Merewether Investment Management LP Has $16.21 Million Position in Itron, Inc. (NASDAQ:ITRI)

Merewether Investment Management LP reduced its holdings in shares of Itron, Inc. (NASDAQ:ITRI) by 51.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 151,771 shares of the scientific and technical instruments company’s stock after selling 159,400 shares during the quarter. Merewether Investment Management LP’s holdings in Itron were worth $16,211,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Covestor Ltd boosted its stake in Itron by 26.1% during the 3rd quarter. Covestor Ltd now owns 536 shares of the scientific and technical instruments company’s stock valued at $57,000 after purchasing an additional 111 shares during the last quarter. Quarry LP raised its stake in Itron by 53.0% in the second quarter. Quarry LP now owns 352 shares of the scientific and technical instruments company’s stock valued at $35,000 after purchasing an additional 122 shares in the last quarter. Hexagon Capital Partners LLC increased its stake in Itron by 85.6% in the second quarter. Hexagon Capital Partners LLC now owns 271 shares of the scientific and technical instruments company’s stock valued at $27,000 after acquiring an additional 125 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Itron by 21.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 724 shares of the scientific and technical instruments company’s stock worth $77,000 after buying an additional 129 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its position in Itron by 2.2% in the 3rd quarter. Glenmede Trust Co. NA now owns 6,220 shares of the scientific and technical instruments company’s stock worth $664,000 after purchasing an additional 134 shares during the period. Institutional investors own 96.19% of the company’s stock.

Insider Activity

In other Itron news, CEO Thomas Deitrich sold 37,500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $104.83, for a total transaction of $3,931,125.00. Following the transaction, the chief executive officer now owns 205,276 shares in the company, valued at $21,519,083.08. The trade was a 15.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ITRI. Robert W. Baird lifted their price target on shares of Itron from $123.00 to $132.00 and gave the company an “outperform” rating in a report on Friday, November 1st. BNP Paribas initiated coverage on shares of Itron in a research note on Thursday, September 5th. They issued an “outperform” rating and a $133.00 price target on the stock. Guggenheim boosted their price target on Itron from $128.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Roth Mkm lifted their target price on shares of Itron from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Oppenheimer boosted their price target on Itron from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $123.92.

Itron Stock Performance

NASDAQ ITRI opened at $118.04 on Wednesday. The company has a market capitalization of $5.32 billion, a PE ratio of 24.19, a P/E/G ratio of 0.89 and a beta of 1.46. The company has a debt-to-equity ratio of 0.91, a current ratio of 3.36 and a quick ratio of 2.83. Itron, Inc. has a 1 year low of $67.21 and a 1 year high of $124.90. The company has a fifty day moving average of $111.37 and a two-hundred day moving average of $105.49.

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

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.