Ituran Location and Control (NASDAQ:ITRN) Shares Up 7.6% After Earnings Beat

Ituran Location and Control Ltd. (NASDAQ:ITRN)’s share price traded up 7.6% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $66.30 and last traded at $66.06. 43,330 shares changed hands during trading, a decline of 62% from the average session volume of 114,367 shares. The stock had previously closed at $61.39.

The industrial products company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. Ituran Location and Control had a return on equity of 27.27% and a net margin of 16.15%.The firm had revenue of $102.67 million for the quarter, compared to analyst estimates of $95.32 million.

Ituran Location and Control Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 8th. Shareholders of record on Wednesday, June 24th will be issued a dividend of $0.50 per share. The ex-dividend date is Wednesday, June 24th. This represents a $2.00 annualized dividend and a yield of 3.0%. Ituran Location and Control’s dividend payout ratio (DPR) is presently 206.19%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ITRN. Barclays increased their price objective on shares of Ituran Location and Control from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Thursday, March 5th. Loop Capital set a $57.00 price target on shares of Ituran Location and Control in a research report on Monday, March 9th. Wall Street Zen downgraded Ituran Location and Control from a “strong-buy” rating to a “buy” rating in a report on Monday. Weiss Ratings reissued a “buy (b)” rating on shares of Ituran Location and Control in a research report on Friday, March 27th. Finally, Maxim Group assumed 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 on the stock. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Ituran Location and Control currently has an average rating of “Buy” and a consensus price target of $60.67.

Institutional Trading of Ituran Location and Control

Several large investors have recently made changes to their positions in ITRN. Caitong International Asset Management Co. Ltd raised its stake in Ituran Location and Control by 257.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 629 shares of the industrial products company’s stock worth $27,000 after buying an additional 453 shares during the period. Global Retirement Partners LLC lifted its holdings in shares of Ituran Location and Control by 50.1% in the 4th quarter. Global Retirement Partners LLC now owns 656 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 219 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Ituran Location and Control in the 3rd quarter worth $28,000. Jones Financial Companies Lllp increased its stake in Ituran Location and Control by 327.2% during the 1st quarter. Jones Financial Companies Lllp now owns 1,226 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 939 shares in the last quarter. Finally, Covestor Ltd bought a new stake in Ituran Location and Control during the 3rd quarter valued at $47,000. 94.80% of the stock is currently owned by institutional investors and hedge funds.

Ituran Location and Control Price Performance

The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 22.61 and a beta of 0.73. The company’s fifty day simple moving average is $54.91 and its two-hundred day simple moving average is $47.71.

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.