Zacks Investment Research Downgrades Ituran Location and Control Ltd. (NASDAQ:ITRN) to Hold

Zacks Investment Research cut shares of Ituran Location and Control Ltd. (NASDAQ:ITRN) from a buy rating to a hold rating in a research report sent to investors on Wednesday, October 18th.

According to Zacks, “Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security, and radio frequency identification products for various purposes including automatic meter reading, electronic toll collection and homeland security applications. “

Separately, BidaskClub lowered Ituran Location and Control from a buy rating to a hold rating in a research note on Wednesday, July 19th.

Ituran Location and Control (NASDAQ:ITRN) traded down $0.05 during midday trading on Wednesday, reaching $35.30. The company’s stock had a trading volume of 24,108 shares, compared to its average volume of 31,471. Ituran Location and Control has a 12-month low of $23.95 and a 12-month high of $38.00. The company has a market capitalization of $740.17, a PE ratio of 18.08 and a beta of 0.83.

Ituran Location and Control (NASDAQ:ITRN) last announced its earnings results on Wednesday, August 16th. The industrial products company reported $0.50 earnings per share for the quarter. The company had revenue of $58.53 million for the quarter. Ituran Location and Control had a return on equity of 36.12% and a net margin of 18.67%. research analysts predict that Ituran Location and Control will post 2.09 earnings per share for the current year.

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The company also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, September 18th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.72%. Ituran Location and Control’s dividend payout ratio (DPR) is currently 49.23%.

Several hedge funds and other institutional investors have recently made changes to their positions in ITRN. Wells Fargo & Company MN increased its stake in shares of Ituran Location and Control by 30.8% during the second quarter. Wells Fargo & Company MN now owns 4,579 shares of the industrial products company’s stock worth $143,000 after purchasing an additional 1,078 shares during the period. New York State Common Retirement Fund increased its stake in shares of Ituran Location and Control by 47.8% during the second quarter. New York State Common Retirement Fund now owns 6,994 shares of the industrial products company’s stock worth $219,000 after purchasing an additional 2,263 shares during the period. ETF Managers Group LLC bought a new position in shares of Ituran Location and Control during the second quarter worth approximately $228,000. Covey Capital Advisors LLC bought a new position in shares of Ituran Location and Control during the second quarter worth approximately $252,000. Finally, California Public Employees Retirement System bought a new position in shares of Ituran Location and Control during the second quarter worth approximately $344,000. Institutional investors own 51.61% of the company’s stock.

Ituran Location and Control Company Profile

Ituran Location and Control Ltd. is a provider of location-based services, consisting of stolen vehicle recovery (SVR), fleet management services and other tracking services. The Company also provides wireless communication products used in connection with its location-based services and various other applications.

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