Itron (NASDAQ:ITRI) Upgraded at JPMorgan Chase & Co.

Key Points

• Itron was upgraded from a "neutral" to an "overweight" rating by JPMorgan Chase & Co., indicating positive outlook from analysts.
• Despite the upgrade, shares of Itron dropped by 9.0% on the same day, closing at $126.00.
• Analyst ratings show a consensus of "Moderate Buy" for Itron, with ten analysts assigning a buy rating and a consensus price target of $133.17.

Itron (NASDAQ:ITRI - Get Free Report) was upgraded by equities researchers at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report issued on Thursday,Briefing.com Automated Import reports.

A number of other equities analysts also recently commented on ITRI. Roth Capital upped their price objective on shares of Itron from $130.00 to $150.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Guggenheim restated a "buy" rating and set a $155.00 price objective (up previously from $133.00) on shares of Itron in a research report on Monday, July 14th. Piper Sandler cut their price target on shares of Itron from $124.00 to $121.00 and set a "neutral" rating for the company in a report on Monday, May 5th. TD Cowen increased 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. Finally, Wall Street Zen downgraded shares of Itron from a "buy" rating to a "hold" rating in a report on Sunday, June 1st. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $133.17.

Itron Trading Down 9.0%

Shares of Itron stock traded down $12.43 on Thursday, reaching $126.00. The company had a trading volume of 2,177,373 shares, compared to its average volume of 582,646. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.65 and a current ratio of 1.93. The firm has a market cap of $5.74 billion, a PE ratio of 22.90, a PEG ratio of 0.86 and a beta of 1.35. The firm's 50 day moving average price is $127.56 and its two-hundred day moving average price is $112.68. Itron has a 52-week low of $90.11 and a 52-week high of $140.04.

Itron (NASDAQ:ITRI - Get Free Report) last posted its quarterly 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 10.34% and a return on equity of 19.65%. During the same quarter in the previous year, the firm posted $1.21 earnings per share. The firm's revenue for the quarter was down .4% on a year-over-year basis. Sell-side analysts predict that Itron will post 5.33 earnings per share for the current fiscal year.

Insider Transactions at Itron

In other news, CFO Joan S. Hooper sold 938 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 $107,823.10. Following the completion of the transaction, the chief financial officer owned 89,364 shares of the company's stock, valued at approximately $10,272,391.80. The trade was a 1.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP John F. Marcolini sold 3,783 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $116.73, for a total transaction of $441,589.59. Following the transaction, the senior vice president directly owned 21,865 shares of the company's stock, valued at approximately $2,552,301.45. This trade represents a 14.75% 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 quarter. Insiders own 1.45% of the company's stock.

Institutional Investors Weigh In On Itron

Hedge funds and other institutional investors have recently modified their holdings of the stock. GeoWealth Management LLC raised its position in Itron by 4,580.0% in the fourth quarter. GeoWealth Management LLC now owns 234 shares of the scientific and technical instruments company's stock worth $25,000 after acquiring an additional 229 shares in the last quarter. REAP Financial Group LLC raised its position in Itron by 168.4% in the second quarter. REAP Financial Group LLC now owns 424 shares of the scientific and technical instruments company's stock worth $56,000 after acquiring an additional 266 shares in the last quarter. Wayfinding Financial LLC purchased a new position in Itron in the 1st quarter worth about $45,000. CoreCap Advisors LLC increased its stake in Itron by 25.5% in the 4th 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 in the last quarter. Finally, Quarry LP increased its stake in Itron by 155.6% in the 1st quarter. Quarry LP now owns 910 shares of the scientific and technical instruments company's stock worth $95,000 after purchasing an additional 554 shares in the last quarter. 96.19% of the stock is currently owned by institutional investors.

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.

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