Fidelity acquires 13 percent of Itron

Mutual fund giant Fidelity Investments purchased a 13 percent ownership stake in Itron Inc.

In a U.S. Securities and Exchange Commission filing this month, Fidelity, going by the name FMR Corp., disclosed its buy of 3.9 million common shares of the Liberty Lake firm which has become a leader in automated meter reading technology and equipment sales.

Deloris Duquette, Itron’s investor relations vice president, confirmed the deal and said Itron executives had traveled to Boston to meet with Fidelity representatives.

The ownership stake is the largest in Itron.

Fidelity is among the premier funds investors. It is controlled by the family of board Chairman Edward C. Johnson III.

It has more than 22 million investor clients — with 300 funds and $1.2 million of assets under management. Among its largest mutual funds are the Magellan Fund and Contrafund.

Other major holders of Itron stock include BlackRock Inc., a New York investment group headed by Laurence Fink and allied with Merrill Lynch, and Earnest Partners LLC, of Atlanta.