Itron (ITRI) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Itron (NASDAQ:ITRI) from a hold rating to a sell rating in a research report sent to investors 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.”

Several other brokerages have also weighed in on ITRI. 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 research report on Tuesday, September 19th. JMP Securities set a $102.00 target price on shares of Itron and gave the company a buy rating in a research report on Thursday, October 12th. Robert W. Baird reissued a hold rating and set a $77.00 price target on shares of Itron in a report on Tuesday, September 12th. Needham & Company LLC reissued a buy rating and set a $84.00 price target on shares of Itron in a report on Friday, November 3rd. Finally, Raymond James Financial began coverage on shares of Itron in a report on Tuesday, January 2nd. They set a strong-buy rating and a $84.00 price target for the company. 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. The stock currently has a consensus rating of Buy and a consensus price target of $82.18.

Shares of Itron (NASDAQ ITRI) traded up $0.50 during trading on Tuesday, hitting $71.70. 248,521 shares of the stock traded hands, compared to its average volume of 320,713. 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 1-year low of $57.80 and a 1-year high of $79.95. The firm has a market cap of $2,757.24, a price-to-earnings 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 for the quarter, missing the 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 analyst estimates of $526.55 million. During the same quarter last year, the firm posted $0.77 earnings per share. Itron’s revenue was down 4.0% on a year-over-year basis. sell-side analysts predict that Itron will post 2.99 earnings per share for the current year.

In related news, major shareholder Scopia Capital Management Lp bought 75,193 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was bought at an average cost of $67.34 per share, with a total value of $5,063,496.62. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Thomas Deitrich sold 11,899 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $5,733,893.52. The disclosure for this sale can be found here. Insiders have purchased a total of 750,261 shares of company stock valued at $51,839,736 over the last three months. 2.03% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in ITRI. PNC Financial Services Group Inc. raised its stake in shares of Itron by 2.0% in the second quarter. PNC Financial Services Group Inc. now owns 1,610 shares of the scientific and technical instruments company’s stock worth $109,000 after acquiring an additional 31 shares during the last quarter. Pacad Investment Ltd. raised its stake in shares of Itron by 21.4% in the second quarter. Pacad Investment Ltd. now owns 1,700 shares of the scientific and technical instruments company’s stock worth $115,000 after acquiring an additional 300 shares during the last quarter. Riverhead Capital Management LLC raised its stake in shares of Itron by 74.8% in the second quarter. Riverhead Capital Management LLC now owns 2,097 shares of the scientific and technical instruments company’s stock worth $142,000 after acquiring an additional 897 shares during the last quarter. Macquarie Group Ltd. bought a new position in shares of Itron in the third quarter worth about $152,000. Finally, Royal Bank of Canada raised its stake in shares of Itron by 10.9% in the second quarter. Royal Bank of Canada now owns 3,042 shares of the scientific and technical instruments company’s stock worth $206,000 after acquiring an additional 299 shares during the last quarter. 93.54% of the stock is owned by 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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