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

Itron, Inc. (NASDAQ:ITRI) shares gapped up before the market opened on Tuesday following a stronger than expected earnings report. 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 trading hands.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on ITRI. Roth Mkm lifted their price objective on Itron from $125.00 to $130.00 and gave the company a “buy” 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. Piper Sandler increased their price objective on Itron from $110.00 to $119.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. TD Cowen raised their price objective on shares of Itron from $125.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Oppenheimer boosted their target price on shares of Itron from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Itron presently has a consensus rating of “Moderate Buy” and an average target price of $123.92.

Insider Activity

In related news, CFO Joan S. Hooper sold 2,322 shares of the 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 $215,713.80. Following the completion of the sale, the chief financial officer now owns 92,076 shares in the company, valued at $8,553,860.40. This represents a 2.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Christopher E. Ware sold 648 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $92.90, for a total value of $60,199.20. Following the completion of the sale, the senior vice president now directly owns 20,326 shares in the company, valued at $1,888,285.40. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,287 shares of company stock valued at $305,362 over the last 90 days. 1.45% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Itron

Several hedge funds have recently modified their holdings of the business. GeoWealth Management LLC raised its stake in Itron by 4,580.0% during the 4th quarter. GeoWealth Management LLC now owns 234 shares of the scientific and technical instruments company’s stock valued at $25,000 after purchasing an additional 229 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of Itron during the 4th quarter worth about $30,000. Continuum Advisory LLC raised its position in shares of Itron by 42.1% during the third quarter. Continuum Advisory LLC now owns 344 shares of the scientific and technical instruments company’s stock valued at $40,000 after buying an additional 102 shares during the last quarter. Quarry LP lifted its stake in shares of Itron by 29.0% in the third quarter. Quarry LP now owns 454 shares of the scientific and technical instruments company’s stock valued at $48,000 after buying an additional 102 shares during the period. Finally, Covestor Ltd grew its position in Itron by 26.1% during the third quarter. Covestor Ltd now owns 536 shares of the scientific and technical instruments company’s stock worth $57,000 after buying an additional 111 shares in the last quarter. 96.19% of the stock is owned by institutional investors.

Itron Trading Up 9.9 %

The company has a quick ratio of 2.83, a current ratio of 3.36 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of 20.86, a P/E/G ratio of 0.81 and a beta of 1.46. The business has a 50-day moving average of $104.99 and a two-hundred day moving average of $106.84.

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.