Shellback Capital LP Makes New Investment in Itron, Inc. $ITRI

Key Points

• Shellback Capital LP acquired 45,835 shares of Itron, Inc. valued at approximately $4.8 million, increasing its ownership to 0.10% of the company.
• Multiple hedge funds, including Captrust Financial Advisors and Deutsche Bank AG, increased their holdings in Itron, reflecting strong institutional interest as they collectively own 96.19% of the company's stock.
• Analysts have rated Itron positively, with ten giving it a "buy" rating and an average target price of $136.55, following strong earnings that exceeded estimates.

Shellback Capital LP bought a new position in shares of Itron, Inc. (NASDAQ:ITRI - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 45,835 shares of the scientific and technical instruments company's stock, valued at approximately $4,802,000. Shellback Capital LP owned 0.10% of Itron at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wayfinding Financial LLC acquired a new position in Itron during the 1st quarter worth about $45,000. CoreCap Advisors LLC lifted its holdings in Itron by 25.5% during the 4th quarter. CoreCap Advisors LLC now owns 616 shares of the scientific and technical instruments company's stock worth $67,000 after buying an additional 125 shares during the period. Quarry LP lifted its holdings in Itron by 155.6% during the 1st quarter. Quarry LP now owns 910 shares of the scientific and technical instruments company's stock worth $95,000 after buying an additional 554 shares during the period. Contravisory Investment Management Inc. lifted its holdings in Itron by 98.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,711 shares of the scientific and technical instruments company's stock worth $179,000 after buying an additional 847 shares during the period. Finally, Captrust Financial Advisors lifted its holdings in Itron by 6.3% during the 4th quarter. Captrust Financial Advisors now owns 2,144 shares of the scientific and technical instruments company's stock worth $233,000 after buying an additional 128 shares during the period. 96.19% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Itron

In related news, CFO Joan S. Hooper sold 970 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $125.31, for a total transaction of $121,550.70. Following the transaction, the chief financial officer directly owned 88,394 shares of the company's stock, valued at approximately $11,076,652.14. This represents a 1.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Donald L. Reeves III sold 547 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $125.31, for a total value of $68,544.57. Following the transaction, the senior vice president directly owned 19,604 shares in the company, valued at approximately $2,456,577.24. This trade represents a 2.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,037 shares of company stock worth $380,566 in the last quarter. Company insiders own 1.45% of the company's stock.

Itron Trading Down 1.1%

Shares of NASDAQ:ITRI traded down $1.28 during midday trading on Friday, reaching $119.23. The company's stock had a trading volume of 201,812 shares, compared to its average volume of 593,803. The firm has a 50 day moving average price of $128.21 and a two-hundred day moving average price of $117.28. Itron, Inc. has a fifty-two week low of $90.11 and a fifty-two week high of $140.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.75 and a current ratio of 2.04. The firm has a market capitalization of $5.45 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 0.65 and a beta of 1.46.

Itron (NASDAQ:ITRI - Get Free Report) last posted its quarterly 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 the consensus estimate of $610.36 million. During the same period in the prior year, the business earned $1.21 EPS. The firm's revenue for the quarter was down .4% on a year-over-year basis. Itron has set its FY 2025 guidance at 6.000-6.200 EPS. Q3 2025 guidance at 1.450-1.550 EPS. As a group, analysts forecast that Itron, Inc. will post 5.33 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on ITRI. Johnson Rice downgraded Itron from a "buy" rating to an "accumulate" rating in a report on Friday, August 1st. TD Cowen boosted their price objective on Itron from $139.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, June 20th. Guggenheim reissued a "buy" rating and issued a $155.00 price objective (up from $133.00) on shares of Itron in a research note on Monday, July 14th. Stephens set a $130.00 price objective on Itron in a research note on Monday, August 4th. Finally, Roth Capital boosted their price objective on Itron from $130.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $136.55.

Itron 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.