Ituran Location and Control (NASDAQ:ITRN) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Ituran Location and Control (NASDAQ:ITRN) issued its quarterly earnings results on Tuesday. The industrial products company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.05, FiscalAI reports. Ituran Location and Control had a return on equity of 27.27% and a net margin of 16.15%.The company had revenue of $102.67 million during the quarter, compared to analysts’ expectations of $95.32 million.

Ituran Location and Control Price Performance

Ituran Location and Control stock opened at $60.11 on Tuesday. Ituran Location and Control has a 52 week low of $32.71 and a 52 week high of $62.31. The business has a 50-day simple moving average of $54.68 and a 200 day simple moving average of $47.56. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 20.66 and a beta of 0.73.

Ituran Location and Control Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 16th. Investors of record on Monday, March 30th were given a dividend of $1.50 per share. The ex-dividend date was Monday, March 30th. This is a positive change from Ituran Location and Control’s previous quarterly dividend of $0.50. This represents a $6.00 annualized dividend and a yield of 10.0%. Ituran Location and Control’s dividend payout ratio (DPR) is presently 206.19%.

Wall Street Analysts Forecast Growth

ITRN has been the subject of a number of research reports. Maxim Group initiated coverage on Ituran Location and Control in a research note on Thursday, March 12th. They issued a “buy” rating and a $70.00 price objective for the company. Barclays lifted their target price on Ituran Location and Control from $50.00 to $55.00 and gave the company an “overweight” rating in a research report on Thursday, March 5th. Loop Capital set a $57.00 target price on Ituran Location and Control in a research note on Monday, March 9th. Wall Street Zen lowered Ituran Location and Control from a “strong-buy” rating to a “buy” rating in a research note on Monday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Ituran Location and Control in a research note on Friday, March 27th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $60.67.

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 the business. Global Retirement Partners LLC grew its position in Ituran Location and Control by 50.1% during the fourth quarter. Global Retirement Partners LLC now owns 656 shares of the industrial products company’s stock worth $28,000 after buying an additional 219 shares in the last quarter. Wells Fargo & Company MN grew its position in Ituran Location and Control by 14.7% during the fourth quarter. Wells Fargo & Company MN now owns 2,548 shares of the industrial products company’s stock worth $110,000 after buying an additional 327 shares in the last quarter. Natixis Advisors LLC grew its position in Ituran Location and Control by 2.8% during the third quarter. Natixis Advisors LLC now owns 12,054 shares of the industrial products company’s stock worth $431,000 after buying an additional 333 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Ituran Location and Control by 15.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,659 shares of the industrial products company’s stock worth $114,000 after buying an additional 353 shares in the last quarter. Finally, California State Teachers Retirement System boosted its holdings in shares of Ituran Location and Control by 3.5% in the 2nd quarter. California State Teachers Retirement System now owns 15,970 shares of the industrial products company’s stock worth $619,000 after purchasing an additional 536 shares in the last quarter. 94.80% of the stock is currently owned by hedge funds and other institutional investors.

About Ituran Location and Control

Ituran Location and Control Ltd. is a provider of wireless vehicle tracking and stolen vehicle recovery services. The company leverages a combination of cellular and global positioning system (GPS) technologies to offer real-time monitoring and location-based solutions for private vehicle owners, fleet operators and insurance companies. Its core offerings include subscription-based tracking devices, centralized control centers and software platforms that enable clients to detect unauthorized vehicle use, dispatch recovery teams and manage fleet logistics.

Founded in 1994 in Israel, Ituran pioneered the use of wireless communications for security and telematics applications.