Itron, Inc. (NASDAQ:ITRI) executive Patrick Justin K, who serves as the company's Senior Vice President of Device Solutions, recently sold shares of the company's stock. The transaction, which took place on May 24, 2024, involved the automatic sale of 99 shares at a price of $108.87 per share, resulting in a total deal value of $10,778. This sale was conducted to satisfy tax withholding obligations associated with the vesting of a restricted stock unit award.
Following the sale, Patrick Justin K's remaining ownership in Itron stands at 20,524 shares of common stock. This transaction was disclosed in a legal filing with the Securities and Exchange Commission, which also noted that the shares were sold directly and the transaction was automatic in nature, specifically for tax purposes.
Itron, Inc., headquartered in Liberty Lake, Washington, is a technology company that provides solutions for measuring and managing electricity and other utilities. The company's stock is publicly traded, and it is known for its contributions to the industrial applications and services sector.
Investors and the market keep a close eye on insider transactions as they can provide insights into an executive's view of the company's current valuation and future prospects. In this case, the transaction was related to tax obligations, which is a common reason for executives to sell shares.
For those interested in the details of the transaction, the information is available in the SEC filing, which can be accessed by the public. It's important for investors to consider the context of such sales when evaluating their investment decisions.
InvestingPro Insights
As investors digest the news of Itron, Inc.'s (NASDAQ:ITRI) insider stock sale, it's worth considering the broader financial landscape of the company. With a solid market capitalization of $5.05 billion, Itron is a significant player in the technology sector focused on utilities. The company's recent performance metrics provide a deeper understanding of its financial health and potential.
InvestingPro data indicates a robust revenue growth of 25.77% over the last twelve months as of Q1 2024, signaling Itron's ability to expand its sales effectively in its market. Furthermore, the company's gross profit margin stands at a healthy 33.43%, underscoring its capability to maintain profitability while managing costs.
An impressive one-year price total return of 68.45% reflects investor confidence and market appreciation for Itron's stock. This aligns with the InvestingPro Tips highlighting the company's high return over the last year and strong performance over the last three months, with a 16.35% price total return in that period. The company's shares are trading near their 52-week high, at 99.14% of the peak value, emphasizing the positive momentum Itron's stock has experienced.
For those looking to delve deeper into Itron's prospects, InvestingPro Tips also reveal that analysts have revised their earnings upwards for the upcoming period, indicating potential for continued financial success. Additionally, Itron's liquid assets surpass short-term obligations, providing a cushion for operational flexibility.
To explore further insights and access additional InvestingPro Tips, such as the company's moderate level of debt and its trading at a high EBITDA valuation multiple, investors can visit https://www.investing.com/pro/ITRI. There are 12 additional tips available, offering a comprehensive analysis that could aid in making informed investment decisions. Don't forget to utilize the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more valuable information.
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