Citigroup Inc. Cuts Stock Holdings in Itron, Inc. (NASDAQ:ITRI)

Citigroup Inc. cut its holdings in shares of Itron, Inc. (NASDAQ:ITRI - Free Report) by 97.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 66,674 shares of the scientific and technical instruments company's stock after selling 2,397,452 shares during the period. Citigroup Inc. owned 0.15% of Itron worth $7,121,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Hexagon Capital Partners LLC raised its holdings in Itron by 85.6% in the second quarter. Hexagon Capital Partners LLC now owns 271 shares of the scientific and technical instruments company's stock worth $27,000 after purchasing an additional 125 shares in the last quarter. Quarry LP raised its stake in shares of Itron by 53.0% during the 2nd quarter. Quarry LP now owns 352 shares of the scientific and technical instruments company's stock worth $35,000 after acquiring an additional 122 shares in the last quarter. Covestor Ltd lifted its position in Itron by 26.1% during the third quarter. Covestor Ltd now owns 536 shares of the scientific and technical instruments company's stock valued at $57,000 after acquiring an additional 111 shares during the last quarter. GAMMA Investing LLC grew its holdings in Itron by 46.6% in the second quarter. GAMMA Investing LLC now owns 720 shares of the scientific and technical instruments company's stock worth $71,000 after purchasing an additional 229 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Itron by 21.7% in the third quarter. Farther Finance Advisors LLC now owns 724 shares of the scientific and technical instruments company's stock worth $77,000 after purchasing an additional 129 shares during the last quarter. 96.19% of the stock is owned by hedge funds and other institutional investors.

Itron Stock Performance

ITRI traded down $0.76 during midday trading on Friday, hitting $118.53. 209,181 shares of the company were exchanged, compared to its average volume of 513,149. The company's 50 day simple moving average is $110.92 and its 200 day simple moving average is $105.38. The firm has a market capitalization of $5.34 billion, a price-to-earnings ratio of 24.29, a price-to-earnings-growth ratio of 0.89 and a beta of 1.46. Itron, Inc. has a 1-year low of $65.81 and a 1-year high of $124.90. The company has a current ratio of 3.36, a quick ratio of 2.83 and a debt-to-equity ratio of 0.91.

Itron (NASDAQ:ITRI - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The scientific and technical instruments company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.71. Itron had a return on equity of 19.03% and a net margin of 9.37%. The company had revenue of $615.46 million during the quarter, compared to analysts' expectations of $596.41 million. During the same period last year, the business earned $0.98 earnings per share. Itron's quarterly revenue was up 9.8% on a year-over-year basis. As a group, sell-side analysts predict that Itron, Inc. will post 5.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ITRI has been the subject of several analyst reports. Roth Mkm increased their price objective on Itron from $125.00 to $130.00 and gave the company a "buy" rating in a report on Friday, November 1st. TD Cowen raised their price target on Itron from $125.00 to $136.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Robert W. Baird boosted their price target on Itron from $123.00 to $132.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Oppenheimer lifted their target price on shares of Itron from $120.00 to $124.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Finally, Janney Montgomery Scott assumed coverage on shares of Itron in a research note on Friday, September 27th. They set a "buy" rating and a $131.00 price target on the stock. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $123.92.

Insider Activity at Itron

In other news, CEO Thomas Deitrich sold 37,500 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $104.83, for a total transaction of $3,931,125.00. Following the completion of the transaction, the chief executive officer now directly owns 205,276 shares of the company's stock, valued at $21,519,083.08. This represents a 15.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.45% of the company's stock.

About Itron

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.