Itron, Inc. (NASDAQ:ITRI) has reported that its President and CEO, Thomas Deitrich, sold 887 shares of company stock on August 26, 2024, for a total value exceeding $90,000. The sale occurred at a price of $102.1499 per share, according to the latest regulatory filings.
The transaction was part of an automatic sale to cover tax withholding obligations related to the vesting of a restricted stock unit award. Following the sale, Deitrich still holds a substantial number of shares directly, with 205,276 shares remaining in his direct ownership. Additionally, there are 25,000 shares held indirectly by a trust.
Investors often keep a close eye on insider transactions such as these, as they can provide insights into executives' perspectives on the company's current valuation and future prospects. The details of these transactions are made public through filings with the Securities and Exchange Commission, offering transparency into the trading activities of company insiders.
Itron, Inc., headquartered in Liberty Lake, Washington, operates within the industrial sector, specializing in instruments for measuring and testing electricity and electronic signals. As a leader in the industry, the company's stock performance and insider transactions are closely monitored by investors seeking to understand the market's movement and potential investment opportunities.
In other recent news, Itron, Inc. reported a robust second quarter, showing a 13% increase in revenue compared to the previous year, with record revenues in its Network (LON:NETW) Solutions and Outcomes segments. The company's backlog remains substantial at $4.1 billion, with bookings for the quarter reported at $447 million. CEO Tom Deitrich emphasized the company's commitment to sustainability, grid modernization, and resilience, particularly in the face of extreme weather events. Furthermore, Itron's partnerships with GE, Vernova, and Schneider are aiding in technology adaptation, and a $1 billion award pipeline, with the Grid Edge Intelligence platform as the largest portion, was noted. The company also highlighted its Corporate Sustainability Report, which showcases a 50% reduction in greenhouse gas emissions and commitment to a safe working environment. However, regulatory hurdles and timing of project installations may cause pending bookings to be weighted towards the latter half of the year. These developments are part of recent news for Itron, Inc.
InvestingPro Insights
Amid the recent insider transaction by Itron's CEO, Thomas Deitrich, the company's financial health and growth prospects remain a focal point for investors. According to InvestingPro data, Itron boasts a market capitalization of $4.56 billion and has demonstrated a commendable revenue growth of 22.16% over the last twelve months as of Q2 2024. Additionally, the company's gross profit margin stands at 34.01%, reflecting its ability to maintain profitability in its operations.
An interesting aspect for potential investors is Itron's price performance. The stock has shown a significant year-to-date total return of 34.7%, with a 1-year price total return of 49.22%, indicating robust growth and investor confidence. Notably, the stock is trading at 89.76% of its 52-week high, which suggests that it has been performing well in the market.
InvestingPro Tips highlight several positive indicators for Itron. Analysts have revised their earnings upwards for the upcoming period, signaling optimism about the company's future performance. Moreover, Itron's cash flows are strong enough to sufficiently cover interest payments, and the company's liquid assets surpass its short-term obligations. These factors, combined with a moderate level of debt, paint a picture of a financially stable company. Additionally, analysts predict Itron will be profitable this year, a continuation of its profitability over the last twelve months. It's also worth noting that Itron does not pay a dividend, which could be an important consideration for income-focused investors.
For those seeking a deeper dive into Itron's financial metrics and additional insights, there are more InvestingPro Tips available on the company's profile. These tips can provide further guidance to investors looking to make informed decisions about their investments in Itron.
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