Ituran Location and Control (NASDAQ:ITRN) Shares Gap Down Following Weak Earnings

Key Points

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Ituran Location and Control Ltd. (NASDAQ:ITRN - Get Free Report) shares gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $40.28, but opened at $39.03. Ituran Location and Control shares last traded at $37.35, with a volume of 81,833 shares changing hands.

The industrial products company reported $0.67 EPS for the quarter, missing analysts' consensus estimates of $0.73 by ($0.06). Ituran Location and Control had a return on equity of 29.19% and a net margin of 16.35%. The business had revenue of $86.79 million during the quarter, compared to analysts' expectations of $89.17 million.

Ituran Location and Control Dividend Announcement

The firm also recently declared 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 5.3%. Ituran Location and Control's dividend payout ratio is currently 71.94%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of Ituran Location and Control from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th.

Institutional Trading of Ituran Location and Control

A number of hedge funds have recently added to or reduced their stakes in ITRN. Acadian Asset Management LLC boosted its holdings in Ituran Location and Control by 18.5% during the second quarter. Acadian Asset Management LLC now owns 726,519 shares of the industrial products company's stock worth $28,097,000 after buying an additional 113,594 shares in the last quarter. CSM Advisors LLC acquired a new stake in shares of Ituran Location and Control in the second quarter valued at about $3,731,000. Raymond James Financial Inc. acquired a new stake in shares of Ituran Location and Control in the fourth quarter valued at about $2,718,000. Man Group plc raised its position in shares of Ituran Location and Control by 90.8% in the second quarter. Man Group plc now owns 137,657 shares of the industrial products company's stock valued at $5,331,000 after buying an additional 65,502 shares during the last quarter. Finally, ARK Investment Management LLC acquired a new stake in shares of Ituran Location and Control in the first quarter valued at about $2,131,000. 94.80% of the stock is owned by hedge funds and other institutional investors.

Ituran Location and Control Stock Down 6.5%

The stock's 50-day moving average price is $38.93 and its 200 day moving average price is $37.37. The firm has a market capitalization of $749.26 million, a price-to-earnings ratio of 13.47 and a beta of 0.89.

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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