Itron, Inc. Forecasted to Earn Q2 2024 Earnings of $0.80 Per Share (NASDAQ:ITRI)

Itron, Inc. (NASDAQ:ITRI) – Investment analysts at Seaport Res Ptn cut their Q2 2024 earnings estimates for shares of Itron in a research report issued on Wednesday, April 10th. Seaport Res Ptn analyst S. Graham now anticipates that the scientific and technical instruments company will post earnings of $0.80 per share for the quarter, down from their prior forecast of $0.84. The consensus estimate for Itron’s current full-year earnings is $3.61 per share. Seaport Res Ptn also issued estimates for Itron’s Q3 2024 earnings at $0.99 EPS, Q1 2025 earnings at $1.00 EPS, Q2 2025 earnings at $0.96 EPS and Q3 2025 earnings at $1.18 EPS.

Other analysts have also issued research reports about the stock. TD Cowen lifted their price target on shares of Itron from $107.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 13th. Oppenheimer raised shares of Itron from a “market perform” rating to an “outperform” rating and set a $81.00 target price for the company in a research report on Friday, January 19th. Raymond James cut shares of Itron from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 4th. Canaccord Genuity Group raised Itron from a “hold” rating to a “buy” rating and boosted their price objective for the company from $68.00 to $105.00 in a report on Tuesday, February 27th. Finally, Canaccord Genuity Group upgraded 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. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Itron currently has an average rating of “Moderate Buy” and a consensus target price of $95.60.

Itron Price Performance

ITRI stock opened at $91.44 on Friday. The company has a market capitalization of $4.19 billion, a PE ratio of 43.54, a P/E/G ratio of 1.00 and a beta of 1.41. The company has a quick ratio of 1.43, a current ratio of 1.95 and a debt-to-equity ratio of 0.34. The stock’s 50 day moving average is $86.27 and its two-hundred day moving average is $73.73. Itron has a 52-week low of $50.60 and a 52-week high of $96.73.

Itron (NASDAQ:ITRI) last announced its earnings results on Monday, February 26th. The scientific and technical instruments company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.48. The business had revenue of $577.17 million for the quarter, compared to analyst estimates of $569.90 million. Itron had a return on equity of 12.27% and a net margin of 4.46%. The company’s revenue for the quarter was up 23.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.71 earnings per share.

Hedge Funds Weigh In On Itron

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC acquired a new stake in Itron in the 4th quarter valued at approximately $27,000. State of Wyoming bought a new position in shares of Itron in the fourth quarter worth $29,000. Quarry LP increased its holdings in shares of Itron by 240.5% during the second quarter. Quarry LP now owns 429 shares of the scientific and technical instruments company’s stock valued at $31,000 after purchasing an additional 303 shares during the period. Contravisory Investment Management Inc. raised its stake in shares of Itron by 61.5% during the first quarter. Contravisory Investment Management Inc. now owns 344 shares of the scientific and technical instruments company’s stock valued at $32,000 after purchasing an additional 131 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Itron by 9,150.0% in the third quarter. Covestor Ltd now owns 555 shares of the scientific and technical instruments company’s stock worth $34,000 after purchasing an additional 549 shares during the period. 96.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Itron Company Profile

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.