acquisition of Comverge will enable it to offer a unique solution for utilities to better integrate their distributed energy resources, and optimize grid performance and reliability. Further, strong cash flow position and new projects will prove conducive to growth. Moreover, Itron has outperformed the Zacks categorized Electrical Test Equipment sub industry over the past one year. However, Itron’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.”
A number of other analysts also recently weighed in on ITRI. Robert W. Baird reissued an “outperform” rating and set a $73.00 target price on shares of Itron in a research report on Thursday. BidaskClub raised shares of Itron from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Canaccord Genuity reissued a “buy” rating and set a $78.00 target price on shares of Itron in a research report on Friday. Finally, Guggenheim began coverage on shares of Itron in a research report on Tuesday, June 20th. They set a “buy” rating and a $81.00 target price for the company. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Itron presently has an average rating of “Buy” and an average price target of $71.63.
Shares of Itron (ITRI) remained flat at $70.85 on Monday. 25,158 shares of the stock traded hands. The firm’s 50-day moving average is $67.99 and its 200 day moving average is $63.90. The firm has a market capitalization of $2.74 billion, a PE ratio of 73.65 and a beta of 1.08. Itron has a one year low of $40.53 and a one year high of $71.95.
Itron (NASDAQ:ITRI) last released its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.06. The business had revenue of $477.59 million during the quarter, compared to the consensus estimate of $454.20 million. Itron had a net margin of 1.88% and a return on equity of 15.51%. Equities research analysts anticipate that Itron will post $3.02 earnings per share for the current fiscal year.
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Several institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Itron during the fourth quarter worth about $15,064,000. Russell Investments Group Ltd. purchased a new position in shares of Itron during the fourth quarter worth about $2,150,000. Foundry Partners LLC boosted its position in shares of Itron by 16.4% in the first quarter. Foundry Partners LLC now owns 207,533 shares of the scientific and technical instruments company’s stock worth $12,597,000 after buying an additional 29,280 shares in the last quarter. FMR LLC purchased a new position in shares of Itron during the fourth quarter worth about $1,412,000. Finally, Chicago Equity Partners LLC boosted its position in shares of Itron by 12.1% in the first quarter. Chicago Equity Partners LLC now owns 38,700 shares of the scientific and technical instruments company’s stock worth $2,349,000 after buying an additional 4,180 shares in the last quarter. Institutional investors own 94.53% of the company’s stock.
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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