Shares of Itron, Inc. (ITRI - Free Report) touched a 52-week high of $54.23 on Sep 7. However, the stock closed the day’s trading a bit lower at $54.18. This new high came on the back of the company’s upbeat second-quarter 2016 results and a favorable outlook for the year.
Itron has a market cap of roughly $2.07 billion. Average volume of shares traded over the last three months is roughly 209K. The stock has delivered a solid one-year return of around 88% and year-to-date return of roughly 50%. The company has beaten the Zacks Consensus Estimate in two out of the trailing four quarters, with an average surprise of 16.36%.
Driving Factors
Itron’s shares gained since the company reported its second-quarter 2016 results on Sep 1. It recorded adjusted earnings of 65 cents per share, as against a loss of 39 cents a share recorded in the year-ago quarter. Revenues also jumped 9% year over year to $513 million in the reported quarter.
Itron projects 2016 revenues to be $1.95−$2 billion and full-year EPS in the band of $2.20−$2.45. The company remains focused on its ongoing efforts to drive operational improvements as well as product development and supply chain efficiencies across businesses.
Accordingly, the company announced new restructuring projects to further reduce expenses through streamlining global operations. The 2016 projects, which will begin immediately, are expected to be substantially completed by the end of 2018 and generate annualized savings of around $40 million thereafter.
Itron expects to grow through a combination of new product development, licensing technology, distribution agreements, partnership arrangements and acquisitions. It will also benefit from accelerated momentum in smart grid development, which will create additional opportunity for innovative solutions.
Moreover, solid execution of the company’s strategic initiatives and incremental operational improvements across all segments will drive growth.
Itron currently has a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked stocks in the sector are Cognex Corp. (CGNX - Free Report) , Benchmark Electronics Inc. (BHE - Free Report) and Applied Materials, Inc. (AMAT - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Shares of Itron, Inc. (ITRI - Free Report) touched a 52-week high of $54.23 on Sep 7. However, the stock closed the day’s trading a bit lower at $54.18. This new high came on the back of the company’s upbeat second-quarter 2016 results and a favorable outlook for the year.
Itron has a market cap of roughly $2.07 billion. Average volume of shares traded over the last three months is roughly 209K. The stock has delivered a solid one-year return of around 88% and year-to-date return of roughly 50%. The company has beaten the Zacks Consensus Estimate in two out of the trailing four quarters, with an average surprise of 16.36%.
Driving Factors
Itron’s shares gained since the company reported its second-quarter 2016 results on Sep 1. It recorded adjusted earnings of 65 cents per share, as against a loss of 39 cents a share recorded in the year-ago quarter. Revenues also jumped 9% year over year to $513 million in the reported quarter.
Itron projects 2016 revenues to be $1.95−$2 billion and full-year EPS in the band of $2.20−$2.45. The company remains focused on its ongoing efforts to drive operational improvements as well as product development and supply chain efficiencies across businesses.
Accordingly, the company announced new restructuring projects to further reduce expenses through streamlining global operations. The 2016 projects, which will begin immediately, are expected to be substantially completed by the end of 2018 and generate annualized savings of around $40 million thereafter.
Itron expects to grow through a combination of new product development, licensing technology, distribution agreements, partnership arrangements and acquisitions. It will also benefit from accelerated momentum in smart grid development, which will create additional opportunity for innovative solutions.
Moreover, solid execution of the company’s strategic initiatives and incremental operational improvements across all segments will drive growth.
Itron currently has a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked stocks in the sector are Cognex Corp. (CGNX - Free Report) , Benchmark Electronics Inc. (BHE - Free Report) and Applied Materials, Inc. (AMAT - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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