Itron (ITRI) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Itron (NASDAQ:ITRI) from a hold rating to a sell rating in a report released on Tuesday.

According to Zacks, “Itron anticipates 2017 adjusted earnings per share to be at or above the lower-end of the previous guidance range of $2.95-$3.15. It also estimates revenues to be at or modestly below the lower-end of the prior projection of $2.03-$2.06 billion. The company’s revenue outlook will be affected by the impact of market-driven delays in its water projects. Fluctuation in currency rates as well as increased competition in the advanced metering infrastructure (AMI) space will adversely affect its performance. The company’s shares also underperformed the industry over the past year.”

A number of other analysts also recently issued reports on ITRI. Argus reaffirmed a buy rating and issued a $80.00 target price (up from $78.00) on shares of Itron in a research note on Tuesday, September 12th. Robert W. Baird reaffirmed a hold rating and issued a $77.00 target price on shares of Itron in a research note on Tuesday, September 12th. Canaccord Genuity downgraded Itron from a buy rating to a hold rating and set a $78.00 target price for the company. in a research note on Tuesday, September 19th. JMP Securities set a $102.00 target price on Itron and gave the stock a buy rating in a research note on Thursday, October 12th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $84.00 target price on shares of Itron in a research note on Friday, November 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $82.18.

Itron (ITRI) traded up $0.50 during midday trading on Tuesday, reaching $71.70. The company had a trading volume of 248,521 shares, compared to its average volume of 320,713. Itron has a 1 year low of $57.80 and a 1 year high of $79.95. The company has a current ratio of 1.67, a quick ratio of 1.26 and a debt-to-equity ratio of 0.38. The firm has a market cap of $2,757.24, a P/E ratio of 41.93, a P/E/G ratio of 1.03 and a beta of 1.00.

Itron (NASDAQ:ITRI) last issued its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.12). Itron had a return on equity of 14.84% and a net margin of 3.42%. The company had revenue of $486.75 million during the quarter, compared to analyst estimates of $526.55 million. During the same period last year, the business earned $0.77 earnings per share. The firm’s revenue was down 4.0% compared to the same quarter last year. research analysts predict that Itron will post 2.99 EPS for the current fiscal year.

In other news, COO Thomas Deitrich sold 11,899 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $69.27, for a total transaction of $824,243.73. Following the completion of the transaction, the chief operating officer now directly owns 82,776 shares in the company, valued at approximately $5,733,893.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Scopia Capital Management Lp purchased 11,315 shares of the stock in a transaction dated Thursday, December 27th. The shares were acquired at an average price of $68.02 per share, with a total value of $769,646.30. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 750,261 shares of company stock valued at $51,839,736. Company insiders own 2.03% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in Itron by 0.9% during the 2nd quarter. BlackRock Inc. now owns 4,377,905 shares of the scientific and technical instruments company’s stock valued at $296,603,000 after acquiring an additional 38,104 shares during the period. State Street Corp boosted its holdings in Itron by 5.4% during the 2nd quarter. State Street Corp now owns 839,226 shares of the scientific and technical instruments company’s stock valued at $56,857,000 after acquiring an additional 43,230 shares during the period. Renaissance Technologies LLC boosted its holdings in Itron by 38.1% during the 2nd quarter. Renaissance Technologies LLC now owns 719,661 shares of the scientific and technical instruments company’s stock valued at $48,757,000 after acquiring an additional 198,700 shares during the period. Neuberger Berman Group LLC boosted its holdings in Itron by 13.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 688,848 shares of the scientific and technical instruments company’s stock valued at $53,351,000 after acquiring an additional 82,196 shares during the period. Finally, Northern Trust Corp boosted its holdings in Itron by 4.9% during the 2nd quarter. Northern Trust Corp now owns 466,579 shares of the scientific and technical instruments company’s stock valued at $31,611,000 after acquiring an additional 21,803 shares during the period. Institutional investors and hedge funds own 93.54% of the company’s stock.

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About Itron

Itron, Inc (Itron) is a technology and service company. The Company provides solutions that measure, manage and analyze energy and water use. The Company operates through three segments: Electricity, Gas and Water. It provides a portfolio of products, solutions, software and services to electric, gas and water utility customers across the globe.

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