Itron, Inc. (NASDAQ:ITRI) Shares Purchased by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has increased its stake in Itron, Inc. by 4.5%, now owning approximately $22.99 million worth of the company's stock.
• Institutional investors own 96.19% of Itron's stock, with notable acquisitions including Wellington Management Group's 180.7% increase in stake and GAMMA Investing LLC's 10,278.1% increase.
• Several brokerages have upgraded Itron's stock ratings recently, with a consensus rating of "Moderate Buy" and a price target averaging $134.58.

Bank of Nova Scotia grew its position in shares of Itron, Inc. (NASDAQ:ITRI - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 219,430 shares of the scientific and technical instruments company's stock after purchasing an additional 9,522 shares during the quarter. Bank of Nova Scotia owned about 0.48% of Itron worth $22,987,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ITRI. GeoWealth Management LLC grew its position in Itron by 4,580.0% during the fourth quarter. GeoWealth Management LLC now owns 234 shares of the scientific and technical instruments company's stock valued at $25,000 after buying an additional 229 shares during the period. Wayfinding Financial LLC bought a new position in shares of Itron during the 1st quarter worth $45,000. CoreCap Advisors LLC raised its stake in Itron by 25.5% in the 4th quarter. CoreCap Advisors LLC now owns 616 shares of the scientific and technical instruments company's stock valued at $67,000 after acquiring an additional 125 shares during the period. Contravisory Investment Management Inc. lifted its holdings in Itron by 98.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,711 shares of the scientific and technical instruments company's stock valued at $179,000 after purchasing an additional 847 shares during the last quarter. Finally, Hancock Whitney Corp purchased a new position in shares of Itron in the fourth quarter worth about $220,000. 96.19% of the stock is owned by institutional investors.

Insider Buying and Selling at Itron

In related news, CFO Joan S. Hooper sold 938 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $114.95, for a total value of $107,823.10. Following the completion of the transaction, the chief financial officer directly owned 89,364 shares of the company's stock, valued at approximately $10,272,391.80. This trade represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Christopher E. Ware sold 339 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were 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 $2,237,846.60. This trade represents a 1.71% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,755 shares of company stock worth $1,879,397. 1.45% of the stock is owned by corporate insiders.

Itron Stock Down 0.5%

Itron stock traded down $0.62 during trading hours on Thursday, hitting $124.64. 365,200 shares of the stock traded hands, compared to its average volume of 597,714. The firm's 50-day moving average price is $129.15 and its two-hundred day moving average price is $113.55. The company has a current ratio of 2.04, a quick ratio of 1.75 and a debt-to-equity ratio of 0.48. The company has a market cap of $5.70 billion, a PE ratio of 21.29, a PEG ratio of 0.68 and a beta of 1.35. Itron, Inc. has a one year low of $90.11 and a one year high of $140.04.

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

Analysts Set New Price Targets

Several research analysts have commented on the company. Johnson Rice downgraded Itron from a "buy" rating to an "accumulate" rating in a research note on Friday, August 1st. Piper Sandler lowered their target price on shares of Itron from $124.00 to $121.00 and set a "neutral" rating on the stock in a research note on Monday, May 5th. TD Cowen upped their price target on shares of Itron from $139.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, June 20th. JPMorgan Chase & Co. raised Itron from a "neutral" rating to an "overweight" rating and raised their price target for the company from $128.00 to $145.00 in a report on Thursday, July 31st. Finally, Wall Street Zen upgraded shares of Itron from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $136.25.

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.