Itron (NASDAQ:ITRI) Shares Gap Up Following Earnings Beat

Itron, Inc. (NASDAQ:ITRI)’s stock price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $92.60, but opened at $102.50. Itron shares last traded at $102.97, with a volume of 304,888 shares.

The scientific and technical instruments company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.30. Itron had a net margin of 9.37% and a return on equity of 19.03%.

Wall Street Analyst Weigh In

ITRI has been the topic of several analyst reports. TD Cowen lifted their price objective on Itron from $125.00 to $136.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Oppenheimer upped their price target on Itron from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Roth Mkm lifted their price objective on Itron from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. StockNews.com raised Itron from a “buy” rating to a “strong-buy” rating in a research note on Friday. Finally, Guggenheim upped their price objective on shares of Itron from $128.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Itron presently has an average rating of “Moderate Buy” and a consensus target price of $123.92.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ITRI. Geode Capital Management LLC grew its holdings in Itron by 0.5% during the third quarter. Geode Capital Management LLC now owns 1,074,940 shares of the scientific and technical instruments company’s stock valued at $114,835,000 after purchasing an additional 5,630 shares during the period. First Trust Advisors LP raised its position in shares of Itron by 9.1% during the fourth quarter. First Trust Advisors LP now owns 802,584 shares of the scientific and technical instruments company’s stock valued at $87,145,000 after buying an additional 66,637 shares during the last quarter. Norges Bank bought a new position in shares of Itron during the fourth quarter worth $64,615,000. Northern Trust Corp grew its stake in Itron by 11.4% during the fourth quarter. Northern Trust Corp now owns 572,266 shares of the scientific and technical instruments company’s stock valued at $62,137,000 after acquiring an additional 58,546 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Itron by 21.5% in the 4th quarter. Nuveen Asset Management LLC now owns 560,478 shares of the scientific and technical instruments company’s stock worth $60,857,000 after purchasing an additional 99,142 shares in the last quarter. Institutional investors own 96.19% of the company’s stock.

Itron Stock Up 13.0 %

The stock has a market capitalization of $4.72 billion, a P/E ratio of 21.39, a PEG ratio of 0.81 and a beta of 1.46. The company has a fifty day moving average price of $105.19 and a 200-day moving average price of $106.82. The company has a quick ratio of 2.83, a current ratio of 3.36 and a debt-to-equity ratio of 0.91.

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.