Connor Clark & Lunn Investment Management Ltd. Reduces Position in Itron, Inc. (NASDAQ:ITRI)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in Itron, Inc. (NASDAQ:ITRI) by 53.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,810 shares of the scientific and technical instruments company’s stock after selling 21,932 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Itron were worth $2,042,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Intech Investment Management LLC grew its stake in Itron by 105.9% in the 3rd quarter. Intech Investment Management LLC now owns 19,444 shares of the scientific and technical instruments company’s stock valued at $2,077,000 after buying an additional 10,001 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Itron by 0.5% in the third quarter. Geode Capital Management LLC now owns 1,074,940 shares of the scientific and technical instruments company’s stock worth $114,835,000 after acquiring an additional 5,630 shares during the period. Hennion & Walsh Asset Management Inc. grew its position in shares of Itron by 78.3% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 6,083 shares of the scientific and technical instruments company’s stock valued at $660,000 after purchasing an additional 2,671 shares in the last quarter. Systematic Financial Management LP raised its stake in shares of Itron by 12.2% during the 3rd quarter. Systematic Financial Management LP now owns 134,362 shares of the scientific and technical instruments company’s stock valued at $14,351,000 after purchasing an additional 14,590 shares during the period. Finally, Merit Financial Group LLC bought a new stake in shares of Itron during the 4th quarter valued at $301,000. Institutional investors own 96.19% of the company’s stock.

Itron Trading Down 1.0 %

NASDAQ ITRI opened at $105.49 on Wednesday. The company has a quick ratio of 2.83, a current ratio of 3.36 and a debt-to-equity ratio of 0.91. The stock’s 50-day simple moving average is $103.94 and its two-hundred day simple moving average is $107.54. Itron, Inc. has a twelve month low of $86.45 and a twelve month high of $124.90. The company has a market capitalization of $4.77 billion, a price-to-earnings ratio of 21.62, a PEG ratio of 0.81 and a beta of 1.49.

Insider Activity at Itron

In related news, CAO David Marshall Wright sold 317 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $92.90, for a total transaction of $29,449.30. Following the transaction, the chief accounting officer now owns 8,108 shares of the company’s stock, valued at approximately $753,233.20. This trade represents a 3.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joan S. Hooper sold 2,322 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $92.90, for a total transaction of $215,713.80. Following the completion of the sale, the chief financial officer now directly owns 92,076 shares of the company’s stock, valued at $8,553,860.40. This represents a 2.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,037 shares of company stock valued at $385,815. Corporate insiders own 1.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ITRI. Oppenheimer lifted their target price on Itron from $124.00 to $131.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Canaccord Genuity Group boosted their price objective on shares of Itron from $130.00 to $132.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Guggenheim lowered their target price on shares of Itron from $135.00 to $133.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. StockNews.com lowered shares of Itron from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 1st. Finally, Piper Sandler upped their price target on shares of Itron from $119.00 to $124.00 and gave the stock a “neutral” rating in a report on Thursday, February 27th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Itron has an average rating of “Moderate Buy” and a consensus price target of $127.64.

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.