Formidable Asset Management LLC Makes New Investment in Itron, Inc. (NASDAQ:ITRI)

Formidable Asset Management LLC purchased a new stake in shares of Itron, Inc. (NASDAQ:ITRIFree Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 2,834 shares of the scientific and technical instruments company’s stock, valued at approximately $214,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC purchased a new stake in Itron during the fourth quarter valued at approximately $27,000. Covestor Ltd lifted its position in Itron by 9,150.0% during the third quarter. Covestor Ltd now owns 555 shares of the scientific and technical instruments company’s stock valued at $34,000 after purchasing an additional 549 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in Itron during the fourth quarter valued at about $50,000. Meeder Asset Management Inc. purchased a new stake in Itron in the fourth quarter worth about $169,000. Finally, Xponance Inc. bought a new position in shares of Itron in the fourth quarter worth about $208,000. 96.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Jerome J. Lande sold 14,896 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $95.25, for a total transaction of $1,418,844.00. Following the transaction, the director now owns 5,750 shares of the company’s stock, valued at approximately $547,687.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Itron news, SVP Donald L. Reeves III sold 383 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $75.37, for a total value of $28,866.71. Following the completion of the sale, the senior vice president now owns 8,708 shares of the company’s stock, valued at $656,321.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jerome J. Lande sold 14,896 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $95.25, for a total value of $1,418,844.00. Following the transaction, the director now directly owns 5,750 shares in the company, valued at approximately $547,687.50. The disclosure for this sale can be found here. Insiders sold 30,467 shares of company stock valued at $2,752,520 in the last ninety days. Insiders own 1.45% of the company’s stock.

Itron Price Performance

NASDAQ:ITRI traded down $0.39 during trading hours on Monday, reaching $106.93. The stock had a trading volume of 199,162 shares, compared to its average volume of 437,341. The stock has a market capitalization of $4.90 billion, a PE ratio of 30.84, a PEG ratio of 1.06 and a beta of 1.38. Itron, Inc. has a 52 week low of $56.11 and a 52 week high of $109.97. The company has a 50 day moving average price of $93.50 and a two-hundred day moving average price of $79.42. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.40 and a current ratio of 1.90.

Itron (NASDAQ:ITRIGet Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The scientific and technical instruments company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.39. Itron had a net margin of 7.03% and a return on equity of 14.51%. The company had revenue of $603.44 million for the quarter, compared to analysts’ expectations of $579.49 million. During the same quarter in the previous year, the business posted $0.49 earnings per share. Itron’s quarterly revenue was up 22.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Itron, Inc. will post 3.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. TheStreet raised shares of Itron from a “c” rating to a “b-” rating in a report on Monday, February 26th. Canaccord Genuity Group upgraded shares of Itron from a “hold” rating to a “buy” rating and raised their price objective for the company from $68.00 to $105.00 in a research report on Tuesday, February 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $109.00 target price (up previously from $103.00) on shares of Itron in a report on Friday, May 3rd. Canaccord Genuity Group raised their price target on Itron from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Finally, Robert W. Baird upped their price objective on Itron from $108.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 13th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Itron presently has an average rating of “Moderate Buy” and a consensus target price of $104.18.

Read Our Latest Analysis on Itron

About Itron

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding ITRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Itron, Inc. (NASDAQ:ITRIFree Report).

Institutional Ownership by Quarter for Itron (NASDAQ:ITRI)

Receive News & Ratings for Itron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Itron and related companies with MarketBeat.com's FREE daily email newsletter.