Scopia Capital Management LP lessened its position in shares of Itron, Inc. (NASDAQ:ITRI) by 29.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,260,227 shares of the scientific and technical instruments company’s stock after selling 1,364,705 shares during the quarter. Itron comprises approximately 9.1% of Scopia Capital Management LP’s portfolio, making the stock its 3rd largest position. Scopia Capital Management LP owned about 0.08% of Itron worth $203,992,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Morgan Stanley raised its position in Itron by 76.5% in the second quarter. Morgan Stanley now owns 165,690 shares of the scientific and technical instruments company’s stock valued at $10,367,000 after purchasing an additional 71,829 shares during the period. Man Group plc purchased a new stake in Itron in the second quarter valued at approximately $2,345,000. Marshall Wace North America L.P. raised its position in Itron by 3,851.5% in the second quarter. Marshall Wace North America L.P. now owns 53,938 shares of the scientific and technical instruments company’s stock valued at $3,375,000 after purchasing an additional 52,573 shares during the period. Invesco Ltd. raised its position in Itron by 26.3% in the second quarter. Invesco Ltd. now owns 831,791 shares of the scientific and technical instruments company’s stock valued at $52,045,000 after purchasing an additional 173,394 shares during the period. Finally, Vanguard Group Inc. raised its position in Itron by 3.7% in the second quarter. Vanguard Group Inc. now owns 3,683,675 shares of the scientific and technical instruments company’s stock valued at $230,487,000 after purchasing an additional 133,089 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on ITRI. Raymond James lowered Itron from a “strong-buy” rating to an “outperform” rating and set a $75.00 target price on the stock. in a research report on Tuesday, August 20th. Argus raised Itron from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Citigroup boosted their target price on Itron from $68.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, July 1st. Robert W. Baird reissued an “outperform” rating and issued a $80.00 target price (up previously from $70.00) on shares of Itron in a research report on Wednesday. Finally, ValuEngine raised Itron from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $70.80.
Shares of NASDAQ:ITRI traded up $0.48 during trading on Friday, hitting $77.04. The company’s stock had a trading volume of 174,940 shares, compared to its average volume of 258,898. The business has a 50 day moving average price of $68.81 and a two-hundred day moving average price of $58.83. The company has a market capitalization of $2.98 billion, a PE ratio of 29.07, a P/E/G ratio of 1.04 and a beta of 1.09. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.09 and a current ratio of 1.44. Itron, Inc. has a fifty-two week low of $44.35 and a fifty-two week high of $77.80.
Itron (NASDAQ:ITRI) last posted its quarterly earnings results on Monday, August 5th. The scientific and technical instruments company reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.39. The business had revenue of $635.04 million during the quarter, compared to the consensus estimate of $598.59 million. Itron had a net margin of 2.52% and a return on equity of 19.51%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 earnings per share. As a group, equities analysts expect that Itron, Inc. will post 2.9 earnings per share for the current fiscal year.
In other Itron news, insider Lynda L. Ziegler sold 3,369 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.48, for a total value of $247,554.12. Following the completion of the transaction, the insider now owns 11,238 shares in the company, valued at $825,768.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Philip Mezey sold 31,414 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $62.98, for a total transaction of $1,978,453.72. Following the completion of the transaction, the insider now owns 74,624 shares of the company’s stock, valued at approximately $4,699,819.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,661 shares of company stock valued at $5,126,439. Insiders own 2.35% of the company’s stock.
Itron Company Profile
Itron, Inc, a technology and service company, provides end-to-end solutions that measures, manages, and analyzes energy and water use worldwide. The company operates through three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing.
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