Ituran Location and Control (NASDAQ:ITRN) Sets New 12-Month High on Earnings Beat

Ituran Location and Control Ltd. (NASDAQ:ITRN) shares hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $62.82 and last traded at $58.92, with a volume of 34971 shares trading hands. The stock had previously closed at $60.11.

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

Ituran Location and Control Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 16th. Investors of record on Monday, March 30th were paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 10.2%. The ex-dividend date of this dividend was Monday, March 30th. This is a positive change from Ituran Location and Control’s previous quarterly dividend of $0.50. Ituran Location and Control’s payout ratio is presently 206.19%.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its holdings in shares of Ituran Location and Control by 257.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 629 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 453 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in 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 valued at $28,000 after acquiring an additional 219 shares during the last quarter. Advisory Services Network LLC acquired a new position in Ituran Location and Control in the third quarter worth approximately $28,000. Jones Financial Companies Lllp boosted its position in shares of Ituran Location and Control by 327.2% in 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 during the period. Finally, Covestor Ltd acquired 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 hedge funds and other institutional investors.

Ituran Location and Control Stock Down 2.0%

The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of 20.25 and a beta of 0.73. The firm has a 50-day moving average of $54.68 and a two-hundred day moving average of $47.56.

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.