Balyasny Asset Management L.P. Takes $223,000 Position in Ituran Location and Control Ltd. (NASDAQ:ITRN)

Balyasny Asset Management L.P. acquired a new position in shares of Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,162 shares of the industrial products company's stock, valued at approximately $223,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ITRN. Bank of America Corp DE increased its position in Ituran Location and Control by 147.5% during the fourth quarter. Bank of America Corp DE now owns 8,707 shares of the industrial products company's stock worth $271,000 after buying an additional 5,189 shares in the last quarter. Algert Global LLC purchased a new position in Ituran Location and Control during the fourth quarter worth $243,000. Northern Trust Corp grew its position in shares of Ituran Location and Control by 152.4% in the fourth quarter. Northern Trust Corp now owns 41,749 shares of the industrial products company's stock valued at $1,300,000 after purchasing an additional 25,208 shares during the period. State of Tennessee Department of Treasury grew its position in shares of Ituran Location and Control by 32.6% in the fourth quarter. State of Tennessee Department of Treasury now owns 30,698 shares of the industrial products company's stock valued at $956,000 after purchasing an additional 7,555 shares during the period. Finally, GeoWealth Management LLC grew its position in shares of Ituran Location and Control by 7,556.8% in the fourth quarter. GeoWealth Management LLC now owns 7,274 shares of the industrial products company's stock valued at $227,000 after purchasing an additional 7,179 shares during the period. 94.80% of the stock is owned by institutional investors and hedge funds.

Ituran Location and Control Stock Up 1.4%

Shares of NASDAQ:ITRN traded up $0.51 during midday trading on Friday, reaching $37.26. The company's stock had a trading volume of 67,558 shares, compared to its average volume of 100,698. The firm has a market cap of $741.25 million, a price-to-earnings ratio of 14.28 and a beta of 0.80. Ituran Location and Control Ltd. has a 1 year low of $24.12 and a 1 year high of $45.43. The business has a 50 day moving average price of $35.39 and a 200 day moving average price of $33.91.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The industrial products company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.68 by $0.02. The company had revenue of $82.88 million for the quarter, compared to analysts' expectations of $81.81 million. Ituran Location and Control had a return on equity of 28.31% and a net margin of 15.65%.

Ituran Location and Control Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were paid a $0.50 dividend. This is a boost from Ituran Location and Control's previous quarterly dividend of $0.39. The ex-dividend date was Thursday, March 20th. This represents a $2.00 annualized dividend and a dividend yield of 5.37%. Ituran Location and Control's payout ratio is 73.80%.

Analyst Ratings Changes

Separately, Barclays lifted their price objective on Ituran Location and Control from $35.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, February 27th.

Ituran Location and Control Company 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.