Ituran Location and Control Ltd. (NASDAQ:ITRN) Shares Sold by Y.D. More Investments Ltd

Key Points

• Y.D. More Investments Ltd reduced its stake in Ituran Location and Control Ltd. by 14.3% during the first quarter, now holding 796,606 shares worth approximately $28.8 million.
• Ituran reported $0.73 earnings per share for the most recent quarter, exceeding analysts' expectations, though revenue fell short at $86.46 million against a forecast of $88.47 million.
• The company declared a quarterly dividend of $0.50 per share, yielding 4.8%, with a payout ratio of approximately 71.94%.

Y.D. More Investments Ltd lessened its position in Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 14.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 796,606 shares of the industrial products company's stock after selling 132,577 shares during the quarter. Ituran Location and Control comprises 2.5% of Y.D. More Investments Ltd's holdings, making the stock its 10th largest position. Y.D. More Investments Ltd owned 4.00% of Ituran Location and Control worth $28,805,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Costello Asset Management INC purchased a new position in Ituran Location and Control in the 1st quarter valued at $40,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Ituran Location and Control during the first quarter worth $54,000. Point72 Asset Management L.P. acquired a new stake in shares of Ituran Location and Control in the fourth quarter valued at about $178,000. Balyasny Asset Management L.P. purchased a new position in shares of Ituran Location and Control in the fourth quarter worth about $223,000. Finally, GeoWealth Management LLC boosted its position in Ituran Location and Control by 7,556.8% during 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. 94.80% of the stock is owned by institutional investors and hedge funds.

Ituran Location and Control Stock Performance

NASDAQ:ITRN opened at $41.53 on Thursday. Ituran Location and Control Ltd. has a one year low of $25.41 and a one year high of $45.43. The stock has a market cap of $826.03 million, a PE ratio of 14.94 and a beta of 0.89. The stock has a 50 day moving average price of $38.36 and a 200 day moving average price of $36.86.

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

Ituran Location and Control Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Wednesday, June 18th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.8%. The ex-dividend date was Wednesday, June 18th. Ituran Location and Control's payout ratio is presently 71.94%.

Wall Street Analysts Forecast Growth

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.

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.

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