Canaccord Genuity Group Raises Itron (NASDAQ:ITRI) Price Target to $115.00

Itron (NASDAQ:ITRI) had its price target raised by Canaccord Genuity Group from $105.00 to $115.00 in a research note released on Friday, Benzinga reports. They currently have a buy rating on the scientific and technical instruments company’s stock.

Several other analysts also recently weighed in on the company. TheStreet raised Itron from a c rating to a b- rating in a report on Monday, February 26th. Canaccord Genuity Group raised Itron from a hold rating to a buy rating and upped their price objective for the company from $68.00 to $105.00 in a research note on Tuesday, February 27th. Robert W. Baird upped their price objective on Itron from $108.00 to $115.00 and gave the company an outperform rating in a research note on Wednesday, March 13th. Piper Sandler reaffirmed an overweight rating and set a $109.00 price objective (up from $103.00) on shares of Itron in a research note on Friday. Finally, TD Cowen upped their price objective on Itron from $110.00 to $115.00 and gave the company a buy rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $104.18.

Itron Stock Up 0.3 %

NASDAQ ITRI traded up $0.36 during trading on Friday, reaching $107.37. 708,241 shares of the company’s stock were exchanged, compared to its average volume of 438,677. The stock has a market cap of $4.93 billion, a P/E ratio of 30.77, a price-to-earnings-growth ratio of 1.16 and a beta of 1.38. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.40 and a current ratio of 1.90. The company has a 50 day moving average price of $91.94 and a two-hundred day moving average price of $77.64. Itron has a 1 year low of $56.11 and a 1 year high of $108.60.

Itron (NASDAQ:ITRI) last posted its earnings results on Thursday, May 2nd. The scientific and technical instruments company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.39. Itron had a return on equity of 14.51% and a net margin of 7.03%. The business had revenue of $603.44 million during the quarter, compared to the consensus estimate of $579.49 million. During the same period in the previous year, the business earned $0.49 EPS. The business’s quarterly revenue was up 22.0% on a year-over-year basis. On average, equities research analysts anticipate that Itron will post 3.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other Itron news, Director Jerome J. Lande sold 14,896 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Itron news, CFO Joan S. Hooper sold 1,560 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $75.37, for a total transaction of $117,577.20. Following the transaction, the chief financial officer now owns 60,141 shares of the company’s stock, valued at approximately $4,532,827.17. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jerome J. Lande sold 14,896 shares of the stock in a transaction on Thursday, March 7th. The stock was 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 directly owns 5,750 shares in the company, valued at $547,687.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,467 shares of company stock worth $2,752,520. Company insiders own 1.45% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ITRI. SG Americas Securities LLC purchased a new position in shares of Itron in the 3rd quarter worth $239,000. Raymond James Financial Services Advisors Inc. increased its holdings in Itron by 1.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 19,549 shares of the scientific and technical instruments company’s stock valued at $1,184,000 after purchasing an additional 236 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Itron by 453.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 114,856 shares of the scientific and technical instruments company’s stock valued at $6,958,000 after purchasing an additional 94,085 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Itron by 313.4% in the 3rd quarter. Mackenzie Financial Corp now owns 11,595 shares of the scientific and technical instruments company’s stock valued at $677,000 after purchasing an additional 8,790 shares in the last quarter. Finally, Inspire Investing LLC increased its holdings in Itron by 9.6% in the 3rd quarter. Inspire Investing LLC now owns 5,684 shares of the scientific and technical instruments company’s stock valued at $344,000 after purchasing an additional 498 shares in the last quarter. 96.19% of the stock is owned by hedge funds and other 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.