Short Interest in Itron, Inc. (NASDAQ:ITRI) Decreases By 8.8%

Itron, Inc. (NASDAQ:ITRIGet Rating) was the recipient of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,970,000 shares, a decrease of 8.8% from the October 15th total of 2,160,000 shares. Based on an average daily volume of 330,600 shares, the short-interest ratio is currently 6.0 days. Currently, 4.4% of the shares of the stock are short sold.

Insiders Place Their Bets

In other Itron news, CEO Thomas Deitrich sold 2,605 shares of the company’s stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $47.66, for a total transaction of $124,154.30. Following the completion of the sale, the chief executive officer now directly owns 146,997 shares in the company, valued at $7,005,877.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.37% of the company’s stock.

Institutional Trading of Itron

Institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. boosted its position in shares of Itron by 0.4% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 60,488 shares of the scientific and technical instruments company’s stock worth $2,990,000 after purchasing an additional 237 shares in the last quarter. US Bancorp DE boosted its position in shares of Itron by 30.7% during the 1st quarter. US Bancorp DE now owns 1,040 shares of the scientific and technical instruments company’s stock worth $54,000 after purchasing an additional 244 shares in the last quarter. Captrust Financial Advisors boosted its position in shares of Itron by 16.1% during the 2nd quarter. Captrust Financial Advisors now owns 1,981 shares of the scientific and technical instruments company’s stock worth $98,000 after purchasing an additional 274 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Itron by 2.9% during the 2nd quarter. Victory Capital Management Inc. now owns 9,845 shares of the scientific and technical instruments company’s stock worth $487,000 after purchasing an additional 279 shares in the last quarter. Finally, Crossmark Global Holdings Inc. boosted its position in shares of Itron by 3.8% during the 1st quarter. Crossmark Global Holdings Inc. now owns 7,680 shares of the scientific and technical instruments company’s stock worth $404,000 after purchasing an additional 280 shares in the last quarter. Institutional investors own 97.36% of the company’s stock.

Itron Stock Performance

Shares of ITRI opened at $52.74 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.20 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $2.38 billion, a P/E ratio of -26.24 and a beta of 1.30. The firm’s fifty day simple moving average is $46.97 and its two-hundred day simple moving average is $49.04. Itron has a 12 month low of $39.38 and a 12 month high of $70.67.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of Itron from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, October 20th. EF Hutton Acquisition Co. I lowered their price target on shares of Itron from $72.00 to $60.00 and set a “buy” rating for the company in a report on Friday, November 4th. Morgan Stanley lowered their price target on shares of Itron from $55.00 to $50.00 and set an “equal weight” rating for the company in a report on Friday, November 4th. Cowen decreased their price objective on Itron to $68.00 in a report on Tuesday, August 9th. Finally, Stephens downgraded Itron from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $65.00 to $55.00 in a report on Friday, August 5th. Seven research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $55.13.

About Itron

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Itron, Inc, a technology and service company, provides end-to-end solutions that help manage operations in the energy, water, and smart city space 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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