Itron CEO Thomas Deitrich sells $95k in company stock By Investing.com

Itron, Inc. (NASDAQ:), a prominent player in the field of instruments for measuring and testing electricity, has reported a notable transaction involving its President & CEO, Thomas Deitrich. According to the latest filings, Deitrich sold 873 shares of Itron common stock at a price of $108.87 per share, totaling approximately $95,043.

The transaction took place on May 24, 2024, and was made public through a Form 4 filed with the Securities and Exchange Commission on May 28, 2024. Following the sale, Deitrich continues to hold a significant number of shares, directly owning 206,163 shares. Additionally, there are 25,000 shares held indirectly by a trust.

It’s worth noting that the shares sold by Deitrich were reportedly disposed of to cover tax withholding obligations that arose from the vesting of a restricted stock unit award. This is a common practice among executives, where a portion of the vesting shares is sold to satisfy tax liabilities.

Investors often keep a close watch on insider transactions as they can provide insights into an executive’s view of the company’s future prospects. However, transactions like these, which are related to tax obligations, are typically not indicative of a change in an executive’s confidence in the company.

Itron’s stock continues to be monitored by investors who are interested in the company’s performance in the sector of electricity measurement and testing. The recent transaction by CEO Thomas Deitrich is a part of the ongoing financial activities within the company that stakeholders may consider as they assess their investment positions.

InvestingPro Insights

As Itron, Inc. (NASDAQ:ITRI) catches the eye of investors with the recent insider transaction by its CEO, Thomas Deitrich, it’s noteworthy to consider the company’s financial health and market performance. Itron’s solid market position is reflected in its market capitalization, which stands at a robust $5.05 billion. This valuation is supported by a revenue growth of 25.77% over the last twelve months as of Q1 2024, indicating a strong upward trajectory for the company’s sales figures.

Investors may also find it reassuring that Itron operates with a moderate level of debt, as noted in one of the InvestingPro Tips. This suggests that the company has maintained a balance between leveraging its operations and sustaining financial flexibility. Additionally, Itron’s liquid assets surpass its short-term obligations, which is another positive sign of the company’s ability to meet its immediate financial commitments.

From a valuation standpoint, Itron is trading at a high EBITDA multiple according to another InvestingPro Tip, which could indicate that the market has high expectations for the company’s future earnings potential. It’s also trading near its 52-week high, with a price that’s 99.14% of this peak value, signaling strong investor confidence and market momentum.

For those interested in further insights, there are more InvestingPro Tips available, which delve into the company’s profitability, analyst predictions, and stock performance over various time frames. To explore these additional tips and gain a deeper understanding of Itron’s investment potential, visit https://www.investing.com/pro/ITRI. Don’t forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

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