Schwab Charles Investment Management Inc. Trims Stake in Itron, Inc. (ITRI)
Schwab Charles Investment Management Inc. cut its stake in shares of Itron, Inc. (NASDAQ:ITRI) by 4.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 240,987 shares of the scientific and technical instruments company’s stock after selling 11,753 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.62% of Itron worth $18,665,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Investec Asset Management LTD boosted its position in shares of Itron by 43.4% in the third quarter. Investec Asset Management LTD now owns 31,406 shares of the scientific and technical instruments company’s stock worth $2,432,000 after buying an additional 9,502 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Itron in the third quarter worth $218,000. Wells Fargo & Company MN boosted its position in shares of Itron by 34.3% in the third quarter. Wells Fargo & Company MN now owns 56,459 shares of the scientific and technical instruments company’s stock worth $4,373,000 after buying an additional 14,404 shares during the period. Legal & General Group Plc boosted its position in shares of Itron by 3.4% in the third quarter. Legal & General Group Plc now owns 67,068 shares of the scientific and technical instruments company’s stock worth $5,193,000 after buying an additional 2,190 shares during the period. Finally, Sawgrass Asset Management LLC acquired a new stake in shares of Itron in the third quarter worth $543,000. 93.54% of the stock is owned by institutional investors and hedge funds.
In related news, COO Thomas Deitrich sold 11,899 shares of Itron stock in a transaction on Monday, December 11th. The stock was sold at an average price of $69.27, for a total transaction of $824,243.73. Following the completion of the sale, the chief operating officer now owns 82,776 shares of the company’s stock, valued at $5,733,893.52. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Scopia Capital Management Lp acquired 541,753 shares of Itron stock in a transaction that occurred on Friday, December 8th. The shares were purchased at an average cost of $69.44 per share, with a total value of $37,619,328.32. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 632,586 shares of company stock valued at $43,768,264. Insiders own 2.03% of the company’s stock.
Itron (NASDAQ:ITRI) last released its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.12). The firm had revenue of $486.75 million for the quarter, compared to analyst estimates of $526.55 million. Itron had a net margin of 3.42% and a return on equity of 14.84%. Itron’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 EPS. equities analysts forecast that Itron, Inc. will post 2.99 EPS for the current year.
Several analysts have recently commented on the company. Argus cut Itron from a “buy” rating to a “hold” rating in a research report on Wednesday, November 29th. Canaccord Genuity reaffirmed a “hold” rating and issued a $78.00 target price on shares of Itron in a research report on Friday, October 6th. Zacks Investment Research raised Itron from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a research report on Monday, September 11th. Finally, BidaskClub raised Itron from a “hold” rating to a “buy” rating in a research report on Thursday, December 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. Itron currently has a consensus rating of “Hold” and a consensus target price of $81.78.
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Itron, Inc (Itron) is a technology and service company. The Company provides solutions that measure, manage and analyze energy and water use. The Company operates through three segments: Electricity, Gas and Water. It provides a portfolio of products, solutions, software and services to electric, gas and water utility customers across the globe.
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