Norges Bank Takes $64.62 Million Position in Itron, Inc. (NASDAQ:ITRI)

Norges Bank purchased a new stake in Itron, Inc. (NASDAQ:ITRI - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 595,094 shares of the scientific and technical instruments company's stock, valued at approximately $64,615,000. Norges Bank owned approximately 1.32% of Itron at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. NEOS Investment Management LLC purchased a new stake in shares of Itron in the 4th quarter valued at approximately $554,000. EntryPoint Capital LLC raised its position in Itron by 53.3% in the fourth quarter. EntryPoint Capital LLC now owns 5,800 shares of the scientific and technical instruments company's stock valued at $630,000 after purchasing an additional 2,017 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Itron during the fourth quarter worth $1,021,000. Quantbot Technologies LP purchased a new position in Itron during the 4th quarter valued at about $964,000. Finally, Millstone Evans Group LLC acquired a new position in shares of Itron in the fourth quarter valued at approximately $325,000. Hedge funds and other institutional investors own 96.19% of the company's stock.

Itron Price Performance

Shares of ITRI traded down $2.34 during trading hours on Tuesday, reaching $92.04. 1,059,681 shares of the company traded hands, compared to its average volume of 562,754. The stock has a market capitalization of $4.19 billion, a PE ratio of 18.86, a price-to-earnings-growth ratio of 0.81 and a beta of 1.39. The stock has a fifty day simple moving average of $103.04 and a 200 day simple moving average of $107.72. Itron, Inc. has a fifty-two week low of $88.87 and a fifty-two week high of $124.90. The company has a quick ratio of 2.83, a current ratio of 3.36 and a debt-to-equity ratio of 0.91.

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Insider Buying and Selling at Itron

In related news, Director Mary C. Hemmingsen sold 750 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $107.27, for a total transaction of $80,452.50. Following the transaction, the director now owns 5,630 shares of the company's stock, valued at approximately $603,930.10. This represents a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Christopher E. Ware sold 648 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $92.90, for a total transaction of $60,199.20. Following the sale, the senior vice president now owns 20,326 shares in the company, valued at approximately $1,888,285.40. This trade represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,037 shares of company stock worth $385,815. Corporate insiders own 1.45% of the company's stock.

Wall Street Analyst Weigh In

ITRI has been the topic of several analyst reports. Oppenheimer raised their target price on shares of Itron from $124.00 to $131.00 and gave the company an "outperform" rating in a report on Wednesday, February 26th. Piper Sandler upped their price objective on Itron from $119.00 to $124.00 and gave the company a "neutral" rating in a research note on Thursday, February 27th. StockNews.com downgraded Itron from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 1st. Canaccord Genuity Group increased their price target on Itron from $130.00 to $132.00 and gave the stock a "buy" rating in a report on Wednesday, February 26th. Finally, Guggenheim lowered their price objective on shares of Itron from $135.00 to $133.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.