Itron (NASDAQ:ITRI) Shares Gap Up After Better-Than-Expected Earnings

Itron, Inc. (NASDAQ:ITRI)’s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $92.60, but opened at $102.50. Itron shares last traded at $102.97, with a volume of 304,888 shares traded.

The scientific and technical instruments company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.30. Itron had a return on equity of 19.03% and a net margin of 9.37%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Itron from $110.00 to $119.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Guggenheim lifted their price target on Itron from $128.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. StockNews.com upgraded Itron from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 21st. Roth Mkm raised their target price on Itron from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, TD Cowen boosted their price target on Itron from $125.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $123.92.

Insider Activity at Itron

In related news, SVP Christopher E. Ware sold 648 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $92.90, for a total transaction of $60,199.20. Following the completion of the sale, the senior vice president now directly owns 20,326 shares of the company’s stock, valued at $1,888,285.40. This represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David Marshall Wright sold 317 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $92.90, for a total transaction of $29,449.30. Following the sale, the chief accounting officer now owns 8,108 shares of the company’s stock, valued at $753,233.20. The trade was a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,287 shares of company stock valued at $305,362 over the last 90 days. 1.45% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Itron

Institutional investors and hedge funds have recently modified their holdings of the stock. Intech Investment Management LLC increased its stake in Itron by 105.9% in the 3rd quarter. Intech Investment Management LLC now owns 19,444 shares of the scientific and technical instruments company’s stock worth $2,077,000 after purchasing an additional 10,001 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Itron by 0.5% in the third quarter. Geode Capital Management LLC now owns 1,074,940 shares of the scientific and technical instruments company’s stock worth $114,835,000 after buying an additional 5,630 shares during the period. Hennion & Walsh Asset Management Inc. increased its position in shares of Itron by 78.3% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 6,083 shares of the scientific and technical instruments company’s stock worth $660,000 after acquiring an additional 2,671 shares in the last quarter. Beacon Harbor Wealth Advisors Inc. acquired a new stake in shares of Itron during the third quarter valued at approximately $5,994,000. Finally, Systematic Financial Management LP raised its holdings in shares of Itron by 12.2% during the third quarter. Systematic Financial Management LP now owns 134,362 shares of the scientific and technical instruments company’s stock valued at $14,351,000 after acquiring an additional 14,590 shares during the period. 96.19% of the stock is owned by institutional investors and hedge funds.

Itron Trading Up 9.9 %

The company’s 50-day moving average is $104.99 and its 200 day moving average is $106.84. The company has a current ratio of 3.36, a quick ratio of 2.83 and a debt-to-equity ratio of 0.91. The firm has a market cap of $4.59 billion, a PE ratio of 20.86, a P/E/G ratio of 0.81 and a beta of 1.46.

About Itron

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.