Connor Clark & Lunn Investment Management Ltd. Buys 40,693 Shares of Itron, Inc. (NASDAQ:ITRI)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Itron, Inc. by 216.3%, acquiring a total of 59,503 shares, worth $6,234,000, during the first quarter.
• In the last quarter, Itron reported earnings of $1.62 per share, surpassing analysts' expectations, although its revenue of $606.76 million fell short of forecasts.
• The stock has received mixed ratings from analysts, with a consensus average target price of $136.25, indicating potential growth from current levels.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Itron, Inc. (NASDAQ:ITRI - Free Report) by 216.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,503 shares of the scientific and technical instruments company's stock after purchasing an additional 40,693 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.13% of Itron worth $6,234,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GeoWealth Management LLC raised its position in Itron by 4,580.0% in the fourth quarter. GeoWealth Management LLC now owns 234 shares of the scientific and technical instruments company's stock worth $25,000 after acquiring an additional 229 shares during the period. Wayfinding Financial LLC bought a new position in Itron in the first quarter worth approximately $45,000. CoreCap Advisors LLC raised its position in Itron by 25.5% in the fourth quarter. CoreCap Advisors LLC now owns 616 shares of the scientific and technical instruments company's stock worth $67,000 after acquiring an additional 125 shares during the period. Contravisory Investment Management Inc. raised its position in Itron by 98.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,711 shares of the scientific and technical instruments company's stock worth $179,000 after acquiring an additional 847 shares during the period. Finally, Hancock Whitney Corp bought a new position in Itron in the fourth quarter worth approximately $220,000. Institutional investors own 96.19% of the company's stock.

Itron Stock Down 2.4%

ITRI stock traded down $3.13 during midday trading on Thursday, reaching $125.37. 413,552 shares of the company were exchanged, compared to its average volume of 731,157. The company has a market cap of $5.73 billion, a price-to-earnings ratio of 21.43, a price-to-earnings-growth ratio of 0.70 and a beta of 1.35. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.75 and a current ratio of 2.04. Itron, Inc. has a 1-year low of $90.11 and a 1-year high of $140.04. The stock's 50-day simple moving average is $130.14 and its 200 day simple moving average is $114.34.

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

Insiders Place Their Bets

In related news, SVP John F. Marcolini sold 3,783 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were 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 owned 21,865 shares of the company's stock, valued at $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 SEC, which is available through the SEC website. Also, CFO Joan S. Hooper sold 938 shares of Itron stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $114.95, for a total value of $107,823.10. Following the transaction, the chief financial officer directly owned 89,364 shares in the company, valued at approximately $10,272,391.80. This trade represents a 1.04% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,755 shares of company stock valued at $1,879,397. 1.45% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Itron from $124.00 to $121.00 and set a "neutral" rating for the company in a research note on Monday, May 5th. Stephens set a $130.00 target price on shares of Itron in a research note on Monday, August 4th. TD Cowen raised their target price on shares of Itron from $139.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, June 20th. Johnson Rice cut shares of Itron from a "buy" rating to an "accumulate" rating in a research note on Friday, August 1st. Finally, Guggenheim reaffirmed a "buy" rating and set a $155.00 target price (up from $133.00) on shares of Itron in a research note on Monday, July 14th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Itron presently has a consensus rating of "Moderate Buy" and a consensus 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.