Ituran Location and Control (NASDAQ:ITRN) Shares Up 7.6% Following Better-Than-Expected Earnings

Ituran Location and Control Ltd. (NASDAQ:ITRN) shares were up 7.6% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $66.30 and last traded at $66.06. Approximately 43,330 shares were traded during trading, a decline of 62% from the average daily volume of 114,367 shares. The stock had previously closed at $61.39.

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

Ituran Location and Control Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Stockholders of record on Wednesday, June 24th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, June 24th. Ituran Location and Control’s dividend payout ratio (DPR) is currently 206.19%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Ituran Location and Control

Hedge funds have recently modified their holdings of the stock. Segall Bryant & Hamill LLC increased its position in Ituran Location and Control by 3.9% in the first quarter. Segall Bryant & Hamill LLC now owns 58,100 shares of the industrial products company’s stock worth $2,847,000 after buying an additional 2,200 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Ituran Location and Control by 10.3% during the 1st quarter. Lazard Asset Management LLC now owns 111,710 shares of the industrial products company’s stock valued at $5,475,000 after buying an additional 10,464 shares during the last quarter. Rice Hall James & Associates LLC lifted its position in shares of Ituran Location and Control by 0.7% during the 1st quarter. Rice Hall James & Associates LLC now owns 531,854 shares of the industrial products company’s stock valued at $26,066,000 after buying an additional 3,690 shares during the last quarter. Entropy Technologies LP bought a new position in shares of Ituran Location and Control during the 1st quarter worth $204,000. Finally, Cannell & Spears LLC bought a new position in shares of Ituran Location and Control during the 1st quarter worth $2,373,000. Institutional investors own 94.80% of the company’s stock.

Ituran Location and Control Trading Up 7.2%

The firm has a fifty day moving average of $54.91 and a two-hundred day moving average of $47.71. The company has a market cap of $1.31 billion, a PE ratio of 22.61 and a beta of 0.73.

Ituran Location and Control Company Profile

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.