Elevation Point Wealth Partners LLC lifted its stake in Itron, Inc. (NASDAQ:ITRI – Free Report) by 24.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,283 shares of the scientific and technical instruments company’s stock after purchasing an additional 650 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Itron were worth $344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in ITRI. Norges Bank purchased a new stake in shares of Itron in the fourth quarter worth approximately $64,615,000. Bowen Hanes & Co. Inc. purchased a new stake in shares of Itron in the fourth quarter worth approximately $27,486,000. Raiffeisen Bank International AG bought a new position in Itron during the fourth quarter valued at approximately $27,619,000. Wellington Management Group LLP raised its position in Itron by 180.7% during the fourth quarter. Wellington Management Group LLP now owns 333,363 shares of the scientific and technical instruments company’s stock valued at $36,197,000 after acquiring an additional 214,600 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Itron by 85.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 425,484 shares of the scientific and technical instruments company’s stock valued at $46,199,000 after acquiring an additional 196,396 shares in the last quarter. 96.19% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Itron
In other news, SVP Christopher E. Ware sold 339 shares of the firm’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $114.95, for a total value of $38,968.05. Following the sale, the senior vice president now owns 19,468 shares in the company, valued at approximately $2,237,846.60. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Donald L. Reeves III sold 529 shares of Itron stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $114.95, for a total transaction of $60,808.55. Following the sale, the senior vice president now owns 20,151 shares in the company, valued at $2,316,357.45. This represents a 2.56% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,905 shares of company stock worth $2,439,202. Insiders own 1.45% of the company’s stock.
Itron Trading Up 2.5%
Itron (NASDAQ:ITRI – Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The scientific and technical instruments company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.22. The business had revenue of $607.15 million for 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%. Itron’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $1.24 earnings per share. Equities analysts predict that Itron, Inc. will post 5.33 EPS for the current year.
Analysts Set New Price Targets
Several equities analysts recently weighed in on the stock. Canaccord Genuity Group raised 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. Wall Street Zen lowered shares of Itron from a “buy” rating to a “hold” rating in a research report on Sunday, June 1st. Piper Sandler cut their price objective on shares of Itron from $124.00 to $121.00 and set a “neutral” rating on the stock in a research report on Monday, May 5th. Guggenheim reaffirmed a “buy” rating and set a $133.00 price objective on shares of Itron in a research report on Thursday, April 17th. Finally, Oppenheimer raised their price objective 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. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $127.36.
Check Out Our Latest Research Report on Itron
About Itron
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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