Oppenheimer Asset Management Inc. Trims Position in Itron, Inc. (NASDAQ:ITRI)

Oppenheimer Asset Management Inc. lowered its position in shares of Itron, Inc. (NASDAQ:ITRI) by 40.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,319 shares of the scientific and technical instruments company’s stock after selling 1,567 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Itron were worth $248,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Silvercrest Asset Management Group LLC bought a new position in shares of Itron in the first quarter worth $401,000. Handelsbanken Fonder AB grew its position in Itron by 62.7% during the third quarter. Handelsbanken Fonder AB now owns 899,789 shares of the scientific and technical instruments company’s stock worth $96,106,000 after buying an additional 346,615 shares in the last quarter. Select Equity Group L.P. increased its stake 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 worth $59,760,000 after acquiring an additional 279,629 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Itron by 90.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 511,734 shares of the scientific and technical instruments company’s stock valued at $54,658,000 after acquiring an additional 243,355 shares during the last quarter. Finally, Hood River Capital Management LLC purchased a new position in shares of Itron during the second quarter worth about $22,612,000. Institutional investors own 96.19% of the company’s stock.

Insider Transactions at Itron

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

Itron Stock Down 0.8 %

Shares of Itron stock opened at $114.11 on Thursday. The stock has a market capitalization of $5.15 billion, a PE ratio of 23.38, a price-to-earnings-growth ratio of 0.86 and a beta of 1.46. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.83 and a current ratio of 3.36. The company has a 50-day simple moving average of $108.87 and a two-hundred day simple moving average of $104.86. Itron, Inc. has a 52-week low of $64.96 and a 52-week high of $124.90.

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

Wall Street Analysts Forecast Growth

ITRI has been the subject of several research reports. Janney Montgomery Scott began coverage on shares of Itron in a research report on Friday, September 27th. They issued a “buy” rating and a $131.00 target price for the company. Roth Mkm increased their target price on Itron from $125.00 to $130.00 and gave the company a “buy” rating in a report on Friday, November 1st. Piper Sandler lifted their target price on shares of Itron from $110.00 to $119.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Guggenheim upped their price target on Itron from $128.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Robert W. Baird upped their price objective on shares of Itron from $123.00 to $132.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $123.92.

Itron 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.