Donald L. Reeves III, Senior Vice President of Outcomes at Itron, Inc. (NASDAQ:ITRI), recently sold a portion of his holdings in the company. On November 25, 2024, Reeves sold 227 shares of Itron common stock at an average price of $119.75 per share, totaling approximately $27,182. The sale was executed to cover tax withholding obligations related to the vesting of a restricted stock unit award. Following this transaction, Reeves holds 15,842 shares of Itron directly.
In other recent news, Itron Inc. (NASDAQ:ITRI) has demonstrated strong financial performance with a 10% year-over-year increase in its Q3 revenue, reaching $615 million. The technology company also reported an adjusted EBITDA of $89 million and non-GAAP earnings per share of $1.84. Itron's backlog has grown to $4 billion, with bookings of $487 million. The company expects its full-year revenue to be between $2.428 billion and $2.438 billion, marking a 12% increase from the previous year.
Moreover, Baird, an independent analyst firm, has maintained its Outperform rating on Itron, highlighting the company's strategic shift towards higher-margin segments as a key factor in its positive trajectory. Baird also pointed out potential catalysts that could enhance Itron's long-term financial targets, including increased power demand forecasts and a quicker-than-anticipated rollout of government funding for infrastructure projects.
In addition to its financial achievements, Itron is actively pursuing mergers and acquisitions to strengthen its grid edge intelligence platform. These recent developments underscore the company's ongoing efforts to sustain growth and profitability in a market increasingly focused on efficient energy and water management.
InvestingPro Insights
While Donald L. Reeves III's recent sale of Itron shares was relatively small and for tax purposes, it's worth examining the company's current financial position and market performance to provide context for investors.
According to InvestingPro data, Itron's market capitalization stands at $5.36 billion, with the stock trading at a price-to-earnings (P/E) ratio of 23.83. This P/E ratio is particularly interesting when considering one of the InvestingPro Tips, which suggests that Itron is "trading at a low P/E ratio relative to near-term earnings growth." This could indicate potential value for investors, especially given the company's strong recent performance.
Indeed, Itron has shown impressive growth, with revenue increasing by 16.53% over the last twelve months to $2.41 billion. The company's profitability is also noteworthy, with a gross profit margin of 34.17% and an operating income margin of 10.64% for the same period.
Another InvestingPro Tip highlights that Itron has seen a "high return over the last year." This is corroborated by the stock's remarkable 78.36% price total return over the past year. The company is currently trading near its 52-week high, with its price at 94.48% of the peak, suggesting strong investor confidence.
For those interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for Itron, providing a deeper understanding of the company's financial health and market position. These insights can be particularly valuable for investors looking to make informed decisions in the dynamic utilities technology sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.