Phoenix Financial Ltd. Lowers Holdings in Ituran Location and Control Ltd. $ITRN

Key Points

• Phoenix Financial Ltd. reduced its holdings in Ituran Location and Control Ltd. by 19.2% during the 2nd quarter, now owning approximately 1.04% of the company.
• The company declared a quarterly dividend of $0.50 per share, contributing to an annualized dividend yield of 5.4%.
• Analysts have issued a consensus rating of "Buy" for Ituran Location and Control, with a target price of $50.00.

Phoenix Financial Ltd. cut its position in Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 19.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 206,760 shares of the industrial products company's stock after selling 49,261 shares during the quarter. Phoenix Financial Ltd. owned about 1.04% of Ituran Location and Control worth $8,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in ITRN. ARK Investment Management LLC bought a new position in shares of Ituran Location and Control in the 1st quarter worth $2,131,000. Raymond James Financial Inc. increased its holdings in shares of Ituran Location and Control by 44.0% in the 1st quarter. Raymond James Financial Inc. now owns 125,677 shares of the industrial products company's stock worth $4,544,000 after buying an additional 38,429 shares during the last quarter. IFG Advisory LLC bought a new position in shares of Ituran Location and Control in the 1st quarter worth $1,335,000. Total Wealth Planning & Management Inc. bought a new position in shares of Ituran Location and Control in the 1st quarter worth $1,216,000. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Ituran Location and Control by 294.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 43,010 shares of the industrial products company's stock worth $1,555,000 after buying an additional 32,113 shares during the last quarter. Institutional investors own 94.80% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on ITRN shares. Weiss Ratings reissued a "buy (b-)" rating on shares of Ituran Location and Control in a report on Wednesday, October 8th. Wall Street Zen raised shares of Ituran Location and Control from a "hold" rating to a "buy" rating in a report on Saturday, September 20th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, Ituran Location and Control currently has a consensus rating of "Buy" and a consensus target price of $50.00.

Ituran Location and Control Stock Performance

ITRN stock opened at $37.05 on Tuesday. Ituran Location and Control Ltd. has a 52 week low of $26.46 and a 52 week high of $45.43. The firm's fifty day moving average is $36.14 and its 200 day moving average is $36.78. The firm has a market cap of $736.92 million, a P/E ratio of 13.28 and a beta of 0.87.

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

Ituran Location and Control Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, September 25th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, September 25th. This represents a $2.00 annualized dividend and a yield of 5.4%. Ituran Location and Control's dividend payout ratio is presently 71.68%.

Ituran Location and Control Company 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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