Itron, Inc. (NASDAQ:ITRI) Position Reduced by Raiffeisen Bank International AG

Key Points

• Raiffeisen Bank International AG has reduced its stake in Itron, Inc. by 4.8% during the first quarter, now holding approximately 0.53% of the company valued at about $25 million.
• Itron's quarterly earnings exceeded expectations with an EPS of $1.62, surpassing the consensus estimate of $1.33, despite a 0.4% decrease in revenue year-over-year.
• Most brokerages remain bullish on Itron, with an average rating of "Moderate Buy" and a consensus price target of $134.58.

Raiffeisen Bank International AG cut its holdings in Itron, Inc. (NASDAQ:ITRI - Free Report) by 4.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 240,772 shares of the scientific and technical instruments company's stock after selling 12,056 shares during the quarter. Raiffeisen Bank International AG owned 0.53% of Itron worth $24,997,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. GeoWealth Management LLC increased its stake in 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 acquiring an additional 229 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Itron during the 1st quarter valued at $45,000. CoreCap Advisors LLC boosted its holdings in Itron by 25.5% during 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. raised its position in Itron by 98.0% during the 1st 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 in the last quarter. Finally, Hancock Whitney Corp bought a new stake in Itron during the 4th quarter valued at $220,000. 96.19% of the stock is owned by hedge funds and other institutional investors.

Itron Stock Down 0.0%

NASDAQ:ITRI traded down $0.05 during midday trading on Thursday, reaching $125.21. The company had a trading volume of 136,375 shares, compared to its average volume of 596,154. The firm has a market capitalization of $5.72 billion, a price-to-earnings ratio of 21.40, a PEG ratio of 0.68 and a beta of 1.35. The stock's fifty day simple moving average is $129.15 and its 200-day simple moving average is $113.55. Itron, Inc. has a 12-month low of $90.11 and a 12-month high of $140.04. The company has a current ratio of 2.04, a quick ratio of 1.75 and a debt-to-equity ratio of 0.48.

Itron (NASDAQ:ITRI - Get Free Report) last released its earnings results on Thursday, July 31st. The scientific and technical instruments company reported $1.62 earnings per share (EPS) 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 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 previous year, the firm posted $1.21 EPS. On average, sell-side analysts anticipate that Itron, Inc. will post 5.33 earnings per share for the current fiscal year.

Insider Activity at Itron

In related news, SVP Justin K. Patrick sold 9,036 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $121.77, for a total value of $1,100,313.72. Following the transaction, the senior vice president directly owned 21,149 shares of the company's stock, valued at approximately $2,575,313.73. This trade represents a 29.94% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Joan S. Hooper sold 938 shares of the 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 sale, the chief financial officer owned 89,364 shares of the company's stock, valued at approximately $10,272,391.80. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,755 shares of company stock worth $1,879,397. Company insiders own 1.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ITRI. Johnson Rice lowered Itron from a "buy" rating to an "accumulate" rating in a research report on Friday, August 1st. Stephens set a $130.00 target price on Itron in a report on Monday. Wall Street Zen raised Itron from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Guggenheim reaffirmed a "buy" rating and issued a $155.00 price target (up previously from $133.00) on shares of Itron in a report on Monday, July 14th. Finally, JPMorgan Chase & Co. raised Itron from a "neutral" rating to an "overweight" rating and increased their price target for the company from $128.00 to $145.00 in a report on Thursday, July 31st. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average 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.