Itron Inc. Senior VP Sells Stock Worth $20,429 - What Does This Mean for Investors?
Itron, Inc. (NASDAQ: ITRI) executive Donald L. Reeves III recently sold 200 shares of the company's stock at a price of $102.1499 each, totaling $20,429. This sale was to cover tax obligations arising from a stock unit award vesting. Despite the sale, Reeves still holds 16,069 shares, showing continued confidence in the company.
Itron is a key player in the industrial sector, known for its work in electricity measurement instruments. Executive stock sales are closely watched for insights into the company's valuation and future outlook. The recent transaction was disclosed to the SEC through a Form 4 filing, providing transparency for investors.
In other news, Itron reported a 13% revenue increase for Q2, with a backlog of $4.1 billion. CEO Tom Deitrich emphasized grid modernization and partnerships for technology adaptation. The company anticipates a positive price-cost dynamic in 2024, but caution is advised due to expected revenue normalization in 2025.
InvestingPro Insights: Itron has a market cap of $4.56 billion, a P/E ratio of 24.69, and a strong revenue growth of 22.16%. Cash flows cover interest payments, and analysts have revised earnings upwards. The company's gross profit margin is at 34.01%, with a return on assets of 6.53%.
Overall, despite the insider stock sale, InvestingPro data suggests Itron has solid fundamentals. Investors can find more expert analysis and tips on Itron at [website] to make informed investment decisions.