California Public Employees Retirement System Trims Stock Position in Itron, Inc. (NASDAQ:ITRI)

California Public Employees Retirement System decreased its stake in Itron, Inc. (NASDAQ:ITRI) by 5.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,585 shares of the scientific and technical instruments company’s stock after selling 5,219 shares during the period. California Public Employees Retirement System owned 0.19% of Itron worth $6,689,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Covestor Ltd boosted its stake in Itron by 9,150.0% in the third quarter. Covestor Ltd now owns 555 shares of the scientific and technical instruments company’s stock valued at $34,000 after acquiring an additional 549 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Itron in the 4th quarter valued at about $169,000. Xponance Inc. purchased a new position in Itron during the 4th quarter worth approximately $208,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Itron during the fourth quarter worth approximately $210,000. Finally, Corton Capital Inc. acquired a new position in Itron during the third quarter worth approximately $237,000. 96.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Itron

In other Itron news, SVP Donald L. Reeves III sold 383 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $75.37, for a total value of $28,866.71. Following the sale, the senior vice president now owns 8,708 shares of the company’s stock, valued at $656,321.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Thomas Deitrich sold 1,912 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $75.37, for a total transaction of $144,107.44. Following the completion of the transaction, the chief executive officer now owns 169,073 shares of the company’s stock, valued at approximately $12,743,032.01. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Donald L. Reeves III sold 383 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $75.37, for a total transaction of $28,866.71. Following the transaction, the senior vice president now directly owns 8,708 shares of the company’s stock, valued at approximately $656,321.96. 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. Corporate insiders own 1.45% of the company’s stock.

Itron Price Performance

Shares of NASDAQ ITRI opened at $107.01 on Friday. The company’s fifty day moving average is $91.94 and its two-hundred day moving average is $77.39. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.43 and a current ratio of 1.95. The firm has a market capitalization of $4.91 billion, a P/E ratio of 50.96, a PEG ratio of 1.02 and a beta of 1.38. Itron, Inc. has a one year low of $56.11 and a one year high of $107.11.

Itron (NASDAQ:ITRI) last issued its 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 4.46% and a return on equity of 12.27%. The company had revenue of $603.44 million for the quarter, compared to analyst estimates of $579.49 million. During the same period in the prior year, the business posted $0.49 earnings per share. The firm’s revenue for the quarter was up 22.0% compared to the same quarter last year. Analysts forecast that Itron, Inc. will post 3.61 EPS for the current fiscal year.

Analyst Ratings Changes

ITRI has been the subject of several research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $109.00 price objective (up from $103.00) on shares of Itron in a report on Friday. TD Cowen increased their price target on shares of Itron from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer lifted their price objective on shares of Itron from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. increased their target price on shares of Itron from $77.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 13th. Finally, Robert W. Baird boosted their price target on Itron from $108.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, March 13th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Itron presently has an average rating of “Moderate Buy” and an average price target of $103.60.

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.