Itron (NASDAQ:ITRI) Issues Quarterly Earnings Results

Itron (NASDAQ:ITRI – Get Rating) issued its quarterly earnings results on Thursday. The scientific and technical instruments company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.14), Briefing.com reports. Itron had a negative net margin of 5.15% and a positive return on equity of 4.45%. The business had revenue of $431.88 million during the quarter, compared to analyst estimates of $488.53 million. During the same quarter in the previous year, the firm posted $0.28 earnings per share. The firm’s quarterly revenue was down 11.8% on a year-over-year basis.

Itron Stock Performance

NASDAQ ITRI traded up $0.98 during trading on Friday, reaching $51.64. The company’s stock 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 firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of -24.13 and a beta of 1.24. Itron has a 12 month low of $43.18 and a 12 month high of $86.49. The firm has a 50 day moving average price of $50.32 and a 200 day moving average price of $51.49.

Analyst Ratings Changes

Several brokerages have issued reports on ITRI. Piper Sandler lowered their price target on shares of Itron from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 19th. JPMorgan Chase & Co. boosted their price objective on shares of Itron from $71.00 to $73.00 in a research note on Wednesday, July 20th. StockNews.com lowered shares of Itron from a “buy” rating to a “hold” rating in a research note on Friday. Raymond James decreased their price target on shares of Itron from $72.00 to $68.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, July 12th. Finally, Stephens lowered shares of Itron from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $65.00 to $55.00 in a research note on Friday. Eight analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Itron currently has a consensus rating of “Hold” and an average target price of $68.40.

Insider Buying and Selling at Itron

In other Itron news, CFO Joan S. Hooper sold 627 shares of the business’s stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $49.36, for a total value 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 accessible through the SEC website. Insiders sold 1,015 shares of company stock valued at $48,923 in the last quarter. Company insiders own 1.37% of the company’s stock.

Institutional Trading of Itron

A number of institutional investors have recently bought and sold shares of ITRI. Federated Hermes Inc. boosted its holdings in Itron by 233.6% in the 1st quarter. Federated Hermes Inc. now owns 622,483 shares of the scientific and technical instruments company’s stock valued at $32,793,000 after purchasing an additional 435,870 shares during the period. Clearbridge Investments LLC bought a new stake in shares of Itron during the 1st quarter worth approximately $13,588,000. Renaissance Technologies LLC lifted its holdings in shares of Itron by 216.1% during the 1st quarter. Renaissance Technologies LLC now owns 290,361 shares of the scientific and technical instruments company’s stock worth $15,296,000 after acquiring an additional 198,500 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Itron by 13.4% during the 1st 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 acquiring an additional 123,400 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Itron by 12.5% during the 1st quarter. First Trust Advisors LP now owns 991,633 shares of the scientific and technical instruments company’s stock worth $52,239,000 after acquiring an additional 110,107 shares during the period. Institutional investors own 99.15% of the company’s stock.

Itron Company Profile

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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.