Deutsche Bank AG Cuts Stock Holdings in Itron, Inc. (NASDAQ:ITRI)

Key Points

• Deutsche Bank AG reduced its stake in Itron, Inc. by 17.8% during the first quarter, holding 213,904 shares valued at approximately $22.4 million.
• Insider selling was noted, with SVP John F. Marcolini selling 3,783 shares for about $441,589, reducing his ownership by 14.75%.
• Analysts have mixed ratings on Itron stocks, with some downgrading their ratings while others, like JPMorgan Chase, upgraded from "neutral" to "overweight" with increased price targets.

Deutsche Bank AG trimmed its position in shares of Itron, Inc. (NASDAQ:ITRI - Free Report) by 17.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 213,904 shares of the scientific and technical instruments company's stock after selling 46,456 shares during the quarter. Deutsche Bank AG owned 0.47% of Itron worth $22,409,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. GeoWealth Management LLC boosted its holdings in shares of Itron by 4,580.0% in the 4th quarter. GeoWealth Management LLC now owns 234 shares of the scientific and technical instruments company's stock worth $25,000 after buying an additional 229 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Itron during the first quarter valued at about $45,000. CoreCap Advisors LLC lifted its holdings in Itron by 25.5% during the fourth quarter. CoreCap Advisors LLC now owns 616 shares of the scientific and technical instruments company's stock valued at $67,000 after purchasing an additional 125 shares during the last quarter. 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 stake in Itron during the fourth quarter valued at about $220,000. 96.19% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP John F. Marcolini sold 3,783 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $116.73, for a total value of $441,589.59. Following the transaction, the senior vice president directly owned 21,865 shares in the company, valued at approximately $2,552,301.45. This represents a 14.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Joan S. Hooper sold 938 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $114.95, for a total transaction of $107,823.10. Following the transaction, the chief financial officer owned 89,364 shares in the company, valued at $10,272,391.80. The trade was a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,755 shares of company stock valued at $1,879,397 in the last 90 days. 1.45% of the stock is owned by company insiders.

Itron Stock Up 1.9%

ITRI stock opened at $128.50 on Thursday. 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's 50 day moving average is $130.02 and its 200 day moving average is $114.21. The stock has a market cap of $5.88 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 0.69 and a beta of 1.35. Itron, Inc. has a 1-year low of $90.11 and a 1-year high of $140.04.

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

Analyst Ratings Changes

Several research firms have commented on ITRI. Johnson Rice downgraded shares of Itron from a "buy" rating to an "accumulate" rating in a report on Friday, August 1st. Piper Sandler dropped their price objective on shares of Itron from $124.00 to $121.00 and set a "neutral" rating on the stock in a report on Monday, May 5th. JPMorgan Chase & Co. raised shares of Itron from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $128.00 to $145.00 in a report on Thursday, July 31st. TD Cowen upped their price objective 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, Roth Capital increased their price target on shares of Itron from $130.00 to $150.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, Itron has a consensus rating of "Moderate Buy" and an average target price of $136.25.

About Itron

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.

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