Park Avenue Securities LLC Acquires New Position in Itron, Inc. (NASDAQ:ITRI)

Park Avenue Securities LLC purchased a new stake in shares of Itron, Inc. (NASDAQ:ITRI - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 3,395 shares of the scientific and technical instruments company's stock, valued at approximately $356,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GeoWealth Management LLC grew its stake in shares of 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 last quarter. Proficio Capital Partners LLC purchased a new position in Itron during the 4th quarter valued at $30,000. CoreCap Advisors LLC grew its position 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 last quarter. Smartleaf Asset Management LLC increased its stake in Itron by 347.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 886 shares of the scientific and technical instruments company's stock worth $97,000 after purchasing an additional 688 shares during the period. Finally, Contravisory Investment Management Inc. increased its stake 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 purchasing an additional 847 shares during the period. 96.19% of the stock is owned by hedge funds and other institutional investors.

Itron Stock Up 1.0%

NASDAQ:ITRI traded up $1.26 during trading hours on Thursday, reaching $125.70. The company's stock had a trading volume of 486,043 shares, compared to its average volume of 565,620. The stock has a 50 day moving average price of $112.36 and a two-hundred day moving average price of $108.10. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.65 and a current ratio of 1.93. The company has a market capitalization of $5.73 billion, a P/E ratio of 22.94, a price-to-earnings-growth ratio of 0.79 and a beta of 1.33. Itron, Inc. has a 12 month low of $90.11 and a 12 month high of $126.05.

Itron (NASDAQ:ITRI - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The scientific and technical instruments company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.30 by $0.22. The firm had revenue of $607.15 million during the quarter, compared to analyst estimates of $608.86 million. Itron had a return on equity of 19.65% and a net margin of 10.34%. The business's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.24 EPS. Equities analysts predict that Itron, Inc. will post 5.33 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Wall Street Zen cut shares of Itron from a "buy" rating to a "hold" rating in a report on Sunday, June 1st. Guggenheim reiterated a "buy" rating and set a $133.00 price objective on shares of Itron in a report on Thursday, April 17th. Oppenheimer upped their target price on shares of Itron from $124.00 to $131.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. Piper Sandler reduced their target price on shares of Itron from $124.00 to $121.00 and set a "neutral" rating on the stock in a research report on Monday, May 5th. Finally, Canaccord Genuity Group lifted their price target on shares of Itron from $130.00 to $132.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $127.36.

Insiders Place Their Bets

In other news, Director Mary C. Hemmingsen sold 5,150 shares of Itron stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $108.70, for a total value of $559,805.00. Following the transaction, the director now owns 952 shares of the company's stock, valued at $103,482.40. The trade was a 84.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Justin K. Patrick sold 9,036 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $121.77, for a total transaction of $1,100,313.72. Following the sale, the senior vice president now directly owns 21,149 shares of the company's stock, valued at $2,575,313.73. The trade was a 29.94% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,905 shares of company stock worth $2,439,202. 1.45% of the stock is owned by corporate insiders.

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.