Aigen Investment Management LP Makes New Investment in Itron, Inc. (NASDAQ:ITRI)

Key Points

• Aigen Investment Management LP purchased 2,969 shares of Itron, Inc. worth approximately $311,000 during Q1, highlighting increased institutional interest in the company.
• In the last three months, insiders have sold a total of 15,755 shares valued at about $1.88 million, with significant transactions reported by senior vice presidents.
• Itron reported strong earnings with $1.62 EPS for the last quarter, exceeding analyst expectations and indicating a net margin of 11.05%, despite a slight year-over-year revenue decline.

Aigen Investment Management LP acquired a new stake in Itron, Inc. (NASDAQ:ITRI - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,969 shares of the scientific and technical instruments company's stock, valued at approximately $311,000.

Other institutional investors also recently modified their holdings of the company. Sowell Financial Services LLC bought a new stake in shares of Itron in the 1st quarter valued at $266,000. Envestnet Asset Management Inc. boosted its stake in Itron by 119.7% during the first quarter. Envestnet Asset Management Inc. now owns 77,060 shares of the scientific and technical instruments company's stock worth $8,073,000 after acquiring an additional 41,984 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Itron by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 6,278 shares of the scientific and technical instruments company's stock worth $658,000 after acquiring an additional 2,201 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Itron by 2.5% during the first quarter. Principal Financial Group Inc. now owns 270,672 shares of the scientific and technical instruments company's stock worth $28,356,000 after acquiring an additional 6,700 shares in the last quarter. Finally, California First Leasing Corp boosted its stake in Itron by 220.8% during the first quarter. California First Leasing Corp now owns 26,950 shares of the scientific and technical instruments company's stock worth $2,823,000 after acquiring an additional 18,550 shares in the last quarter. 96.19% of the stock is owned by institutional investors.

Itron Trading Up 0.7%

NASDAQ:ITRI traded up $0.91 during midday trading on Friday, hitting $126.28. 415,545 shares of the company traded hands, compared to its average volume of 698,423. The firm's fifty day moving average is $130.25 and its 200-day moving average is $114.54. Itron, Inc. has a 12-month low of $90.11 and a 12-month high of $140.04. The firm has a market capitalization of $5.77 billion, a P/E ratio of 21.59, a P/E/G ratio of 0.69 and a beta of 1.35. The company has a current ratio of 2.04, a quick ratio of 1.75 and a debt-to-equity ratio of 0.48.

Itron (NASDAQ:ITRI - Get Free Report) last released its earnings results on Thursday, July 31st. The scientific and technical instruments company reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.33 by $0.29. Itron had a return on equity of 19.69% and a net margin of 11.05%. The business had revenue of $606.76 million for the quarter, compared to analyst estimates of $610.36 million. During the same quarter last year, the firm posted $1.21 earnings per share. The business's revenue was down .4% compared to the same quarter last year. On average, sell-side analysts predict that Itron, Inc. will post 5.33 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Itron from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Guggenheim restated a "buy" rating and set a $155.00 price objective (up previously from $133.00) on shares of Itron in a report on Monday, July 14th. JPMorgan Chase & Co. upgraded shares of Itron from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $128.00 to $145.00 in a report on Thursday, July 31st. TD Cowen increased their target price on shares of Itron from $139.00 to $145.00 and gave the company a "buy" rating in a report on Friday, June 20th. Finally, Piper Sandler decreased their price objective on shares of Itron from $124.00 to $121.00 and set a "neutral" rating for the company in a report on Monday, May 5th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Itron has a consensus rating of "Moderate Buy" and an average price target of $136.25.

Insider Activity

In other news, SVP Christopher E. Ware sold 339 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $114.95, for a total transaction of $38,968.05. Following the transaction, the senior vice president owned 19,468 shares in the company, valued at approximately $2,237,846.60. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John F. Marcolini sold 3,783 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $116.73, for a total value of $441,589.59. Following the completion of the sale, the senior vice president directly owned 21,865 shares of the company's stock, valued at approximately $2,552,301.45. This represents a 14.75% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,755 shares of company stock valued at $1,879,397. Company insiders own 1.45% of the company's stock.

Itron Company Profile

Itron, Inc, a technology, solutions, and service company, provides end-to-end solutions that help manage energy, water, and smart city operations worldwide. It operates in three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing, such as standard gas, electricity, water, and communicating meters, as well as heat and allocation products.