Trexquant Investment LP Trims Stake in Ituran Location and Control Ltd. $ITRN

Key Points

• Trexquant Investment LP reduced its stake in Ituran Location and Control Ltd. by 40% in the first quarter, now owning approximately 0.11% of the company worth $827,000.
• Ituran Location and Control reported a missed earnings estimate of $0.67 per share compared to the expected $0.73, alongside revenues of $86.79 million against an expectation of $89.17 million.
• The company declared a quarterly dividend of $0.50 per share, representing a yield of 5.9% with a payout ratio of 71.68%.

Trexquant Investment LP reduced its stake in shares of Ituran Location and Control Ltd. (NASDAQ:ITRN - Free Report) by 40.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 22,863 shares of the industrial products company's stock after selling 15,213 shares during the period. Trexquant Investment LP owned approximately 0.11% of Ituran Location and Control worth $827,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Costello Asset Management INC bought a new stake in shares of Ituran Location and Control during the 1st quarter worth $40,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Ituran Location and Control during the 1st quarter worth $54,000. Point72 Asset Management L.P. bought a new stake in shares of Ituran Location and Control during the 4th quarter worth $178,000. American Century Companies Inc. bought a new stake in shares of Ituran Location and Control during the 1st quarter worth $209,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Ituran Location and Control during the 4th quarter worth $223,000. 94.80% of the stock is owned by institutional investors.

Ituran Location and Control Stock Down 0.4%

Ituran Location and Control stock opened at $33.77 on Monday. The company has a market capitalization of $671.69 million, a PE ratio of 12.10 and a beta of 0.87. The firm has a fifty day simple moving average of $38.60 and a two-hundred day simple moving average of $37.29. 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 posted its quarterly earnings results on Tuesday, August 19th. The industrial products company reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.06). The business had revenue of $86.79 million during the quarter, compared to the consensus estimate of $89.17 million. Ituran Location and Control had a return on equity of 28.24% and a net margin of 16.35%.

Ituran Location and Control Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, September 25th will be paid a $0.50 dividend. 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 payout ratio is currently 71.68%.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Ituran Location and Control from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. One analyst has rated the stock with a Buy rating, According to MarketBeat, Ituran Location and Control currently has an average rating of "Buy" and an average target price 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.

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