Clearbridge Investments LLC Cuts Position in Itron, Inc. (NASDAQ:ITRI)

Clearbridge Investments LLC trimmed its stake in Itron, Inc. (NASDAQ:ITRI) by 19.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 101,300 shares of the scientific and technical instruments company’s stock after selling 24,750 shares during the period. Clearbridge Investments LLC owned 0.22% of Itron worth $10,999,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Cerity Partners LLC bought a new position in Itron in the third quarter worth about $454,000. The Manufacturers Life Insurance Company raised its stake in shares of Itron by 2.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 26,231 shares of the scientific and technical instruments company’s stock worth $2,802,000 after acquiring an additional 571 shares in the last quarter. Glenmede Trust Co. NA raised its stake in shares of Itron by 2.2% during 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 acquiring an additional 134 shares in the last quarter. Captrust Financial Advisors purchased a new stake in Itron during the third quarter valued at approximately $215,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings in Itron by 23.7% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,305 shares of the scientific and technical instruments company’s stock worth $246,000 after purchasing an additional 442 shares during the last quarter. 96.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Guggenheim decreased their price objective on Itron from $135.00 to $133.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Oppenheimer increased their price target on Itron from $124.00 to $131.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Piper Sandler boosted their price target on Itron from $119.00 to $124.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. Canaccord Genuity Group increased their price objective on shares of Itron from $130.00 to $132.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Finally, StockNews.com cut shares of Itron from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 1st. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Itron currently has a consensus rating of “Moderate Buy” and an average target price of $127.64.

Itron Stock Up 1.4 %

Shares of ITRI opened at $107.36 on Thursday. The company has a market capitalization of $4.89 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 0.81 and a beta of 1.39. Itron, Inc. has a 52 week low of $88.87 and a 52 week high of $124.90. The stock’s 50-day moving average price is $104.20 and its 200-day moving average price is $108.07. The company has a quick ratio of 2.83, a current ratio of 3.36 and a debt-to-equity ratio of 0.91.

Insiders Place Their Bets

In related news, CFO Joan S. Hooper sold 2,322 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $92.90, for a total value of $215,713.80. Following the completion of the transaction, the chief financial officer now directly owns 92,076 shares in the company, valued at $8,553,860.40. The trade was a 2.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Christopher E. Ware sold 648 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $92.90, for a total transaction of $60,199.20. Following the sale, the senior vice president now owns 20,326 shares in the company, valued at approximately $1,888,285.40. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,037 shares of company stock worth $385,815. Corporate insiders own 1.51% of the company’s stock.

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.