Arrowstreet Capital Limited Partnership Grows Position in Itron, Inc. $ITRI

Key Points

• Arrowstreet Capital increased its Itron stake by 12.2% in the first quarter, adding 73,020 shares to hold 673,420 shares worth about $60.4 million. Institutional investors collectively own 96.19% of Itron.
• Analyst sentiment is mixed: eight analysts rate Itron a Buy, three a Hold and two a Sell, producing an overall “Hold” rating and an average price target of $131.22. Recent actions included Zacks Research downgrading the stock to “strong sell” and TD Cowen cutting its target to $130 while maintaining a Buy rating.
• Itron’s latest quarterly results beat expectations, with adjusted EPS of $1.49 versus a $1.26 consensus and revenue of $586.98 million versus $572.04 million expected. However, revenue declined 3.3% year over year, and the stock opened at $84.78, near the lower end of its 52-week range.

Arrowstreet Capital Limited Partnership grew its stake in Itron, Inc. (NASDAQ:ITRI - Free Report) by 12.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 673,420 shares of the scientific and technical instruments company's stock after buying an additional 73,020 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 1.52% of Itron worth $60,359,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Employees Retirement System of Texas bought a new stake in Itron in the third quarter valued at approximately $32,000. Private Trust Co. NA boosted its position in shares of Itron by 112.4% during the fourth quarter. Private Trust Co. NA now owns 274 shares of the scientific and technical instruments company's stock valued at $25,000 after purchasing an additional 145 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Itron by 343.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 346 shares of the scientific and technical instruments company's stock worth $46,000 after buying an additional 268 shares during the period. Advisory Services Network LLC bought a new position in shares of Itron during the third quarter valued at approximately $49,000. Finally, EverSource Wealth Advisors LLC increased its position in Itron by 25.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 401 shares of the scientific and technical instruments company's stock valued at $53,000 after buying an additional 81 shares in the last quarter. 96.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on ITRI. Zacks Research lowered shares of Itron from a "hold" rating to a "strong sell" rating in a report on Friday, July 17th. Raymond James Financial started coverage on shares of Itron in a report on Tuesday, April 21st. They set an "underperform" rating for the company. Roth Capital reaffirmed a "buy" rating and set a $136.00 price objective on shares of Itron in a research report on Wednesday, April 29th. TD Cowen lowered their target price on shares of Itron from $145.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. Finally, Stephens reaffirmed an "overweight" rating and set a $130.00 price objective on shares of Itron in a report on Wednesday, May 20th. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $131.22.

Insider Activity at Itron

In related news, SVP Donald L. Reeves III sold 319 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $84.37, for a total value of $26,914.03. Following the completion of the transaction, the senior vice president owned 29,100 shares of the company's stock, valued at $2,455,167. The trade was a 1.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP John F. Marcolini sold 322 shares of the company's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $84.37, for a total value of $27,167.14. Following the sale, the senior vice president owned 24,689 shares of the company's stock, valued at $2,083,010.93. This trade represents a 1.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 3,946 shares of company stock valued at $324,420 over the last ninety days. 1.77% of the stock is owned by company insiders.

Itron Price Performance

Itron stock opened at $84.78 on Tuesday. Itron, Inc. has a 1 year low of $77.77 and a 1 year high of $142.00. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of 13.52, a price-to-earnings-growth ratio of 0.74 and a beta of 1.32. The firm has a 50-day moving average of $83.04 and a two-hundred day moving average of $89.73. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.66 and a quick ratio of 2.24.

Itron (NASDAQ:ITRI - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The scientific and technical instruments company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.26 by $0.23. The company had revenue of $586.98 million for the quarter, compared to the consensus estimate of $572.04 million. Itron had a return on equity of 19.54% and a net margin of 12.31%.Itron's quarterly revenue was down 3.3% on a year-over-year basis. During the same period last year, the business posted $1.52 EPS. On average, research analysts forecast that Itron, Inc. will post 6.01 earnings per share for the current year.

Itron Profile

Itron, Inc NASDAQ: ITRI is a global technology company that develops innovative solutions to measure, manage and analyze the use of energy and water. Its comprehensive portfolio includes smart meters, data collection devices, communication networks and advanced software applications designed to optimize utility operations and foster sustainable resource management. The company's offerings enable utilities and cities to accurately monitor consumption patterns, streamline billing processes and improve grid reliability.

Itron's product lineup spans a range of hardware and software solutions, from residential and commercial smart meters to meter data management systems (MDMS), networked communication platforms and analytics tools.

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