Advisors Asset Management Inc. Sells 5,587 Shares of Itron, Inc. (NASDAQ:ITRI)

Advisors Asset Management Inc. reduced its holdings in Itron, Inc. (NASDAQ:ITRI) by 16.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,619 shares of the scientific and technical instruments company’s stock after selling 5,587 shares during the quarter. Advisors Asset Management Inc.’s holdings in Itron were worth $2,950,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Covestor Ltd grew its position in shares of Itron by 26.1% in the 3rd quarter. Covestor Ltd now owns 536 shares of the scientific and technical instruments company’s stock valued at $57,000 after purchasing an additional 111 shares during the period. Quarry LP boosted its holdings in shares of Itron by 53.0% in the second quarter. Quarry LP now owns 352 shares of the scientific and technical instruments company’s stock valued at $35,000 after buying an additional 122 shares during the period. Hexagon Capital Partners LLC raised its holdings in shares of Itron by 85.6% during the second quarter. Hexagon Capital Partners LLC now owns 271 shares of the scientific and technical instruments company’s stock worth $27,000 after acquiring an additional 125 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Itron by 21.7% during the third quarter. Farther Finance Advisors LLC now owns 724 shares of the scientific and technical instruments company’s stock worth $77,000 after acquiring an additional 129 shares during the period. Finally, Xponance Inc. boosted its stake in Itron by 5.1% in the 2nd quarter. Xponance Inc. now owns 2,910 shares of the scientific and technical instruments company’s stock worth $288,000 after purchasing an additional 142 shares during the period. Institutional investors and hedge funds own 96.19% of the company’s stock.

Itron Stock Up 2.2 %

Shares of ITRI stock opened at $118.93 on Friday. Itron, Inc. has a 52-week low of $65.42 and a 52-week high of $124.90. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of 24.37, a PEG ratio of 0.87 and a beta of 1.46. The firm’s 50-day moving average is $109.53 and its 200-day moving average is $105.02. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.83 and a current ratio of 3.36.

Itron (NASDAQ:ITRI) last released its quarterly earnings data on Thursday, October 31st. The scientific and technical instruments company reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.71. The company had revenue of $615.46 million during the quarter, compared to analysts’ expectations of $596.41 million. Itron had a return on equity of 19.03% and a net margin of 9.37%. The business’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the firm posted $0.98 earnings per share. Sell-side analysts predict that Itron, Inc. will post 5.33 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Thomas Deitrich sold 37,500 shares of Itron stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $104.83, for a total transaction of $3,931,125.00. Following the completion of the sale, the chief executive officer now directly owns 205,276 shares of the company’s stock, valued at approximately $21,519,083.08. This trade represents a 15.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Joan S. Hooper sold 509 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $102.15, for a total value of $51,994.35. Following the completion of the transaction, the chief financial officer now directly owns 72,338 shares in the company, valued at approximately $7,389,326.70. This represents a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,066 shares of company stock valued at $4,092,737 over the last ninety days. 1.45% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. TD Cowen lifted their price target on Itron from $125.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Piper Sandler upped their price target on Itron from $110.00 to $119.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Janney Montgomery Scott initiated coverage on shares of Itron in a report on Friday, September 27th. They issued a “buy” rating and a $131.00 price objective on the stock. BNP Paribas began coverage on shares of Itron in a research report on Thursday, September 5th. They issued an “outperform” rating and a $133.00 price objective on the stock. Finally, Oppenheimer lifted their price target on shares of Itron from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $123.92.

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.