Oppenheimer Raises Itron (NASDAQ:ITRI) Price Target to $110.00

Itron (NASDAQ:ITRI) had its target price hoisted by Oppenheimer from $100.00 to $110.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the scientific and technical instruments company’s stock.

ITRI has been the subject of a number of other reports. Canaccord Genuity Group raised Itron from a hold rating to a buy rating and lifted their price objective for the stock from $68.00 to $105.00 in a research note on Tuesday, February 27th. TheStreet upgraded shares of Itron from a c rating to a b- rating in a research report on Monday, February 26th. Piper Sandler restated an overweight rating and set a $109.00 price objective (up previously from $103.00) on shares of Itron in a report on Friday. JPMorgan Chase & Co. increased their target price on shares of Itron from $77.00 to $92.00 and gave the stock a neutral rating in a report on Wednesday, March 13th. Finally, Canaccord Genuity Group raised shares of Itron from a hold rating to a buy rating and boosted their price target for the company from $68.00 to $105.00 in a report on Tuesday, February 27th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $104.18.

Itron Trading Up 0.3 %

Shares of ITRI traded up $0.36 during trading hours on Friday, hitting $107.37. 700,072 shares of the stock traded hands, compared to its average volume of 438,584. The business has a fifty day moving average of $91.94 and a 200-day moving average of $77.64. The company has a current ratio of 1.90, a quick ratio of 1.40 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $4.93 billion, a PE ratio of 30.77, a price-to-earnings-growth ratio of 1.16 and a beta of 1.38. Itron has a 1-year low of $56.11 and a 1-year high of $108.60.

Itron (NASDAQ:ITRI) last issued its earnings results on Thursday, May 2nd. The scientific and technical instruments company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.39. Itron had a net margin of 7.03% and a return on equity of 14.51%. The company had revenue of $603.44 million for the quarter, compared to analyst estimates of $579.49 million. During the same quarter last year, the firm earned $0.49 EPS. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. Analysts expect that Itron will post 3.68 EPS for the current year.

Insider Activity at Itron

In other Itron news, Director Jerome J. Lande sold 14,896 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $95.25, for a total transaction of $1,418,844.00. Following the transaction, the director now owns 5,750 shares in the company, valued at approximately $547,687.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Donald L. Reeves III sold 383 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $75.37, for a total value of $28,866.71. Following the sale, the senior vice president now directly owns 8,708 shares of the company’s stock, valued at $656,321.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jerome J. Lande sold 14,896 shares of Itron stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $95.25, for a total value of $1,418,844.00. Following the completion of the transaction, the director now owns 5,750 shares in the company, valued at approximately $547,687.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,467 shares of company stock worth $2,752,520. Corporate insiders own 1.45% of the company’s stock.

Institutional Investors Weigh In On Itron

Several hedge funds and other institutional investors have recently made changes to their positions in ITRI. Norges Bank acquired a new stake in Itron in the fourth quarter valued at approximately $24,504,000. Assenagon Asset Management S.A. boosted its holdings in shares of Itron by 517.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 246,688 shares of the scientific and technical instruments company’s stock valued at $14,944,000 after acquiring an additional 206,729 shares in the last quarter. Mesirow Institutional Investment Management Inc. bought a new stake in Itron during the 4th quarter worth $11,654,000. Vanguard Group Inc. increased its holdings in Itron by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,668,071 shares of the scientific and technical instruments company’s stock worth $343,372,000 after purchasing an additional 142,564 shares in the last quarter. Finally, Braun Stacey Associates Inc. raised its position in Itron by 140.6% in the fourth quarter. Braun Stacey Associates Inc. now owns 216,188 shares of the scientific and technical instruments company’s stock valued at $16,324,000 after purchasing an additional 126,328 shares during the last quarter. 96.19% of the stock is owned by institutional investors.

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.