Ituran Location and Control Ltd. (NASDAQ:ITRN) Shares Purchased by Envestnet Asset Management Inc.

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. lifted its stake in Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 294.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,010 shares of the industrial products company's stock after buying an additional 32,113 shares during the period. Envestnet Asset Management Inc. owned approximately 0.22% of Ituran Location and Control worth $1,555,000 at the end of the most recent quarter.

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

Ituran Location and Control Price Performance

NASDAQ:ITRN traded down $0.79 during mid-day trading on Friday, reaching $38.71. The company's stock had a trading volume of 63,690 shares, compared to its average volume of 134,739. The stock has a market cap of $769.94 million, a P/E ratio of 13.92 and a beta of 0.82. The company's fifty day simple moving average is $38.19 and its two-hundred day simple moving average is $36.67. Ituran Location and Control Ltd. has a twelve month low of $25.09 and a twelve month high of $45.43.

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

Ituran Location and Control Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 2nd. Investors 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 dividend payout ratio (DPR) is presently 71.94%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Ituran Location and Control from a "strong-buy" rating to a "buy" rating in a report 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.