Itron (ITRI) Cut to “Sell” at Zacks Investment Research

Itron (NASDAQ:ITRI) was downgraded by Zacks Investment Research 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.”

Other equities analysts have also issued research reports about the stock. Robert W. Baird reaffirmed a “hold” rating and set a $77.00 target price on shares of Itron in a report on Tuesday, September 12th. Canaccord Genuity lowered shares of Itron from a “buy” rating to a “hold” rating and set a $78.00 target price on the stock. in a report on Tuesday, September 19th. Argus reaffirmed a “buy” rating and set a $80.00 target price (up previously from $78.00) on shares of Itron in a report on Tuesday, September 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $84.00 target price on shares of Itron in a report on Friday, November 3rd. Finally, UBS Group assumed coverage on shares of Itron in a report on Tuesday, January 2nd. They set a “strong-buy” rating and a $84.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. Itron has a consensus rating of “Buy” and a consensus target price of $82.18.

Itron (ITRI) traded up $0.25 during mid-day trading on Tuesday, hitting $70.45. 352,600 shares of the company traded hands, compared to its average volume of 415,140. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.26 and a current ratio of 1.67. Itron has a 52 week low of $57.80 and a 52 week high of $79.95. The company has a market cap of $2,730.00, a price-to-earnings ratio of 41.20, a P/E/G ratio of 0.97 and a beta of 1.00.

Itron (NASDAQ:ITRI) last released its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.77 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.12). Itron had a net margin of 3.42% and a return on equity of 14.84%. The business had revenue of $486.75 million for the quarter, compared to the consensus estimate of $526.55 million. During the same period in the prior year, the business posted $0.77 EPS. Itron’s revenue for the quarter was down 4.0% on a year-over-year basis. equities analysts predict that Itron will post 2.99 earnings per share for the current fiscal year.

In other news, major shareholder Scopia Capital Management Lp purchased 75,193 shares of the business’s stock in a transaction on Wednesday, December 6th. The shares were acquired at an average price of $67.34 per share, with a total value of $5,063,496.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Thomas Deitrich sold 11,899 shares of the firm’s 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 sale, the chief operating officer now directly owns 82,776 shares in the company, valued at approximately $5,733,893.52. The disclosure for this sale can be found here. In the last three months, insiders acquired 750,261 shares of company stock worth $51,839,736. Insiders own 2.03% of the company’s stock.

Large investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its position in shares of Itron by 2.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,610 shares of the scientific and technical instruments company’s stock worth $109,000 after purchasing an additional 31 shares during the period. Pacad Investment Ltd. lifted its position in shares of Itron by 21.4% in the 2nd quarter. Pacad Investment Ltd. now owns 1,700 shares of the scientific and technical instruments company’s stock worth $115,000 after purchasing an additional 300 shares during the period. Macquarie Group Ltd. purchased a new stake in shares of Itron in the 3rd quarter worth about $152,000. Riverhead Capital Management LLC lifted its position in shares of Itron by 74.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,097 shares of the scientific and technical instruments company’s stock worth $142,000 after purchasing an additional 897 shares during the period. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Itron in the 3rd quarter worth about $218,000. 93.54% of the stock is owned by hedge funds and other institutional investors.

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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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