Itron, Inc.'s (NASDAQ:ITRI) Senior Vice President and Chief Financial Officer, Joan S. Hooper, sold 501 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on May 24, 2024, was executed at an average price of $108.87 per share, resulting in a total value of $54,544.
The sale was part of an automatic transaction to cover tax withholding obligations related to the vesting of a restricted stock unit award. After the sale, Hooper's direct holdings in the company amounted to 72,847 shares of Itron common stock.
Itron, based in Liberty Lake, Washington, specializes in instruments for measuring and testing electricity and electronic signals. The company has been a key player in the industrial applications and services sector, providing essential technology for energy and water resource management.
This stock sale comes as part of the standard financial disclosures required by company executives. The filings provide transparency into the trading activities of senior members of publicly traded companies. Investors often monitor these transactions for insights into executive sentiment regarding their company's stock performance.
The reported transaction aligns with the regulatory requirements and provides a glimpse into the financial moves of Itron's management team. Investors and market watchers will continue to follow such disclosures for any trends or significant changes in insider trading activity.
InvestingPro Insights
As Itron, Inc. (NASDAQ:ITRI) navigates the financial markets, recent data from InvestingPro provides a deeper look into the company's performance and valuation. With a market capitalization of $5.05 billion, Itron is positioned as a significant player in the industrial applications and services sector. The company's commitment to technology for energy and water management is reflected in its strong revenue growth of 25.77% over the last twelve months as of Q1 2024, showcasing its expanding market presence.
InvestingPro Tips highlight that Itron has been trading near its 52-week high, with the price reaching 99.14% of this peak, indicating a robust market confidence in the company's stock. Additionally, analysts have revised their earnings upwards for the upcoming period, suggesting an optimistic outlook on Itron's financial performance. This optimism is further supported by the company's significant price uptick over the last six months, with a total return of 66.83%.
On the valuation front, Itron's P/E ratio stands at 31.09, with an adjusted P/E ratio of 30.4 for the last twelve months as of Q1 2024. While this metric points to a higher valuation, the company's liquid assets exceeding short-term obligations and a moderate level of debt provide a balanced financial structure that may reassure investors looking at long-term stability.
For those considering an investment in Itron or seeking more detailed analysis, InvestingPro offers additional insights and metrics. There are several more InvestingPro Tips available that could provide further guidance on the company's stock performance and valuation. To explore these tips and make more informed investment decisions, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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