Ituran Location and Control Ltd. $ITRN Shares Sold by QSV Equity Investors LLC

Key Points

• QSV Equity Investors LLC sold 11,189 shares of Ituran Location and Control, reducing its holdings by 18.4% in the first quarter, leaving them with a position representing approximately 1.9% of their portfolio.
• In contrast, several hedge funds, including Raymond James Financial Inc., increased their positions significantly, with Raymond James boosting its stake by 44.0% to own over 125,000 shares.
• Ituran declared a quarterly dividend of $0.50, translating to an annualized yield of 4.9%, while also reporting better-than-expected quarterly earnings with an EPS of $0.73.

QSV Equity Investors LLC trimmed its holdings in shares of Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 18.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,557 shares of the industrial products company's stock after selling 11,189 shares during the period. Ituran Location and Control makes up about 1.9% of QSV Equity Investors LLC's portfolio, making the stock its 15th biggest position. QSV Equity Investors LLC owned about 0.25% of Ituran Location and Control worth $1,792,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ITRN. Costello Asset Management INC acquired a new stake in Ituran Location and Control during the 1st quarter valued at approximately $40,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Ituran Location and Control in the 1st quarter valued at $54,000. Point72 Asset Management L.P. acquired a new position in shares of Ituran Location and Control in the 4th quarter valued at $178,000. American Century Companies Inc. acquired a new position in shares of Ituran Location and Control in the 1st quarter valued at $209,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Ituran Location and Control in the 4th quarter valued at $223,000. 94.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Ituran Location and Control from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $50.00.

Ituran Location and Control Trading Up 1.2%

ITRN traded up $0.43 during midday trading on Friday, hitting $37.12. 99,839 shares of the company traded hands, compared to its average volume of 132,541. The company has a market capitalization of $738.32 million, a price-to-earnings ratio of 13.30 and a beta of 0.89. Ituran Location and Control Ltd. has a 52-week low of $25.86 and a 52-week high of $45.43. The business has a 50 day simple moving average of $38.93 and a two-hundred day simple moving average of $37.38.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 19th. The industrial products company reported $0.67 earnings per share (EPS) 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 analysts' expectations of $89.17 million. Ituran Location and Control had a net margin of 16.35% and a return on equity of 28.24%.

Ituran Location and Control Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, September 25th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 5.4%. The ex-dividend date is Thursday, September 25th. Ituran Location and Control's dividend payout ratio (DPR) is presently 71.68%.

Ituran Location and Control Profile

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.