Insider Buying: Itron, Inc. (ITRI) Major Shareholder Buys $37,619,328.32 in Stock

Itron, Inc. (NASDAQ:ITRI) major shareholder Scopia Capital Management Lp acquired 541,753 shares of the company’s stock in a transaction on Friday, December 8th. The stock was acquired at an average cost of $69.44 per share, with a total value of $37,619,328.32. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Scopia Capital Management Lp also recently made the following trade(s):

  • On Wednesday, December 6th, Scopia Capital Management Lp acquired 75,193 shares of Itron stock. The stock was acquired at an average cost of $67.34 per share, with a total value of $5,063,496.62.

Shares of Itron, Inc. (NASDAQ ITRI) opened at $69.20 on Monday. The stock has a market cap of $2,679.77, a PE ratio of 25.35, a price-to-earnings-growth ratio of 1.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.67 and a quick ratio of 1.26. Itron, Inc. has a 52-week low of $57.80 and a 52-week high of $79.95.

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 the consensus estimate of $0.89 by ($0.12). The company had revenue of $486.75 million during the quarter, compared to analysts’ expectations of $526.55 million. Itron had a net margin of 3.42% and a return on equity of 14.84%. Itron’s quarterly revenue was down 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.77 earnings per share. equities research analysts anticipate that Itron, Inc. will post 2.99 earnings per share for the current year.

A number of equities analysts have commented on the stock. BidaskClub raised shares of Itron from a “hold” rating to a “buy” rating in a research note on Thursday. Argus cut shares of Itron from a “buy” rating to a “hold” rating in a research note on Wednesday, November 29th. Zacks Investment Research cut shares of Itron from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. Robert W. Baird reaffirmed a “hold” rating and set a $77.00 price target on shares of Itron in a research note on Tuesday, September 12th. Finally, Canaccord Genuity reaffirmed a “hold” rating and set a $78.00 price target on shares of Itron in a research note on Friday, October 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. Itron currently has a consensus rating of “Hold” and a consensus target price of $81.78.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in shares of Itron by 0.9% in the 2nd quarter. BlackRock Inc. now owns 4,377,905 shares of the scientific and technical instruments company’s stock valued at $296,603,000 after purchasing an additional 38,104 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Itron by 94.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 895,681 shares of the scientific and technical instruments company’s stock valued at $60,683,000 after purchasing an additional 434,500 shares in the last quarter. State Street Corp raised its stake in shares of Itron by 5.4% during the 2nd quarter. State Street Corp now owns 839,226 shares of the scientific and technical instruments company’s stock worth $56,857,000 after acquiring an additional 43,230 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Itron by 38.1% during the 2nd quarter. Renaissance Technologies LLC now owns 719,661 shares of the scientific and technical instruments company’s stock worth $48,757,000 after acquiring an additional 198,700 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its stake in shares of Itron by 13.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 688,848 shares of the scientific and technical instruments company’s stock worth $53,351,000 after acquiring an additional 82,196 shares in the last quarter. 93.76% of the stock is owned by institutional investors.

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About Itron

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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