Scopia Capital Management LP Cuts Stake in Itron, Inc. (NASDAQ:ITRI)

Scopia Capital Management LP decreased its holdings in shares of Itron, Inc. (NASDAQ:ITRI) by 29.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,260,227 shares of the scientific and technical instruments company’s stock after selling 1,364,705 shares during the quarter. Itron accounts for about 9.1% of Scopia Capital Management LP’s investment portfolio, making the stock its 3rd biggest position. Scopia Capital Management LP owned 8.26% of Itron worth $203,992,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in Itron by 113.9% in the second quarter. Bank of New York Mellon Corp now owns 898,225 shares of the scientific and technical instruments company’s stock worth $56,201,000 after purchasing an additional 478,329 shares in the last quarter. Neuberger Berman Group LLC grew its stake in Itron by 48.6% in the first quarter. Neuberger Berman Group LLC now owns 1,159,467 shares of the scientific and technical instruments company’s stock worth $54,087,000 after purchasing an additional 378,967 shares in the last quarter. Prudential Financial Inc. grew its stake in Itron by 571.9% in the second quarter. Prudential Financial Inc. now owns 370,833 shares of the scientific and technical instruments company’s stock worth $23,203,000 after purchasing an additional 315,640 shares in the last quarter. Castleark Management LLC bought a new position in Itron in the second quarter worth approximately $11,577,000. Finally, Teacher Retirement System of Texas grew its stake in Itron by 88.9% in the second quarter. Teacher Retirement System of Texas now owns 388,331 shares of the scientific and technical instruments company’s stock worth $24,298,000 after purchasing an additional 182,722 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts recently issued reports on ITRI shares. ValuEngine raised Itron from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. BidaskClub raised Itron from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Stephens started coverage on Itron in a research report on Monday, July 8th. They set an “equal weight” rating and a $64.00 target price on the stock. Credit Suisse Group cut Itron to an “outperform” rating in a research report on Tuesday, August 20th. Finally, Robert W. Baird reiterated an “outperform” rating and set a $80.00 price objective (up previously from $70.00) on shares of Itron in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Itron presently has a consensus rating of “Buy” and a consensus price target of $70.80.

ITRI stock traded up $0.48 during midday trading on Friday, reaching $77.04. The stock had a trading volume of 174,940 shares, compared to its average volume of 258,898. The stock has a market cap of $2.98 billion, a PE ratio of 29.07, a P/E/G ratio of 1.04 and a beta of 1.09. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.09 and a current ratio of 1.44. The firm has a fifty day simple moving average of $68.81 and a two-hundred day simple moving average of $58.83. Itron, Inc. has a 52-week low of $44.35 and a 52-week high of $77.80.

Itron (NASDAQ:ITRI) last issued its earnings results on Monday, August 5th. The scientific and technical instruments company reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.39. The company had revenue of $635.04 million during the quarter, compared to analyst estimates of $598.59 million. Itron had a return on equity of 19.51% and a net margin of 2.52%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. On average, sell-side analysts predict that Itron, Inc. will post 2.9 EPS for the current fiscal year.

In other Itron news, Director Thomas S. Glanville sold 3,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $66.38, for a total transaction of $199,140.00. Following the sale, the director now directly owns 13,007 shares of the company’s stock, valued at approximately $863,404.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lynda L. Ziegler sold 3,369 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.48, for a total value of $247,554.12. Following the sale, the insider now directly owns 11,238 shares in the company, valued at $825,768.24. The disclosure for this sale can be found here. Insiders have sold a total of 75,661 shares of company stock worth $5,126,439 over the last ninety days. 2.35% of the stock is owned by insiders.

Itron Company Profile

Itron, Inc, a technology and service company, provides end-to-end solutions that measures, manages, and analyzes energy and water use worldwide. The company operates through three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing.

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Institutional Ownership by Quarter for Itron (NASDAQ:ITRI)

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