Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Holdings in Itron, Inc. (NASDAQ:ITRI)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank sold 35,098 shares of Itron, Inc., reducing its holdings by 21.4% to approximately $13.5 million at the end of the first quarter.
• Analysts remain optimistic, with a consensus rating of "Moderate Buy" for Itron, and target prices ranging from $121.00 to $155.00, reflecting varying outlooks from firms such as Guggenheim and TD Cowen.
• In insider transactions, the senior vice president and CFO sold shares valued at over $1.2 million combined, indicating potential changes in management's confidence or strategy regarding the company.

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in shares of Itron, Inc. (NASDAQ:ITRI - Free Report) by 21.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 129,255 shares of the scientific and technical instruments company's stock after selling 35,098 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.28% of Itron worth $13,541,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Royce & Associates LP bought a new stake in shares of Itron in the first quarter valued at about $448,000. Wakefield Asset Management LLLP lifted its position in shares of Itron by 40.9% during the 1st quarter. Wakefield Asset Management LLLP now owns 12,586 shares of the scientific and technical instruments company's stock valued at $1,319,000 after buying an additional 3,653 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Itron by 15.9% during the 1st quarter. Los Angeles Capital Management LLC now owns 51,449 shares of the scientific and technical instruments company's stock valued at $5,390,000 after buying an additional 7,058 shares in the last quarter. Jennison Associates LLC raised its stake in Itron by 3.8% in the 1st quarter. Jennison Associates LLC now owns 13,972 shares of the scientific and technical instruments company's stock valued at $1,464,000 after purchasing an additional 509 shares during the last quarter. Finally, Bailard Inc. raised its stake in Itron by 2.8% in the 1st quarter. Bailard Inc. now owns 29,801 shares of the scientific and technical instruments company's stock valued at $3,122,000 after purchasing an additional 800 shares during the last quarter. 96.19% of the stock is owned by hedge funds and other institutional investors.

Itron Stock Down 1.1%

Shares of ITRI traded down $1.36 during midday trading on Friday, hitting $123.18. The company had a trading volume of 1,268,538 shares, compared to its average volume of 594,805. The company's 50-day simple moving average is $128.27 and its 200-day simple moving average is $113.01. 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 firm has a market capitalization of $5.62 billion, a P/E ratio of 22.48, a P/E/G ratio of 0.87 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 issued its earnings results 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. Itron had a return on equity of 19.65% and a net margin of 10.34%. The business had revenue of $606.76 million for the quarter, compared to analyst estimates of $610.36 million. During the same quarter last year, the company earned $1.21 EPS. The business's quarterly revenue was down .4% on a year-over-year basis. As a group, sell-side analysts expect that Itron, Inc. will post 5.33 EPS for the current year.

Insider Buying and Selling

In other news, SVP John F. Marcolini sold 3,783 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $116.73, for a total value of $441,589.59. Following the transaction, the senior vice president owned 21,865 shares of the company's stock, valued at approximately $2,552,301.45. The trade was a 14.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Christopher E. Ware sold 339 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $114.95, for a total value of $38,968.05. Following the transaction, the senior vice president directly owned 19,468 shares in the company, valued at $2,237,846.60. This represents a 1.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,905 shares of company stock valued at $2,439,202 in the last 90 days. Company insiders own 1.45% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Roth Capital raised their target price on Itron from $130.00 to $150.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Johnson Rice cut Itron from a "buy" rating to an "accumulate" rating in a report on Friday. JPMorgan Chase & Co. upgraded Itron from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $128.00 to $145.00 in a report on Thursday. Guggenheim reiterated a "buy" rating and set a $155.00 price target (up from $133.00) on shares of Itron in a report on Monday, July 14th. Finally, Piper Sandler lowered their price target on Itron from $124.00 to $121.00 and set a "neutral" rating for the company in a report on Monday, May 5th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $134.58.

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.