Ituran Location and Control Ltd. $ITRN Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies reduced its Ituran Location and Control stake by 4.2% in the first quarter, selling 38,900 shares and retaining 892,200 shares worth approximately $43.7 million. Institutional investors collectively own 94.8% of the company.
• Ituran exceeded quarterly expectations, reporting $0.85 in EPS versus $0.80 expected and revenue of $102.67 million versus the $95.32 million consensus estimate.
• The company pays a quarterly dividend of $0.50, or $2.00 annually, representing a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $60.67.

Renaissance Technologies LLC lessened its position in shares of Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 4.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 892,200 shares of the industrial products company's stock after selling 38,900 shares during the period. Renaissance Technologies LLC owned about 4.49% of Ituran Location and Control worth $43,727,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. GW&K Investment Management LLC increased its holdings in shares of Ituran Location and Control by 909.3% in the 4th quarter. GW&K Investment Management LLC now owns 539,817 shares of the industrial products company's stock valued at $23,218,000 after acquiring an additional 486,331 shares during the last quarter. Nuveen LLC lifted its stake in Ituran Location and Control by 721.6% during the fourth quarter. Nuveen LLC now owns 104,190 shares of the industrial products company's stock worth $4,481,000 after purchasing an additional 91,509 shares during the last quarter. Strategic Global Advisors LLC lifted its stake in Ituran Location and Control by 106.4% during the fourth quarter. Strategic Global Advisors LLC now owns 132,325 shares of the industrial products company's stock worth $5,691,000 after purchasing an additional 68,222 shares during the last quarter. Man Group plc boosted its holdings in Ituran Location and Control by 90.8% in the second quarter. Man Group plc now owns 137,657 shares of the industrial products company's stock worth $5,331,000 after purchasing an additional 65,502 shares during the period. Finally, Millennium Management LLC boosted its holdings in Ituran Location and Control by 71.1% in the fourth quarter. Millennium Management LLC now owns 125,478 shares of the industrial products company's stock worth $5,397,000 after purchasing an additional 52,150 shares during the period. Institutional investors and hedge funds own 94.80% of the company's stock.

Ituran Location and Control Trading Up 1.0%

Shares of NASDAQ ITRN opened at $55.33 on Tuesday. Ituran Location and Control Ltd. has a 12-month low of $32.71 and a 12-month high of $68.30. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 18.26 and a beta of 0.77. The stock's 50 day simple moving average is $60.57 and its 200 day simple moving average is $53.86.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 26th. The industrial products company reported $0.85 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.05. The firm had revenue of $102.67 million during the quarter, compared to the consensus estimate of $95.32 million. Ituran Location and Control had a return on equity of 27.70% and a net margin of 16.03%. As a group, equities analysts forecast that Ituran Location and Control Ltd. will post 3.5 earnings per share for the current fiscal year.

Ituran Location and Control Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Wednesday, June 24th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Wednesday, June 24th. Ituran Location and Control's dividend payout ratio (DPR) is 66.01%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of Ituran Location and Control from a "buy" rating to a "strong-buy" rating in a report on Tuesday, June 2nd. UBS Group reaffirmed a "buy" rating on shares of Ituran Location and Control in a report on Wednesday, May 27th. Finally, Zacks Research raised shares of Ituran Location and Control to a "hold" rating in a research report on Thursday, May 28th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $60.67.

Ituran Location and Control Profile

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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