Raymond James Financial Inc. Acquires 38,429 Shares of Ituran Location and Control Ltd. $ITRN

Key Points

• Raymond James Financial Inc. increased its stake in Ituran Location and Control Ltd. by 44% during the first quarter, acquiring an additional 38,429 shares, bringing their total ownership to 125,677 shares valued at approximately $4.54 million.
• The company declared a quarterly dividend of $0.50 per share, representing an annualized dividend of $2.00 with a yield of 5.9%, to be paid on October 10th, 2023.
• Despite a consensus "Buy" rating, Wall Street Zen downgraded Ituran to a "hold" rating, with the stock's average price target set at $50.00.

Raymond James Financial Inc. raised its holdings in Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 44.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 125,677 shares of the industrial products company's stock after purchasing an additional 38,429 shares during the quarter. Raymond James Financial Inc. owned approximately 0.63% of Ituran Location and Control worth $4,544,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Northern Trust Corp raised its holdings in shares of Ituran Location and Control by 152.4% in the fourth quarter. Northern Trust Corp now owns 41,749 shares of the industrial products company's stock valued at $1,300,000 after buying an additional 25,208 shares during the last quarter. Algert Global LLC bought a new position in shares of Ituran Location and Control in the fourth quarter valued at about $243,000. Bank of America Corp DE raised its holdings in shares of Ituran Location and Control by 147.5% in the fourth quarter. Bank of America Corp DE now owns 8,707 shares of the industrial products company's stock valued at $271,000 after buying an additional 5,189 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Ituran Location and Control in the fourth quarter valued at about $223,000. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of Ituran Location and Control by 15.9% in the fourth quarter. Cubist Systematic Strategies LLC now owns 17,386 shares of the industrial products company's stock valued at $542,000 after buying an additional 2,385 shares during the last quarter. Institutional investors own 94.80% of the company's stock.

Ituran Location and Control Stock Up 0.4%

Shares of Ituran Location and Control stock traded up $0.14 during trading on Tuesday, reaching $34.59. 77,062 shares of the company were exchanged, compared to its average volume of 136,737. The business has a 50-day moving average price of $38.51 and a 200-day moving average price of $37.24. The firm has a market capitalization of $688.13 million, a price-to-earnings ratio of 12.40 and a beta of 0.87. 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 issued 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). The firm had revenue of $86.79 million during the quarter, compared to the consensus estimate 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, September 25th will be issued a $0.50 dividend. The ex-dividend date is Thursday, September 25th. This represents a $2.00 annualized dividend and a yield of 5.8%. Ituran Location and Control's dividend payout ratio (DPR) is 71.68%.

Wall Street Analysts Forecast Growth

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

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.