Ituran Location and Control Ltd. (NASDAQ:ITRN) Announces Dividend Increase – $0.14 Per Share

Ituran Location and Control Ltd. (NASDAQ:ITRN – Get Rating) announced a quarterly dividend on Tuesday, February 28th, Zacks reports. Investors of record on Tuesday, March 21st will be given a dividend of 0.14 per share by the industrial products company on Tuesday, April 4th. This represents a $0.56 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Monday, March 20th. This is an increase from Ituran Location and Control’s previous quarterly dividend of $0.11.

Ituran Location and Control has decreased its dividend payment by an average of 16.2% annually over the last three years. Ituran Location and Control has a dividend payout ratio of 22.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Ituran Location and Control to earn $2.50 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 22.4%.

Ituran Location and Control Stock Performance

ITRN opened at $21.84 on Friday. The business has a fifty day simple moving average of $22.29 and a 200 day simple moving average of $22.72. Ituran Location and Control has a 1 year low of $20.83 and a 1 year high of $27.52.

Hedge Funds Weigh In On Ituran Location and Control

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ITRN. Macquarie Group Ltd. acquired a new position in Ituran Location and Control in the 4th quarter valued at $35,000. PNC Financial Services Group Inc. raised its holdings in Ituran Location and Control by 11,714.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,308 shares of the industrial products company’s stock valued at $77,000 after acquiring an additional 3,280 shares in the last quarter. Bank of America Corp DE raised its holdings in Ituran Location and Control by 45.8% in the 4th quarter. Bank of America Corp DE now owns 5,598 shares of the industrial products company’s stock valued at $118,000 after acquiring an additional 1,758 shares in the last quarter. Lazard Asset Management LLC raised its holdings in Ituran Location and Control by 16.3% in the 4th quarter. Lazard Asset Management LLC now owns 6,263 shares of the industrial products company’s stock valued at $132,000 after acquiring an additional 878 shares in the last quarter. Finally, State of Tennessee Treasury Department raised its holdings in Ituran Location and Control by 45.6% in the 4th quarter. State of Tennessee Treasury Department now owns 7,270 shares of the industrial products company’s stock valued at $154,000 after acquiring an additional 2,277 shares in the last quarter. 55.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com assumed coverage on Ituran Location and Control in a research note on Thursday. They issued a “strong-buy” rating for the company.

About Ituran Location and Control

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Ituran Location & Control Ltd. engages in the provision of stolen vehicle recovery, fleet management, and tracking services. It operates through the following segments: Telematics Services and Telematics Products. The Telematics Services segment consists predominantly of regionally- based stolen vehicle recovery services, fleet management services and value-added services comprised of personal advanced locater services and concierge services.