Today: The Canaccord Genuity Reaffirms “Buy” Rating for Itron Inc. (ITRI)

The Canaccord Genuity Reaffirms “Buy” Rating for Itron Inc. (ITRI)

Canaccord Genuity reissued their buy rating on shares of Itron Inc. (NASDAQ:ITRI) in a research report report published on Monday morning. The brokerage currently has a $61.00 target price on the stock, up from their prior target price of $57.00.

Several other research analysts have also commented on the company. Robert W. Baird reissued an outperform rating and issued a $47.00 price objective on shares of Itron in a research report on Saturday, August 13th. TheStreet raised Itron from a hold rating to a buy rating in a research report on Monday, August 29th. Zacks Investment Research raised Itron from a hold rating to a strong-buy rating and set a $62.00 price objective on the stock in a research report on Friday, September 9th. Cowen and Company reaffirmed a market perform rating and set a $50.00 target price (up from $45.00) on shares of Itron in a research report on Sunday, September 4th. Finally, Needham & Company LLC lifted their target price on Itron from $46.00 to $60.00 and gave the stock a buy rating in a research report on Friday, September 2nd. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $52.75.

Shares of Itron (NASDAQ:ITRI) opened at 56.72 on Monday. The firm has a market capitalization of $2.17 billion, a PE ratio of 42.39 and a beta of 1.44. Itron has a 12 month low of $29.02 and a 12 month high of $57.25. The company has a 50 day moving average price of $52.75 and a 200-day moving average price of $45.20.

Itron (NASDAQ:ITRI) last released its quarterly earnings data on Thursday, September 1st. The company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.43 by $0.22. Itron had a return on equity of 10.94% and a net margin of 2.62%. The company had revenue of $513.02 million for the quarter. During the same period last year, the business earned ($0.39) earnings per share. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. Equities research analysts expect that Itron will post $2.37 EPS for the current fiscal year.

In related news, major shareholder Scopia Capital Management Lp bought 83,303 shares of the firm’s stock in a transaction on Tuesday, September 13th. The stock was bought at an average cost of $53.84 per share, for a total transaction of $4,485,033.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas S. Glanville sold 4,000 shares of Itron stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $53.15, for a total value of $212,600.00. Following the completion of the transaction, the director now owns 20,783 shares of the company’s stock, valued at $1,104,616.45. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. Bogle Investment Management L P DE bought a new position in shares of Itron during the first quarter worth approximately $4,514,000. Goldman Sachs Group Inc. increased its position in shares of Itron by 23.1% in the first quarter. Goldman Sachs Group Inc. now owns 220,635 shares of the company’s stock worth $9,205,000 after buying an additional 41,457 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Itron by 164.6% in the first quarter. UBS Asset Management Americas Inc. now owns 742,060 shares of the company’s stock worth $30,959,000 after buying an additional 461,562 shares during the last quarter. UBS Group AG increased its position in shares of Itron by 3,973.8% in the first quarter. UBS Group AG now owns 55,322 shares of the company’s stock worth $2,308,000 after buying an additional 53,964 shares during the last quarter. Finally, State Street Corp increased its position in shares of Itron by 0.7% in the first quarter. State Street Corp now owns 732,924 shares of the company’s stock worth $30,573,000 after buying an additional 5,180 shares during the last quarter. Institutional investors own 96.92% of the company’s stock.

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