Connor Clark & Lunn Investment Management Ltd. Acquires 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. raised its holdings in shares of Itron, Inc. (NASDAQ:ITRI - Free Report) by 216.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Raiffeisen Bank International AG acquired a new position in shares of Itron during the fourth quarter valued at $27,619,000. Wellington Management Group LLP boosted its holdings in shares of Itron by 180.7% during the fourth quarter. Wellington Management Group LLP now owns 333,363 shares of the scientific and technical instruments company's stock valued at $36,197,000 after acquiring an additional 214,600 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Itron during the fourth quarter valued at $14,563,000. GAMMA Investing LLC boosted its holdings in shares of Itron by 10,278.1% during the first quarter. GAMMA Investing LLC now owns 122,150 shares of the scientific and technical instruments company's stock valued at $12,796,000 after acquiring an additional 120,973 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Itron by 21.5% during the fourth quarter. Nuveen Asset Management LLC now owns 560,478 shares of the scientific and technical instruments company's stock valued at $60,857,000 after acquiring an additional 99,142 shares during the period. Institutional investors own 96.19% of the company's stock.

Itron Price Performance

NASDAQ ITRI traded up $0.91 on Friday, reaching $126.28. The company's stock had a trading volume of 415,545 shares, compared to its average volume of 698,423. Itron, Inc. has a twelve month low of $90.11 and a twelve month 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 stock has a market cap of $5.77 billion, a PE ratio of 21.59, a PEG ratio of 0.69 and a beta of 1.35. The firm's 50 day moving average is $130.25 and its two-hundred day moving average is $114.54.

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

Insiders Place Their Bets

In other Itron news, SVP Christopher E. Ware sold 339 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was 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 of the company's stock, valued at $2,237,846.60. The trade was a 1.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Joan S. Hooper sold 938 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was 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 $10,272,391.80. This trade represents a 1.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,755 shares of company stock worth $1,879,397 in the last 90 days. Company insiders own 1.45% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ITRI shares. TD Cowen boosted their price target on shares of Itron from $139.00 to $145.00 and gave the company a "buy" rating in a report on Friday, June 20th. Johnson Rice downgraded shares of Itron from a "buy" rating to an "accumulate" rating in a report on Friday, August 1st. Stephens set a $130.00 price target on shares of Itron in a report on Monday, August 4th. Guggenheim reaffirmed a "buy" rating and issued a $155.00 price objective (up previously from $133.00) on shares of Itron in a report on Monday, July 14th. Finally, 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 report on Monday, May 5th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Itron currently has a consensus rating of "Moderate Buy" and an average price target of $136.25.

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.