Optimize Financial Inc Purchases New Position in Itron, Inc. (NASDAQ:ITRI)

Optimize Financial Inc purchased a new position in shares of Itron, Inc. (NASDAQ:ITRI - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 17,107 shares of the scientific and technical instruments company's stock, valued at approximately $1,857,000. Itron accounts for approximately 1.4% of Optimize Financial Inc's investment portfolio, making the stock its 15th largest holding.

Several other hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Itron in the fourth quarter worth about $64,615,000. Bowen Hanes & Co. Inc. purchased a new stake in Itron in the 4th quarter valued at about $27,486,000. Franklin Resources Inc. grew its stake in Itron by 611.9% in the 3rd quarter. Franklin Resources Inc. now owns 282,828 shares of the scientific and technical instruments company's stock worth $31,128,000 after acquiring an additional 243,102 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Itron by 180.7% during the fourth quarter. Wellington Management Group LLP now owns 333,363 shares of the scientific and technical instruments company's stock worth $36,197,000 after acquiring an additional 214,600 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Itron by 85.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 425,484 shares of the scientific and technical instruments company's stock valued at $46,199,000 after purchasing an additional 196,396 shares during the period. 96.19% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

ITRI has been the topic of a number of recent research reports. StockNews.com downgraded shares of Itron from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 1st. Piper Sandler lifted their price target on Itron from $119.00 to $124.00 and gave the company a "neutral" rating in a report on Thursday, February 27th. Oppenheimer upped their price objective on Itron from $124.00 to $131.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. Guggenheim reduced their target price on shares of Itron from $135.00 to $133.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, Canaccord Genuity Group raised their price target on shares of Itron from $130.00 to $132.00 and gave the company a "buy" rating in a report on Wednesday, February 26th. 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 company presently has an average rating of "Moderate Buy" and an average target price of $127.64.

Itron Stock Performance

ITRI stock traded up $0.70 during trading on Tuesday, reaching $102.08. The company had a trading volume of 490,098 shares, compared to its average volume of 568,971. The company has a market cap of $4.65 billion, a price-to-earnings ratio of 20.92, a price-to-earnings-growth ratio of 0.81 and a beta of 1.39. Itron, Inc. has a twelve month low of $88.87 and a twelve month high of $124.90. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.83 and a current ratio of 3.36. The firm has a 50-day simple moving average of $102.28 and a 200-day simple moving average of $107.48.

Insiders Place Their Bets

In related news, Director Mary C. Hemmingsen sold 750 shares of Itron stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $107.27, for a total transaction of $80,452.50. Following the completion of the sale, the director now owns 5,630 shares of the company's stock, valued at $603,930.10. The trade was a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Joan S. Hooper sold 2,322 shares of the 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 $215,713.80. Following the completion of the transaction, the chief financial officer now owns 92,076 shares in the company, valued at approximately $8,553,860.40. This trade represents a 2.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,037 shares of company stock valued at $385,815. Insiders own 1.45% of the company's stock.

Itron Company 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.