Cannell & Spears LLC Makes New $2.37 Million Investment in Ituran Location and Control Ltd. $ITRN

Key Points

• Cannell & Spears LLC opened a new position in Ituran Location and Control, buying 49,531 shares worth about $2.37 million in the first quarter and representing 0.25% of the company.
• Ituran reported strong quarterly results, with earnings of $0.85 per share topping estimates and revenue of $102.67 million beating expectations. Analysts still expect about $3.50 in EPS for the current fiscal year.
• The company paid a $0.50 quarterly dividend recently, equal to a 3.7% annualized yield, while Wall Street currently has a Moderate Buy consensus and an average price target of $60.67.

Cannell & Spears LLC purchased a new position in shares of Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 49,531 shares of the industrial products company's stock, valued at approximately $2,373,000. Cannell & Spears LLC owned 0.25% of Ituran Location and Control at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Global Retirement Partners LLC increased its stake in Ituran Location and Control by 50.1% during the 4th quarter. Global Retirement Partners LLC now owns 656 shares of the industrial products company's stock worth $28,000 after purchasing an additional 219 shares in the last quarter. Values First Advisors Inc. raised its holdings in Ituran Location and Control by 2.1% during the 1st quarter. Values First Advisors Inc. now owns 11,217 shares of the industrial products company's stock worth $550,000 after buying an additional 234 shares during the period. Assetmark Inc. lifted its stake in Ituran Location and Control by 14.0% in the fourth quarter. Assetmark Inc. now owns 1,950 shares of the industrial products company's stock valued at $84,000 after buying an additional 240 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Ituran Location and Control by 14.7% in the fourth quarter. Wells Fargo & Company MN now owns 2,548 shares of the industrial products company's stock valued at $110,000 after buying an additional 327 shares in the last quarter. Finally, Four Tree Island Advisory LLC boosted its holdings in shares of Ituran Location and Control by 0.5% in the fourth quarter. Four Tree Island Advisory LLC now owns 60,806 shares of the industrial products company's stock valued at $2,615,000 after buying an additional 330 shares during the period. Institutional investors own 94.80% of the company's stock.

Ituran Location and Control Stock Down 1.0%

NASDAQ:ITRN opened at $54.77 on Friday. Ituran Location and Control Ltd. has a twelve month low of $32.71 and a twelve month high of $68.30. The business has a 50 day moving average price of $60.62 and a two-hundred day moving average price of $53.72. The company has a market cap of $1.09 billion, a P/E ratio of 18.08 and a beta of 0.77.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 26th. The industrial products company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.05. Ituran Location and Control had a net margin of 16.03% and a return on equity of 27.70%. The company had revenue of $102.67 million during the quarter, compared to analysts' expectations of $95.32 million. As a group, analysts anticipate that Ituran Location and Control Ltd. will post 3.5 earnings per share for the current fiscal year.

Ituran Location and Control Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Wednesday, June 24th were issued a dividend of $0.50 per share. The ex-dividend date was Wednesday, June 24th. This represents a $2.00 annualized dividend and a yield of 3.7%. Ituran Location and Control's dividend payout ratio is presently 66.01%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ITRN. Wall Street Zen raised shares of Ituran Location and Control from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, June 2nd. Zacks Research raised shares of Ituran Location and Control to a "hold" rating in a research report on Thursday, May 28th. Finally, UBS Group reiterated a "buy" rating on shares of Ituran Location and Control in a report on Wednesday, May 27th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Ituran Location and Control presently has an average rating of "Moderate Buy" and an average price target of $60.67.

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.

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