Acadian Asset Management LLC Has $22.12 Million Holdings in Ituran Location and Control Ltd. $ITRN

Key Points

• Acadian Asset Management LLC decreased its stake in Ituran Location and Control Ltd. by 3.7%, now holding approximately 3.08% of the company's shares worth $22.12 million.
• Wall Street analysts downgraded Ituran Location and Control from a "buy" to a "hold" rating, with an average target price set at $50.00.
• The company announced a quarterly dividend of $0.50, reflecting an annualized dividend of $2.00 and a yield of 5.7%, payable on October 10th.

Acadian Asset Management LLC lessened its stake in Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 3.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 612,925 shares of the industrial products company's stock after selling 23,316 shares during the period. Acadian Asset Management LLC owned about 3.08% of Ituran Location and Control worth $22,124,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. California State Teachers Retirement System boosted its stake in Ituran Location and Control by 3.6% in the fourth quarter. California State Teachers Retirement System now owns 15,161 shares of the industrial products company's stock valued at $472,000 after acquiring an additional 532 shares during the period. Magnetar Financial LLC grew its holdings in Ituran Location and Control by 6.0% in the 1st quarter. Magnetar Financial LLC now owns 13,055 shares of the industrial products company's stock worth $472,000 after buying an additional 742 shares in the last quarter. Jones Financial Companies Lllp grew its position in 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 buying an additional 939 shares in the last quarter. Segall Bryant & Hamill LLC raised its position in shares of Ituran Location and Control by 1.3% during the 1st quarter. Segall Bryant & Hamill LLC now owns 76,000 shares of the industrial products company's stock worth $2,748,000 after buying an additional 1,000 shares in the last quarter. Finally, Costello Asset Management INC bought a new position in shares of Ituran Location and Control in the first quarter valued at approximately $40,000. Institutional investors own 94.80% of the company's stock.

Ituran Location and Control Stock Up 0.8%

Shares of ITRN traded up $0.29 during mid-day trading on Wednesday, hitting $35.75. 19,713 shares of the company's stock were exchanged, compared to its average volume of 135,644. Ituran Location and Control Ltd. has a twelve month low of $25.86 and a twelve month high of $45.43. The firm has a fifty day moving average of $38.03 and a two-hundred day moving average of $36.99. The stock has a market cap of $711.07 million, a price-to-earnings ratio of 12.83 and a beta of 0.87.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last announced its earnings results on Tuesday, August 19th. The industrial products company reported $0.67 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.73 by ($0.06). The company had revenue of $86.79 million for the quarter, compared to the consensus estimate of $89.17 million. Ituran Location and Control had a return on equity of 28.24% and a net margin of 16.35%.

Ituran Location and Control Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, September 25th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 25th. This represents a $2.00 annualized dividend and a yield of 5.6%. Ituran Location and Control's dividend payout ratio is 71.68%.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Ituran Location and Control from a "buy" rating to a "hold" rating in a report on Friday, August 22nd. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $50.00.

Ituran Location and Control Profile

Ituran Location and Control Ltd., together with its subsidiaries, provides location based telematics services and machine-to-machine telematics products. It operates through two segments, Telematics Services and Telematics Products. The Telematics services segment offers stolen vehicle recovery and tracking services, which enables to locate, track, and recover stolen vehicles for its subscribers; fleet management services that enable corporate and individual customers to track and manage their vehicles in real time; and locator services that allow customers to protect valuable merchandise and equipment.