Assenagon Asset Management S.A. Boosts Stake in Itron, Inc. (NASDAQ:ITRI)

Assenagon Asset Management S.A. grew its position in Itron, Inc. (NASDAQ:ITRI) by 90.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 511,734 shares of the scientific and technical instruments company’s stock after purchasing an additional 243,355 shares during the period. Assenagon Asset Management S.A. owned approximately 1.12% of Itron worth $54,658,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Silvercrest Asset Management Group LLC acquired a new position in Itron during the first quarter valued at approximately $401,000. Handelsbanken Fonder AB lifted its holdings in shares of Itron by 62.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 899,789 shares of the scientific and technical instruments company’s stock valued at $96,106,000 after acquiring an additional 346,615 shares in the last quarter. Select Equity Group L.P. increased its holdings in Itron by 86.2% in the 2nd quarter. Select Equity Group L.P. now owns 603,877 shares of the scientific and technical instruments company’s stock valued at $59,760,000 after purchasing an additional 279,629 shares in the last quarter. Hood River Capital Management LLC purchased a new position in Itron in the second quarter valued at about $22,612,000. Finally, Driehaus Capital Management LLC acquired a new position in shares of Itron during the second quarter worth about $18,758,000. Hedge funds and other institutional investors own 96.19% of the company’s stock.

Insider Activity

In other news, SVP Donald L. Reeves III sold 4,210 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $101.00, for a total value of $425,210.00. Following the completion of the sale, the senior vice president now owns 16,269 shares in the company, valued at $1,643,169. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Joan S. Hooper sold 509 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $102.15, for a total transaction of $51,994.35. Following the sale, the chief financial officer now directly owns 72,338 shares of the company’s stock, valued at $7,389,326.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Donald L. Reeves III sold 4,210 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $101.00, for a total value of $425,210.00. Following the completion of the transaction, the senior vice president now owns 16,269 shares of the company’s stock, valued at $1,643,169. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,276 shares of company stock worth $4,515,846. 1.45% of the stock is owned by company insiders.

Analyst Ratings Changes

ITRI has been the subject of a number of recent research reports. Oppenheimer increased their target price on Itron from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. BNP Paribas began coverage on shares of Itron in a research note on Thursday, September 5th. They set an “outperform” rating and a $133.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on shares of Itron from $104.00 to $112.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. Stephens reaffirmed an “equal weight” rating and set a $110.00 price target on shares of Itron in a research note on Monday, August 5th. Finally, Piper Sandler upped their price objective on shares of Itron from $109.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Itron currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.67.

Itron Stock Performance

ITRI stock opened at $101.72 on Friday. The company has a 50-day simple moving average of $102.98 and a 200 day simple moving average of $101.92. The company has a market capitalization of $4.67 billion, a P/E ratio of 29.23, a PEG ratio of 0.91 and a beta of 1.47. The company has a quick ratio of 2.61, a current ratio of 3.16 and a debt-to-equity ratio of 0.98. Itron, Inc. has a fifty-two week low of $56.11 and a fifty-two week high of $113.07.

Itron (NASDAQ:ITRI) last posted its quarterly earnings data on Thursday, August 1st. The scientific and technical instruments company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.25. Itron had a net margin of 7.98% and a return on equity of 16.42%. The business had revenue of $609.07 million during the quarter, compared to analysts’ expectations of $599.25 million. During the same period last year, the firm posted $0.65 earnings per share. The business’s revenue was up 12.6% on a year-over-year basis. Sell-side analysts predict that Itron, Inc. will post 4.58 earnings per share for the current fiscal year.

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.