Envestnet Asset Management Inc. Raises Stock Position in Ituran Location and Control Ltd. (NASDAQ:ITRN)

Key Points

• Envestnet Asset Management Inc. increased its stake in Ituran Location and Control by 294.7% during the first quarter, now owning approximately 0.22% of the company valued at $1.56 million.
• Ituran recently reported quarterly earnings of $0.73 per share, exceeding analysts' expectations, though its revenue fell short of the projected $88.47 million to reach $86.46 million.
• The company declared a quarterly dividend of $0.50 per share, reflecting an annualized dividend yield of 5.00% with a payout ratio of 71.94%.

Envestnet Asset Management Inc. increased its position in shares of Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 294.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,010 shares of the industrial products company's stock after buying an additional 32,113 shares during the quarter. Envestnet Asset Management Inc. owned about 0.22% of Ituran Location and Control worth $1,555,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ITRN. Point72 Asset Management L.P. purchased a new position in Ituran Location and Control during the 4th quarter worth $178,000. Balyasny Asset Management L.P. purchased a new position in shares of Ituran Location and Control during the fourth quarter worth about $223,000. GeoWealth Management LLC increased its position in Ituran Location and Control by 7,556.8% in the 4th quarter. GeoWealth Management LLC now owns 7,274 shares of the industrial products company's stock valued at $227,000 after acquiring an additional 7,179 shares during the period. Thrivent Financial for Lutherans purchased a new stake in Ituran Location and Control during the 4th quarter valued at approximately $229,000. Finally, Algert Global LLC purchased a new stake in Ituran Location and Control during the 4th quarter valued at approximately $243,000. Institutional investors and hedge funds own 94.80% of the company's stock.

Ituran Location and Control Price Performance

Ituran Location and Control stock traded down $0.79 during mid-day trading on Friday, reaching $38.71. The company had a trading volume of 63,690 shares, compared to its average volume of 75,992. The stock's 50-day simple moving average is $38.22 and its 200-day simple moving average is $36.74. Ituran Location and Control Ltd. has a 1 year low of $25.09 and a 1 year high of $45.43. The company has a market capitalization of $769.94 million, a P/E ratio of 13.92 and a beta of 0.89.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The industrial products company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. Ituran Location and Control had a net margin of 16.35% and a return on equity of 29.19%. The firm had revenue of $86.46 million for the quarter, compared to analysts' expectations of $88.47 million.

Ituran Location and Control Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Wednesday, June 18th were issued a $0.50 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $2.00 annualized dividend and a yield of 5.2%. Ituran Location and Control's payout ratio is 71.94%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Ituran Location and Control from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th.

About Ituran Location and Control

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.