Inside the Digital Nerve System of Modern Utilities and the $100 Million Bet on Itron

Impax Asset Management Group plc disclosed a significant purchase of Itron (NASDAQ:ITRI) shares in its SEC filing dated November 06, 2025, increasing its position by $105.16 million during the quarter.

What happened

According to an SEC filing published November 06, 2025, Impax Asset Management Group increased its investment in Itron by acquiring an estimated 890,040 shares during the quarter. The position’s value rose by $105.16 million, bringing the total holding to 1,588,950 shares, worth $197.15 million as of September 30, 2025.

What else to know

The filing shows a buy, with the Itron stake representing 1.15% of the fund’s 13F AUM after the trade.

Top holdings after the filing:

• LIN: $906.69 million (5.3% of AUM)
• MSFT: $806.97 million (4.7% of AUM)
• XYL: $782.91 million (4.6% of AUM) as of 2025-09-30
• NVDA: $593.32 million (3.4624% of AUM)
• VLTO: $408.50 million (2.38% of AUM as of 2025-09-30)

As of November 5, 2025, Itron shares were priced at $107.15, down 8.95% over the past year, underperforming the S&P 500 by 25.77 percentage points.

Company Overview

Company Snapshot

Itron, Inc. is a leading technology provider specializing in integrated solutions for utilities and smart cities, leveraging a diverse product portfolio to address energy, water, and infrastructure management needs.

The company’s strategy centers on combining hardware, network connectivity, and advanced analytics to deliver operational efficiency and actionable insights for its clients. Its competitive edge lies in its broad suite of offerings and expertise in supporting critical infrastructure modernization initiatives globally.

Itron, Inc. offers hardware, networked devices, and software solutions for energy, water, and smart city management, with revenue streams across Device Solutions, Networked Solutions, and Outcomes segments. It serves utilities, municipalities, and smart city operators worldwide, targeting organizations focused on resource efficiency and infrastructure modernization.

Itron, Inc. generates revenue through direct sales and partnerships by providing end-to-end measurement, control, and analytics solutions, as well as cloud-based services and ongoing maintenance.

Foolish take

Impax Asset Management Group's decision to invest more than $100 million in Itron, Inc. deserves a closer look because it is not a typical trade within a crowded technology portfolio. It signals conviction in a company that sits at the center of how utilities modernize their infrastructure. The move suggests that Impax sees something in Itron’s position that the broader market has overlooked during a year when the stock lagged the S&P 500 index.

Itron’s importance stems from its role in the systems that keep cities running. Its devices sit on the edge of the grid, measuring and managing electricity and water as they flow through neighborhoods and industrial systems. The software layer above them interprets that data, and the network layer carries it across large footprints. Information collected in the field moves through Itron’s network and into its software, thereby revealing how resources are consumed and where waste builds up. That capability becomes more valuable as cities respond to aging infrastructure, tighter regulation, and rising demands for efficiency. It is also what gives Itron a defensible place in an industry where replacement cycles are measured in decades.

The question for investors is how effectively Itron can turn that positioning into long-term growth. The company already has the advantage of strategic customer relationships and high switching costs. What matters from here is whether it can continue expanding the share of its revenue that comes from analytics, software, and higher-margin services. If Itron succeeds in shifting more of its model toward those areas, it could find itself with a stronger earnings profile than the stock’s recent performance suggests.

Glossary

13F reportable assets: Assets that institutional investment managers must report quarterly to the SEC on Form 13F.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Stake: The ownership interest or share held in a company by an investor or fund.
Top holdings: The largest individual investments within a fund’s portfolio, typically by market value.
Quarter: A three-month period used by companies and investors for financial reporting and analysis.
Direct sales: Sales made directly from a company to its customers, without intermediaries or third parties.
Partnerships: Business arrangements where two or more parties cooperate to advance mutual interests.
End-to-end solutions: Comprehensive products or services that cover all aspects of a process from start to finish.
Cloud-based services: Software or computing resources delivered over the internet, rather than installed locally.
Maintenance (in context): Ongoing support and service provided to ensure products or systems continue to function properly.
Critical infrastructure: Essential systems and assets, such as utilities and transportation, vital to a society’s functioning.
TTM: The 12-month period ending with the most recent quarterly report.

Eric Trie has positions in Nvidia. The Motley Fool has positions in and recommends Microsoft, Nvidia, and Xylem. The Motley Fool recommends Linde and Veralto and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.