Ituran Location and Control (NASDAQ:ITRN) Sets New 52-Week High - Here's Why

Key Points

• Ituran reached a new 52-week high, trading as high as $57.00 and last around $55.53 on Wednesday.
• Wall Street analysts carry a consensus Buy rating with a consensus price target of $60.67, and several firms have recently raised ratings or targets.
• The company raised its quarterly dividend to $1.50 (annualized $6.00), implying a 10.7% yield206.19%.

Ituran Location and Control Ltd. (NASDAQ:ITRN - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $57.00 and last traded at $55.5290, with a volume of 11744 shares changing hands. The stock had previously closed at $56.26.

Wall Street Analysts Forecast Growth

ITRN has been the topic of a number of analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Ituran Location and Control in a research report on Friday, March 27th. Maxim Group assumed coverage on Ituran Location and Control in a report on Thursday, March 12th. They issued a "buy" rating and a $70.00 target price on the stock. Wall Street Zen raised shares of Ituran Location and Control from a "buy" rating to a "strong-buy" rating in a research report on Sunday, April 12th. Loop Capital set a $57.00 price target on shares of Ituran Location and Control in a research report on Monday, March 9th. Finally, Barclays increased their price objective on shares of Ituran Location and Control from $50.00 to $55.00 and gave the stock an "overweight" rating in a research report on Thursday, March 5th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $60.67.

Ituran Location and Control Stock Down 0.3%

The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 19.28 and a beta of 0.66. The company has a 50 day simple moving average of $50.31 and a 200-day simple moving average of $44.34.

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

Ituran Location and Control Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 16th. Investors of record on Monday, March 30th were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 10.7%. The ex-dividend date of this dividend was Monday, March 30th. This is a positive change from Ituran Location and Control's previous quarterly dividend of $0.50. Ituran Location and Control's dividend payout ratio is presently 206.19%.

Institutional Investors Weigh In On Ituran Location and Control

A number of hedge funds have recently added to or reduced their stakes in the company. Ibex Investors LLC lifted its holdings in shares of Ituran Location and Control by 2.3% in the 3rd quarter. Ibex Investors LLC now owns 896,313 shares of the industrial products company's stock worth $32,016,000 after purchasing an additional 20,000 shares in the last quarter. Y.D. More Investments Ltd increased its stake in Ituran Location and Control by 4.9% during the 4th quarter. Y.D. More Investments Ltd now owns 858,274 shares of the industrial products company's stock valued at $37,236,000 after purchasing an additional 39,718 shares in the last quarter. GW&K Investment Management LLC raised its holdings in Ituran Location and Control by 909.3% during the fourth quarter. GW&K Investment Management LLC now owns 539,817 shares of the industrial products company's stock worth $23,218,000 after buying an additional 486,331 shares during the last quarter. Rice Hall James & Associates LLC lifted its stake in shares of Ituran Location and Control by 7.0% in the fourth quarter. Rice Hall James & Associates LLC now owns 528,164 shares of the industrial products company's stock valued at $22,716,000 after buying an additional 34,550 shares in the last quarter. Finally, River Road Asset Management LLC grew its holdings in shares of Ituran Location and Control by 0.3% during the fourth quarter. River Road Asset Management LLC now owns 410,105 shares of the industrial products company's stock valued at $17,639,000 after buying an additional 1,370 shares during the last quarter. Institutional investors and hedge funds own 94.80% of the company's stock.

Ituran Location and Control Company Profile

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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