Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered a return of 3.96% net of fees (4.11% gross of fees) trailing the Russell 2000 Index’s 5.18% total return. Security selection detracted from the performance while allocation effects positively contributed. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Aristotle Capital Small Cap Equity Strategy highlighted stocks like Itron, Inc. (NASDAQ:ITRI), in the first quarter 2024 investor letter. Itron, Inc. (NASDAQ:ITRI), with a market capitalization of $5.025 billion, is a technology, solutions, and service company that solutions to help manage energy, water, and smart city operations. The one-month return of Itron, Inc. (NASDAQ:ITRI) was 14.40%, and its shares gained 68.45% of their value over the last 52 weeks. On May 24, 2024, Itron, Inc. (NASDAQ:ITRI) stock closed at $109.54 per share.
Aristotle Capital Small Cap Equity Strategy stated the following regarding Itron, Inc. (NASDAQ:ITRI) in its first quarter 2024 investor letter:
“Itron, Inc. (NASDAQ:ITRI), a global manufacturer and distributor of electric, water and gas meters and advanced meter systems, benefitted from continued momentum in the operational outlook for its business, a growing backlog of higher margin business, and an easing of supply chain conditions. 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.”
A technician installing a smart meter in a family home, its wireless connectivity bringing modern living.
Itron, Inc. (NASDAQ:ITRI) generated $603 million in revenues, year-over-year revenue grew 22% and free cash flow was $34 million, up by around $40 million from the previous year first quarter.
Itron, Inc. (NASDAQ:ITRI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Itron, Inc. (NASDAQ:ITRI) at the end of the first quarter which was 31 in the previous quarter.
Aristotle Small Cap Equity Strategy commented about Itron, Inc. (NASDAQ:ITRI) in its second quarter 2023 investor letter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
