Ituran Location and Control (NASDAQ:ITRN) Reaches New 1-Year High - Here's Why

Key Points

• Ituran Location and Control hit a new 52-week high, trading as high as $62.00 on Monday and last changing hands at $61.68, above its previous close of $60.93.
• Analysts remain broadly bullish on the stock, with a consensus Buy rating and an average price target of $60.67; several firms recently reiterated or raised targets, including Maxim Group’s $70 target.
• The company also boosted its quarterly dividend to $1.50 per share from $0.50, implying an annualized yield of 9.7%, though the payout ratio is high at 206.19%.

Ituran Location and Control Ltd. (NASDAQ:ITRN - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $62.00 and last traded at $61.6820, with a volume of 14017 shares. The stock had previously closed at $60.93.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ITRN shares. Loop Capital set a $57.00 target price on shares of Ituran Location and Control in a report on Monday, March 9th. Wall Street Zen cut shares of Ituran Location and Control from a "strong-buy" rating to a "buy" rating in a report on Saturday. Maxim Group started coverage on shares of Ituran Location and Control in a report on Thursday, March 12th. They issued a "buy" rating and a $70.00 target price for the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Ituran Location and Control in a report on Friday, March 27th. Finally, Barclays increased their target price on shares of Ituran Location and Control from $50.00 to $55.00 and gave the company an "overweight" rating in a report on Thursday, March 5th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $60.67.

Ituran Location and Control Price Performance

The firm's 50-day moving average price is $52.17 and its 200 day moving average price is $45.79. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 21.20 and a beta of 0.73.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last announced its earnings results on Saturday, February 14th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter. Ituran Location and Control had a net margin of 16.15% and a return on equity of 27.27%. The firm had revenue of $93.50 million for the quarter.

Ituran Location and Control Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 16th. Shareholders of record on Monday, March 30th were paid a dividend of $1.50 per share. This is an increase from Ituran Location and Control's previous quarterly dividend of $0.50. This represents a $6.00 dividend on an annualized basis and a yield of 9.7%. The ex-dividend date of this dividend was Monday, March 30th. Ituran Location and Control's payout ratio is 206.19%.

Hedge Funds Weigh In On Ituran Location and Control

A number of large investors have recently bought and sold shares of the stock. Global Retirement Partners LLC raised its stake in Ituran Location and Control by 50.1% during the fourth quarter. Global Retirement Partners LLC now owns 656 shares of the industrial products company's stock worth $28,000 after purchasing an additional 219 shares during the period. Values First Advisors Inc. raised its stake in shares of Ituran Location and Control by 2.1% in the 1st quarter. Values First Advisors Inc. now owns 11,217 shares of the industrial products company's stock valued at $550,000 after acquiring an additional 234 shares during the period. Assetmark Inc. raised its stake in shares of Ituran Location and Control by 14.0% in the 4th quarter. Assetmark Inc. now owns 1,950 shares of the industrial products company's stock valued at $84,000 after acquiring an additional 240 shares during the period. Wells Fargo & Company MN raised its stake in shares of Ituran Location and Control by 14.7% in the 4th quarter. Wells Fargo & Company MN now owns 2,548 shares of the industrial products company's stock valued at $110,000 after acquiring an additional 327 shares during the period. Finally, Four Tree Island Advisory LLC raised its stake in shares of Ituran Location and Control by 0.5% in the 4th quarter. Four Tree Island Advisory LLC now owns 60,806 shares of the industrial products company's stock valued at $2,615,000 after acquiring an additional 330 shares during the period. Hedge funds and other institutional investors own 94.80% of the company's stock.

About Ituran Location and Control

Ituran Location and Control Ltd. is a provider of wireless vehicle tracking and stolen vehicle recovery services. The company leverages a combination of cellular and global positioning system (GPS) technologies to offer real-time monitoring and location-based solutions for private vehicle owners, fleet operators and insurance companies. Its core offerings include subscription-based tracking devices, centralized control centers and software platforms that enable clients to detect unauthorized vehicle use, dispatch recovery teams and manage fleet logistics.

Founded in 1994 in Israel, Ituran pioneered the use of wireless communications for security and telematics applications.

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