Franklin Resources Inc. Acquires 64,375 Shares of Itron, Inc. (NASDAQ:ITRI)

Franklin Resources Inc. grew its holdings in Itron, Inc. (NASDAQ:ITRI) by 22.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 347,203 shares of the scientific and technical instruments company’s stock after purchasing an additional 64,375 shares during the period. Franklin Resources Inc. owned approximately 0.77% of Itron worth $37,699,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Proficio Capital Partners LLC purchased a new position in Itron during the 4th quarter valued at about $30,000. Continuum Advisory LLC grew its stake in Itron by 42.1% during the third quarter. Continuum Advisory LLC now owns 344 shares of the scientific and technical instruments company’s stock valued at $40,000 after acquiring an additional 102 shares in the last quarter. Quarry LP increased its holdings in Itron by 29.0% during the 3rd quarter. Quarry LP now owns 454 shares of the scientific and technical instruments company’s stock worth $48,000 after acquiring an additional 102 shares during the period. Hager Investment Management Services LLC purchased a new stake in Itron in the 4th quarter worth approximately $67,000. Finally, Contravisory Investment Management Inc. boosted its holdings in Itron by 154.9% in the 4th quarter. Contravisory Investment Management Inc. now owns 864 shares of the scientific and technical instruments company’s stock valued at $94,000 after purchasing an additional 525 shares during the period. 96.19% of the stock is currently owned by hedge funds and other institutional investors.

Itron Stock Performance

Itron stock opened at $94.79 on Friday. The firm has a fifty day simple moving average of $103.81 and a two-hundred day simple moving average of $107.98. Itron, Inc. has a twelve month low of $88.87 and a twelve month high of $124.90. The company has a market capitalization of $4.32 billion, a PE ratio of 19.42, a P/E/G ratio of 0.81 and a beta of 1.39. The company has a quick ratio of 2.83, a current ratio of 3.36 and a debt-to-equity ratio of 0.91.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ITRI. Piper Sandler increased their price objective on Itron from $119.00 to $124.00 and gave the stock a “neutral” rating in a research report on Thursday, February 27th. StockNews.com downgraded Itron from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 1st. Guggenheim decreased 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. Canaccord Genuity Group lifted their target price on shares of Itron from $130.00 to $132.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Finally, Oppenheimer increased their price target on shares of Itron from $124.00 to $131.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Itron currently has an average rating of “Moderate Buy” and a consensus price target of $127.64.

Insider Activity

In other Itron news, Director Mary C. Hemmingsen sold 750 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $107.27, for a total value of $80,452.50. Following the completion of the sale, the director now owns 5,630 shares in the company, valued at approximately $603,930.10. The trade was a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Joan S. Hooper sold 2,322 shares of Itron stock in a transaction 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 directly owns 92,076 shares in the company, valued at approximately $8,553,860.40. The trade was a 2.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,037 shares of company stock valued at $385,815. Insiders own 1.51% of the company’s stock.

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.