Itron’s (ITRI) “Buy” Rating Reiterated at Canaccord Genuity

Canaccord Genuity reaffirmed their buy rating on shares of Itron (NASDAQ:ITRI) in a research report sent to investors on Wednesday morning. Canaccord Genuity currently has a $84.00 price objective on the scientific and technical instruments company’s stock.

“With integration of a major competitor (SilverSpring Networks) now underway, we find conditions in place (conservative synergy assumptions, combined competitive positioning, attractive valuation, etc.) to once again become constructive on Itron. Investment highlights While near-term financials stay somewhat in flux given purchase accounting impacts (made more complex by new accounting standards), we continue to have increased conviction in underlying demand (growth now supported by ~$3B of total contracted business with SSNI) and the prospects for out-year earnings power (towards $5+, aided by what we view as likely conservative cost-saving goals and margin tailwinds built into backlog). Reiterate BUY.”,” the firm’s analyst wrote.

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A number of other analysts have also weighed in on ITRI. Macquarie began coverage on Itron in a research note on Thursday, March 22nd. They issued a neutral rating on the stock. BidaskClub upgraded Itron from a hold rating to a buy rating in a research note on Friday, March 2nd. ValuEngine upgraded Itron from a hold rating to a buy rating in a research note on Thursday, March 1st. JMP Securities set a $108.00 price target on Itron and gave the stock a buy rating in a research report on Thursday, March 1st. Finally, Oppenheimer reissued a buy rating and set a $78.00 price target on shares of Itron in a research report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Itron presently has an average rating of Buy and an average price target of $84.18.

ITRI stock opened at $68.15 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.29 and a current ratio of 1.67. Itron has a twelve month low of $59.10 and a twelve month high of $79.95. The firm has a market capitalization of $2,740.53, a price-to-earnings ratio of 22.89, a price-to-earnings-growth ratio of 1.09 and a beta of 0.96.

Itron (NASDAQ:ITRI) last released its earnings results on Wednesday, February 28th. The scientific and technical instruments company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.08. Itron had a return on equity of 15.84% and a net margin of 2.84%. The business had revenue of $550.78 million for the quarter, compared to analyst estimates of $532.61 million. During the same quarter last year, the firm posted $0.68 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. sell-side analysts predict that Itron will post 3.05 earnings per share for the current fiscal year.

In other news, Director Thomas S. Glanville sold 2,000 shares of the stock in a transaction on Monday, March 5th. The stock was sold at an average price of $74.02, for a total transaction of $148,040.00. Following the transaction, the director now owns 13,390 shares of the company’s stock, valued at approximately $991,127.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Shannon M. Votava sold 6,661 shares of the firm’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $71.58, for a total value of $476,794.38. Following the sale, the vice president now directly owns 16,459 shares in the company, valued at approximately $1,178,135.22. The disclosure for this sale can be found here. Insiders have sold a total of 16,708 shares of company stock worth $1,187,652 in the last three months. Corporate insiders own 2.03% of the company’s stock.

A number of hedge funds have recently modified their holdings of ITRI. Nationwide Fund Advisors boosted its holdings in Itron by 1.8% in the third quarter. Nationwide Fund Advisors now owns 53,652 shares of the scientific and technical instruments company’s stock worth $4,155,000 after acquiring an additional 939 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Itron by 17.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 25,714 shares of the scientific and technical instruments company’s stock valued at $1,992,000 after purchasing an additional 3,801 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Itron by 9.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 225,827 shares of the scientific and technical instruments company’s stock valued at $17,490,000 after purchasing an additional 19,084 shares in the last quarter. Macquarie Group Ltd. purchased a new position in Itron in the 3rd quarter valued at approximately $152,000. Finally, American International Group Inc. grew its holdings in Itron by 6.0% during the 3rd quarter. American International Group Inc. now owns 27,055 shares of the scientific and technical instruments company’s stock valued at $2,095,000 after buying an additional 1,528 shares during the last quarter. 95.25% of the stock is currently owned by institutional investors.

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About Itron

Itron, Inc, a technology company, provides end-to-end solutions that measures, manages, and analyzes energy and water use worldwide. The company operates through three segments: Electricity, Gas, and Water. It offers standard electromechanical and electronic, gas, and water and heat meters; and smart electricity, gas, and water meters and communication modules.

Analyst Recommendations for Itron (NASDAQ:ITRI)

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