CWA Asset Management Group LLC Cuts Stock Position in Ituran Location and Control Ltd. $ITRN

Key Points

• CWA Asset Management cut its stake in Ituran by 47.5% in Q4, selling 27,947 shares and leaving 30,917 shares valued at about $1.33 million.
• Ituran sharply raised its quarterly dividend from $0.50 to $1.50 (annualized $6.00), implying a 12.3% yield but a very high payout ratio of 206.19%; the ex-dividend date is March 30 and payment is April 16.
• The company slightly beat quarterly estimates (EPS $0.77 vs. $0.76; revenue $93.5M) and has drawn bullish analyst coverage — consensus rating "Buy" with an average price target of $60.67 and some targets up to $70.00.

CWA Asset Management Group LLC trimmed its position in shares of Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 47.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,917 shares of the industrial products company's stock after selling 27,947 shares during the quarter. CWA Asset Management Group LLC's holdings in Ituran Location and Control were worth $1,330,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Natixis Advisors LLC grew its position in shares of Ituran Location and Control by 2.8% in the 3rd quarter. Natixis Advisors LLC now owns 12,054 shares of the industrial products company's stock worth $431,000 after buying an additional 333 shares during the last quarter. Legato Capital Management LLC boosted its stake in Ituran Location and Control by 8.4% in the third quarter. Legato Capital Management LLC now owns 5,698 shares of the industrial products company's stock valued at $204,000 after acquiring an additional 443 shares in the last quarter. Copeland Capital Management LLC boosted its stake in Ituran Location and Control by 33.4% in the third quarter. Copeland Capital Management LLC now owns 1,871 shares of the industrial products company's stock valued at $67,000 after acquiring an additional 468 shares in the last quarter. California State Teachers Retirement System grew its holdings in Ituran Location and Control by 3.5% in the second quarter. California State Teachers Retirement System now owns 15,970 shares of the industrial products company's stock worth $619,000 after purchasing an additional 536 shares during the last quarter. Finally, ARK Investment Management LLC grew its holdings in Ituran Location and Control by 1.1% in the third quarter. ARK Investment Management LLC now owns 50,002 shares of the industrial products company's stock worth $1,786,000 after purchasing an additional 562 shares during the last quarter. 94.80% of the stock is currently owned by institutional investors.

Ituran Location and Control Trading Down 5.7%

NASDAQ:ITRN opened at $48.59 on Monday. Ituran Location and Control Ltd. has a 12 month low of $30.06 and a 12 month high of $51.76. The firm has a fifty day simple moving average of $46.99 and a 200-day simple moving average of $41.66. The company has a market capitalization of $966.65 million, a P/E ratio of 16.70 and a beta of 0.68.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last released its earnings results on Thursday, March 5th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.01. The firm had revenue of $93.50 million for the quarter, compared to the consensus estimate of $93.30 million. Ituran Location and Control had a return on equity of 27.27% and a net margin of 16.15%.

Ituran Location and Control Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 16th. Stockholders of record on Monday, March 30th will be issued a $1.50 dividend. This is a boost from Ituran Location and Control's previous quarterly dividend of $0.50. This represents a $6.00 dividend on an annualized basis and a dividend yield of 12.3%. The ex-dividend date of this dividend is Monday, March 30th. Ituran Location and Control's dividend payout ratio is currently 206.19%.

Wall Street Analyst Weigh In

Several analysts have recently commented on ITRN shares. Loop Capital set a $57.00 price objective on Ituran Location and Control in a report on Monday, March 9th. Maxim Group assumed coverage on Ituran Location and Control in a research note on Thursday, March 12th. They set a "buy" rating and a $70.00 target price on the stock. Barclays upped their target price on Ituran Location and Control from $50.00 to $55.00 and gave the company an "overweight" rating in a research report on Thursday, March 5th. Wall Street Zen upgraded Ituran Location and Control from a "buy" rating to a "strong-buy" rating in a research note on Sunday, March 15th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Ituran Location and Control in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $60.67.

About Ituran Location and Control

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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