Itron (ITRI) Downgraded 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 research note published 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.”
Other equities research analysts also recently issued research reports about the stock. Robert W. Baird restated a hold rating and issued a $77.00 price objective on shares of Itron in a research report on Tuesday, September 12th. Canaccord Genuity downgraded shares of Itron from a buy rating to a hold rating and set a $78.00 price objective for the company. in a research report on Tuesday, September 19th. Argus restated a buy rating and issued a $80.00 price objective (up previously from $78.00) on shares of Itron in a research report on Tuesday, September 12th. Needham & Company LLC restated a buy rating and issued a $84.00 price objective on shares of Itron in a research report on Friday, November 3rd. Finally, UBS Group assumed coverage on shares of Itron in a research report on Tuesday, January 2nd. They issued a strong-buy rating and a $84.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Itron currently has a consensus rating of Buy and a consensus target price of $82.18.
Itron (NASDAQ:ITRI) last announced its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.77 EPS for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.12). The firm had revenue of $486.75 million during the quarter, compared to analyst estimates of $526.55 million. Itron had a net margin of 3.42% and a return on equity of 14.84%. Itron’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 EPS. analysts predict that Itron will post 2.99 earnings per share for the current fiscal year.
In other Itron news, COO Thomas Deitrich sold 11,899 shares of the stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $69.27, for a total value of $824,243.73. Following the completion of the transaction, the chief operating officer now directly owns 82,776 shares of the company’s stock, valued at $5,733,893.52. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Scopia Capital Management Lp acquired 75,193 shares of the company’s stock in a transaction dated Wednesday, December 6th. The shares were acquired at an average cost of $67.34 per share, with a total value of $5,063,496.62. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 750,261 shares of company stock valued at $51,839,736. 2.03% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of 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 worth $296,603,000 after purchasing an additional 38,104 shares in the last quarter. State Street Corp increased its stake in shares of 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 worth $56,857,000 after purchasing an additional 43,230 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of 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 worth $48,757,000 after purchasing an additional 198,700 shares in the last quarter. Neuberger Berman Group LLC increased its stake in shares of 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 worth $53,351,000 after purchasing an additional 82,196 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of 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 worth $31,611,000 after purchasing an additional 21,803 shares in the last quarter. 93.54% of the stock is owned by institutional investors and hedge funds.
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Itron Company Profile
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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