Itron (ITRI) Rose on Improving Operational Outlook
Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the composite delivered 1.16% net of fees (1.33% gross of fees) trailing the 5.21% total return of the Russell 2000 Index. The security selection hurt the portfolio while allocation effects positively contributed. Security selection in Communication Services and Materials along with an overweight to Industrials contributed to the relative performance while the Health Care, Information Technology, and Consumer Discretionary sectors detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Small Cap Equity Strategy highlighted stocks like Itron, Inc. (NASDAQ:ITRI) in the second quarter 2023 investor letter. Headquartered in Liberty Lake, Washington, Itron, Inc. (NASDAQ:ITRI) is a technology and service company. On August 24, 2023, Itron, Inc. (NASDAQ:ITRI) stock closed at $66.65 per share. One-month return of Itron, Inc. (NASDAQ:ITRI) was -12.04%, and its shares gained 30.28% of their value over the last 52 weeks. Itron, Inc. (NASDAQ:ITRI) has a market capitalization of $3.09 billion.
Aristotle Small Cap Equity Strategy made the following comment about Itron, Inc. (NASDAQ:ITRI) in its second quarter 2023 investor letter:
"Itron, Inc. (NASDAQ:ITRI), a global manufacturer and distributor of electric, water and gas meters and advanced meter systems, benefitted from an improving operational outlook for its business, which has been held back in recent periods by supply chain constraints leading to delays of product deliveries. We maintain a position, as we believe the company remains well-positioned to benefit from power grid modernization efforts, which should continue to drive demand for the company’s smart metering and grid monitoring solutions. Additionally, we believe an acceleration in the company’s services and SaaS-based revenue will improve the earnings and margin profile of the business moving forward."
Pixabay/Public domain
Itron, Inc. (NASDAQ:ITRI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Itron, Inc. (NASDAQ:ITRI) at the end of second quarter which was 18 in the previous quarter.
We discussed Itron, Inc. (NASDAQ:ITRI) in another article and shared the list of stocks getting a huge vote of confidence from Wall Street analysts. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
