Patrick Justin K, Senior Vice President of Device Solutions at Itron, Inc. (NASDAQ:ITRI), has sold a portion of his holdings in the company. According to a recent SEC filing, Justin K sold 109 shares of common stock on November 25. The shares were sold at an average price of $119.7476 each, totaling approximately $13,052. Following this transaction, Justin K retains ownership of 20,314 shares in Itron. The sale was conducted to cover tax withholding obligations associated with the vesting of a restricted stock unit award.
In other recent news, Itron, a technology company, has been maintaining a strong performance with significant developments. The company recently reported a 10% increase in its third-quarter revenue year-over-year, reaching $615 million. The adjusted EBITDA was recorded at $89 million, with non-GAAP earnings per share at $1.84. Itron's full-year revenue is projected to be between $2.428 billion and $2.438 billion, indicating a 12% increase from the previous year.
Moreover, Baird, a financial firm, reaffirmed its positive stance on Itron by maintaining an Outperform rating. The firm highlighted Itron's strategic shift towards higher-margin segments, particularly within its Networks and Outcomes business areas, as a key factor in its positive trajectory. Potential catalysts for Itron's long-term financial targets include an uptick in power demand forecasts, a recent acquisition within the Outcomes segment, and a quicker-than-anticipated rollout of government funding for infrastructure projects.
In addition to these developments, Itron is actively pursuing merger and acquisition opportunities to strengthen its grid edge intelligence platform. These recent developments underscore the company's sustained growth and profitability in a market increasingly focused on efficient energy and water management.
InvestingPro Insights
Itron, Inc. (NASDAQ:ITRI) has been experiencing strong market performance, as evidenced by recent data from InvestingPro. The company's stock is trading near its 52-week high, with a robust year-to-date price total return of 57.2% as of the latest available data. This impressive performance aligns with the recent insider transaction by Patrick Justin K, Senior Vice President of Device Solutions.
InvestingPro Tips highlight that Itron has seen a strong return over the last month and three months, which could indicate positive momentum in the stock. Additionally, analysts have revised their earnings upwards for the upcoming period, suggesting confidence in the company's near-term prospects.
From a financial perspective, Itron operates with a moderate level of debt and its liquid assets exceed short-term obligations, indicating a solid financial position. The company's P/E ratio of 23.83 is considered low relative to its near-term earnings growth, which may suggest potential undervaluation.
It's worth noting that Itron does not pay a dividend to shareholders, which aligns with the company's focus on growth and reinvestment. For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for Itron, providing a deeper understanding of the company's financial health and market position.
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