Itron (NASDAQ:ITRI) Cut to "Accumulate" at Johnson Rice

Key Points

• Itron has been downgraded by Johnson Rice from a "buy" rating to an "accumulate" rating, indicating a shift in analyst sentiment.
• The company's earnings per share (EPS) for the last quarter was $1.62, surpassing estimates, although revenue fell slightly by 0.4% year-over-year.
• Itron's average analyst rating is currently a "Moderate Buy" with a consensus target price of $134.58, as several research firms provide varying ratings and target prices.

Itron (NASDAQ:ITRI - Get Free Report) was downgraded by equities research analysts at Johnson Rice from a "buy" rating to an "accumulate" rating in a research note issued to investors on Friday, Marketbeat.com reports.

A number of other brokerages also recently weighed in on ITRI. JPMorgan Chase & Co. raised Itron from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $128.00 to $145.00 in a research note on Thursday. Wall Street Zen lowered shares of Itron from a "buy" rating to a "hold" rating in a research report on Sunday, June 1st. TD Cowen upped their price target on shares of Itron from $139.00 to $145.00 and gave the company a "buy" rating in a report on Friday, June 20th. Piper Sandler dropped their price objective on Itron from $124.00 to $121.00 and set a "neutral" rating on the stock in a research note on Monday, May 5th. Finally, Roth Capital boosted their price objective on Itron from $130.00 to $150.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, Itron has a consensus rating of "Moderate Buy" and an average target price of $134.58.

Itron Stock Performance

Shares of ITRI opened at $123.18 on Friday. The company has a quick ratio of 1.65, a current ratio of 2.04 and a debt-to-equity ratio of 0.48. Itron has a 12 month low of $90.11 and a 12 month high of $140.04. The company's fifty day moving average is $128.49 and its 200-day moving average is $113.13. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of 21.06, a price-to-earnings-growth ratio of 0.79 and a beta of 1.35.

Itron (NASDAQ:ITRI - Get Free Report) last posted its earnings results on Thursday, July 31st. The scientific and technical instruments company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.33 by $0.29. Itron had a net margin of 11.05% and a return on equity of 19.69%. The firm had revenue of $606.76 million for the quarter, compared to the consensus estimate of $610.36 million. During the same period in the prior year, the business posted $1.21 earnings per share. The business's quarterly revenue was down .4% on a year-over-year basis. Equities analysts expect that Itron will post 5.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Itron news, SVP Donald L. Reeves III sold 529 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $114.95, for a total transaction of $60,808.55. Following the completion of the transaction, the senior vice president directly owned 20,151 shares in the company, valued at $2,316,357.45. This represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Christopher E. Ware sold 339 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $114.95, for a total transaction of $38,968.05. Following the completion of the sale, the senior vice president owned 19,468 shares in the company, valued at $2,237,846.60. This represents a 1.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,905 shares of company stock valued at $2,439,202 over the last 90 days. Company insiders own 1.45% of the company's stock.

Institutional Investors Weigh In On Itron

Hedge funds have recently made changes to their positions in the company. GeoWealth Management LLC grew its stake in Itron by 4,580.0% during the fourth quarter. GeoWealth Management LLC now owns 234 shares of the scientific and technical instruments company's stock worth $25,000 after buying an additional 229 shares during the last quarter. Bessemer Group Inc. raised its position in Itron by 125.7% in the 2nd quarter. Bessemer Group Inc. now owns 255 shares of the scientific and technical instruments company's stock valued at $34,000 after purchasing an additional 142 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Itron in the first quarter worth $45,000. REAP Financial Group LLC grew its holdings in shares of Itron by 168.4% during the second quarter. REAP Financial Group LLC now owns 424 shares of the scientific and technical instruments company's stock worth $56,000 after purchasing an additional 266 shares during the last quarter. Finally, CoreCap Advisors LLC grew its holdings in shares of Itron by 25.5% during the fourth quarter. CoreCap Advisors LLC now owns 616 shares of the scientific and technical instruments company's stock worth $67,000 after purchasing an additional 125 shares during the last quarter. Institutional investors and hedge funds own 96.19% of the company's stock.

Itron Company Profile

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.