Merewether Investment Management LP Sells 88,804 Shares of Itron, Inc. (NASDAQ:ITRI)

Merewether Investment Management LP cut its holdings in Itron, Inc. (NASDAQ:ITRI - Free Report) by 58.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 62,967 shares of the scientific and technical instruments company's stock after selling 88,804 shares during the period. Merewether Investment Management LP owned 0.14% of Itron worth $6,837,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. First Trust Advisors LP grew its stake in shares of Itron by 9.1% in the 4th quarter. First Trust Advisors LP now owns 802,584 shares of the scientific and technical instruments company's stock valued at $87,145,000 after purchasing an additional 66,637 shares during the period. Norges Bank acquired a new position in Itron during the 4th quarter worth $64,615,000. Northern Trust Corp lifted its holdings in Itron by 11.4% during the 4th quarter. Northern Trust Corp now owns 572,266 shares of the scientific and technical instruments company's stock worth $62,137,000 after buying an additional 58,546 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Itron by 2.4% during the 4th quarter. Janus Henderson Group PLC now owns 536,288 shares of the scientific and technical instruments company's stock worth $58,233,000 after buying an additional 12,810 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its holdings in Itron by 8.1% during the 4th quarter. Vontobel Holding Ltd. now owns 464,787 shares of the scientific and technical instruments company's stock worth $50,467,000 after buying an additional 34,842 shares in the last quarter. 96.19% of the stock is currently owned by institutional investors.

Itron Trading Up 3.6%

Shares of ITRI stock opened at $112.44 on Tuesday. The company has a quick ratio of 2.83, a current ratio of 3.36 and a debt-to-equity ratio of 0.91. Itron, Inc. has a 12-month low of $90.11 and a 12-month high of $124.90. The firm has a 50 day moving average price of $104.50 and a two-hundred day moving average price of $107.71. The company has a market capitalization of $5.13 billion, a PE ratio of 23.04, a price-to-earnings-growth ratio of 0.81 and a beta of 1.31.

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 earnings per share for the quarter, beating analysts' consensus estimates of $1.30 by $0.22. The company had revenue of $607.15 million during the quarter, compared to the consensus estimate of $608.86 million. Itron had a net margin of 9.37% and a return on equity of 19.03%. The firm's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business earned $1.24 earnings per share. As a group, analysts predict that Itron, Inc. will post 5.33 earnings per share for the current year.

Insider Activity at Itron

In other Itron news, CAO David Marshall Wright sold 317 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $92.90, for a total transaction of $29,449.30. Following the sale, the chief accounting officer now owns 8,108 shares of the company's stock, valued at approximately $753,233.20. The trade was a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mary C. Hemmingsen sold 5,150 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $108.70, for a total transaction of $559,805.00. Following the sale, the director now directly owns 952 shares in the company, valued at approximately $103,482.40. The trade was a 84.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,187 shares of company stock valued at $945,620 over the last three months. 1.45% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Piper Sandler dropped their target price on shares of Itron from $124.00 to $121.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Guggenheim reiterated a "buy" rating and set a $133.00 target price on shares of Itron in a research report on Thursday, April 17th. Oppenheimer upped their target price on shares of Itron from $124.00 to $131.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. StockNews.com cut shares of Itron from a "strong-buy" rating to a "buy" rating in a research report on Saturday, March 1st. Finally, Canaccord Genuity Group upped their price objective on shares of Itron from $130.00 to $132.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $127.36.

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.

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