Invst LLC Purchases New Shares in Ituran Location and Control Ltd. $ITRN

Key Points

• Invst LLC made a new investment of $398,000 in Ituran Location and Control Ltd., acquiring 11,005 shares during the first quarter.
• The company recently declared a quarterly dividend of $0.50 per share, representing an annual yield of 5.7%.
• After missing quarterly earnings estimates, analysts downgraded Ituran Location and Control's rating from "buy" to "hold."

Invst LLC acquired a new position in shares of Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,005 shares of the industrial products company's stock, valued at approximately $398,000. Invst LLC owned approximately 0.06% of Ituran Location and Control at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Jane Street Group LLC acquired a new position in Ituran Location and Control during the first quarter worth $223,000. Jones Financial Companies Lllp raised its stake in Ituran Location and Control by 327.2% during the first quarter. Jones Financial Companies Lllp now owns 1,226 shares of the industrial products company's stock worth $43,000 after acquiring an additional 939 shares in the last quarter. Magnetar Financial LLC raised its stake in Ituran Location and Control by 6.0% during the first quarter. Magnetar Financial LLC now owns 13,055 shares of the industrial products company's stock worth $472,000 after acquiring an additional 742 shares in the last quarter. Algert Global LLC raised its stake in Ituran Location and Control by 16.9% during the first quarter. Algert Global LLC now owns 9,128 shares of the industrial products company's stock worth $330,000 after acquiring an additional 1,320 shares in the last quarter. Finally, Raymond James Financial Inc. raised its stake in Ituran Location and Control by 44.0% during the first quarter. Raymond James Financial Inc. now owns 125,677 shares of the industrial products company's stock worth $4,544,000 after acquiring an additional 38,429 shares in the last quarter. 94.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered Ituran Location and Control from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $50.00.

Ituran Location and Control Trading Up 1.1%

Shares of NASDAQ ITRN traded up $0.38 during mid-day trading on Thursday, reaching $35.91. 30,017 shares of the company's stock were exchanged, compared to its average volume of 135,347. The firm has a market capitalization of $714.41 million, a price-to-earnings ratio of 12.88 and a beta of 0.87. The business has a fifty day simple moving average of $37.95 and a 200 day simple moving average of $36.98. Ituran Location and Control Ltd. has a twelve month low of $25.86 and a twelve month high of $45.43.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 19th. The industrial products company reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.06). The company had revenue of $86.79 million for the quarter, compared to analyst estimates of $89.17 million. Ituran Location and Control had a return on equity of 28.24% and a net margin of 16.35%.

Ituran Location and Control Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, September 25th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 25th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.6%. Ituran Location and Control's payout ratio is presently 71.68%.

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.