Ituran Location and Control (NASDAQ:ITRN) Issues Earnings Results

Key Points

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Ituran Location and Control (NASDAQ:ITRN - Get Free Report) posted its quarterly earnings results on Tuesday. The industrial products company reported $0.67 earnings per share for the quarter, missing analysts' consensus estimates of $0.73 by ($0.06), Zacks reports. The business had revenue of $86.79 million for the quarter, compared to analyst estimates 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 Price Performance

Shares of ITRN stock traded up $0.43 during trading hours on Friday, hitting $37.12. The company had a trading volume of 99,964 shares, compared to its average volume of 104,478. The company's fifty day moving average is $38.95 and its 200 day moving average is $37.43. Ituran Location and Control has a fifty-two week low of $25.86 and a fifty-two week high of $45.43. The stock has a market capitalization of $738.47 million, a PE ratio of 13.30 and a beta of 0.89.

Ituran Location and Control Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, September 25th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 5.4%. The ex-dividend date is Thursday, September 25th. Ituran Location and Control's dividend payout ratio is currently 71.68%.

Hedge Funds Weigh In On Ituran Location and Control

Several large investors have recently made changes to their positions in ITRN. Jones Financial Companies Lllp lifted its holdings in shares of Ituran Location and Control by 327.2% in the 1st quarter. Jones Financial Companies Lllp now owns 1,226 shares of the industrial products company's stock worth $43,000 after acquiring an additional 939 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Ituran Location and Control in the 1st quarter worth approximately $223,000. JPMorgan Chase & Co. lifted its holdings in shares of Ituran Location and Control by 276.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 17,135 shares of the industrial products company's stock worth $664,000 after acquiring an additional 12,586 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Ituran Location and Control by 23.5% in the 2nd quarter. Legal & General Group Plc now owns 19,413 shares of the industrial products company's stock worth $752,000 after acquiring an additional 3,696 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Ituran Location and Control by 13.6% in the 2nd quarter. American Century Companies Inc. now owns 6,555 shares of the industrial products company's stock worth $254,000 after acquiring an additional 783 shares during the last quarter. 94.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of Ituran Location and Control from a "buy" rating to a "hold" rating in a report on Friday. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, Ituran Location and Control has an average rating of "Buy" and an average target price of $50.00.

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.