Itron, Inc. (NASDAQ:ITRI) Shares Bought by PDT Partners LLC

PDT Partners LLC lifted its holdings in shares of Itron, Inc. (NASDAQ:ITRI) by 348.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,704 shares of the scientific and technical instruments company’s stock after acquiring an additional 29,288 shares during the quarter. PDT Partners LLC owned about 0.08% of Itron worth $4,027,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in ITRI. Handelsbanken Fonder AB lifted its stake in shares of 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 purchasing an additional 346,615 shares in the last quarter. Select Equity Group L.P. lifted its position in Itron by 86.2% during 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 in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Itron by 90.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 511,734 shares of the scientific and technical instruments company’s stock worth $54,658,000 after acquiring an additional 243,355 shares during the period. Vontobel Holding Ltd. grew its position in Itron by 1.5% in the third quarter. Vontobel Holding Ltd. now owns 429,945 shares of the scientific and technical instruments company’s stock valued at $45,922,000 after acquiring an additional 6,310 shares in the last quarter. Finally, Pinnacle Associates Ltd. raised its stake in shares of Itron by 9.3% during the third quarter. Pinnacle Associates Ltd. now owns 398,372 shares of the scientific and technical instruments company’s stock valued at $42,550,000 after purchasing an additional 34,014 shares during the period. 96.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ITRI. TD Cowen upped their target price on shares of Itron from $125.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Oppenheimer upped their price objective on shares of Itron from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Janney Montgomery Scott started coverage on Itron in a research note on Friday, September 27th. They set a “buy” rating and a $131.00 target price for the company. Robert W. Baird boosted their price target on Itron from $123.00 to $132.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Piper Sandler raised their price objective on Itron from $110.00 to $119.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Itron has a consensus rating of “Moderate Buy” and an average price target of $123.92.

Itron Stock Performance

ITRI stock opened at $118.53 on Friday. The stock’s 50 day simple moving average is $110.70 and its 200 day simple moving average is $105.31. Itron, Inc. has a 12-month low of $65.81 and a 12-month high of $124.90. The firm has a market cap of $5.34 billion, a P/E ratio of 24.29, a P/E/G ratio of 0.90 and a beta of 1.46. The company has a current ratio of 3.36, a quick ratio of 2.83 and a debt-to-equity ratio of 0.91.

Itron (NASDAQ:ITRI) last issued its earnings results on Thursday, October 31st. The scientific and technical instruments company reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.71. Itron had a net margin of 9.37% and a return on equity of 19.03%. The company had revenue of $615.46 million for the quarter, compared to analysts’ expectations of $596.41 million. During the same period in the prior year, the company earned $0.98 earnings per share. The firm’s revenue was up 9.8% compared to the same quarter last year. As a group, equities research analysts predict that Itron, Inc. will post 5.33 EPS for the current year.

Insiders Place Their Bets

In other Itron news, CEO Thomas Deitrich sold 37,500 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 205,276 shares of the company’s stock, valued at $21,519,083.08. This trade represents a 15.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.45% of the stock is currently owned by corporate insiders.

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.