Russell Investments Group Ltd. Sells 25,501 Shares of Ituran Location and Control Ltd. $ITRN

Key Points

• Russell Investments Group Ltd. sold 25,501 shares of Ituran Location and Control, reducing its stake by 40.6% to 37,362 shares, now valued at approximately $1.35 million.
• Ituran Location and Control reported quarterly earnings of $0.67 per share, missing estimates of $0.73, with revenues of $86.79 million compared to an expected $89.17 million.
• The company will pay a quarterly dividend of $0.50 on October 10th, representing a dividend yield of 5.5% and a payout ratio of 71.68%.

Russell Investments Group Ltd. cut its position in Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 40.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,362 shares of the industrial products company's stock after selling 25,501 shares during the quarter. Russell Investments Group Ltd. owned 0.19% of Ituran Location and Control worth $1,351,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ITRN. Envestnet Asset Management Inc. raised its position in shares of Ituran Location and Control by 38.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 10,897 shares of the industrial products company's stock valued at $339,000 after buying an additional 3,053 shares in the last quarter. Marshall Wace LLP raised its position in shares of Ituran Location and Control by 69.8% in the 4th quarter. Marshall Wace LLP now owns 19,614 shares of the industrial products company's stock valued at $611,000 after buying an additional 8,063 shares in the last quarter. State of Tennessee Department of Treasury raised its position in shares of Ituran Location and Control by 32.6% in the 4th quarter. State of Tennessee Department of Treasury now owns 30,698 shares of the industrial products company's stock valued at $956,000 after buying an additional 7,555 shares in the last quarter. Northern Trust Corp raised its position in shares of Ituran Location and Control by 152.4% in the 4th 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 in the last quarter. Finally, Algert Global LLC acquired a new position in shares of Ituran Location and Control in the 4th quarter valued at approximately $243,000. 94.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Ituran Location and Control Stock Up 1.0%

NASDAQ ITRN traded up $0.35 on Tuesday, hitting $34.07. The company's stock had a trading volume of 249,842 shares, compared to its average volume of 145,065. Ituran Location and Control Ltd. has a 1-year low of $25.86 and a 1-year high of $45.43. The company's 50-day moving average is $38.83 and its 200 day moving average is $37.45. The firm has a market cap of $677.65 million, a PE ratio of 12.21 and a beta of 0.87.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last announced its quarterly earnings results 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). 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 during the quarter, compared to analyst estimates of $89.17 million.

Ituran Location and Control Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, September 25th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 25th. This represents a $2.00 annualized dividend and a yield of 5.9%. Ituran Location and Control's dividend payout ratio is currently 71.68%.

About Ituran Location and Control

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.