Short Interest in Ituran Location and Control Ltd. (NASDAQ:ITRN) Expands By 18.6%

Key Points

• Short interest in Ituran (NASDAQ:ITRN) climbed 18.6% in March to 144,480 shares (about 0.7% of shares), leaving a short-interest ratio of 1.2 days based on average daily volume.
• Ituran sharply increased its quarterly dividend to $1.50 from $0.50 (annualized $6.00), implying a 10.7% yield, though the payout ratio is very high at 206.19%, signaling potential sustainability risk.
• Several institutional investors materially boosted positions (e.g., GW&K +909.3%, Nuveen +721.6%), leaving institutions with 94.8% ownership, while analysts generally rate the stock a "Buy" with an average target around $60.67.

Ituran Location and Control Ltd. (NASDAQ:ITRN - Get Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 144,480 shares, an increase of 18.6% from the March 15th total of 121,830 shares. Based on an average daily volume of 123,504 shares, the short-interest ratio is presently 1.2 days. Approximately 0.7% of the shares of the company are sold short.

Hedge Funds Weigh In On Ituran Location and Control

Several institutional investors have recently modified their holdings of the company. GW&K Investment Management LLC grew its position in Ituran Location and Control by 909.3% in the 4th quarter. GW&K Investment Management LLC now owns 539,817 shares of the industrial products company's stock valued at $23,218,000 after buying an additional 486,331 shares in the last quarter. Nuveen LLC grew its position in Ituran Location and Control by 721.6% in the 4th quarter. Nuveen LLC now owns 104,190 shares of the industrial products company's stock valued at $4,481,000 after buying an additional 91,509 shares in the last quarter. Strategic Global Advisors LLC grew its position in Ituran Location and Control by 106.4% in the 4th quarter. Strategic Global Advisors LLC now owns 132,325 shares of the industrial products company's stock valued at $5,691,000 after buying an additional 68,222 shares in the last quarter. Man Group plc grew its position in Ituran Location and Control by 90.8% in the 2nd 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 in the last quarter. Finally, Millennium Management LLC grew its position in Ituran Location and Control by 71.1% in the 4th quarter. Millennium Management LLC now owns 125,478 shares of the industrial products company's stock valued at $5,397,000 after buying an additional 52,150 shares in the last quarter. Institutional investors own 94.80% of the company's stock.

Ituran Location and Control Stock Performance

Shares of Ituran Location and Control stock traded up $1.05 during trading on Friday, hitting $55.97. 189,752 shares of the stock were exchanged, compared to its average volume of 133,765. The stock's fifty day moving average is $49.94 and its 200 day moving average is $43.94. The stock has a market cap of $1.11 billion, a PE ratio of 19.23 and a beta of 0.66. Ituran Location and Control has a 12 month low of $32.38 and a 12 month high of $56.56.

Ituran Location and Control (NASDAQ:ITRN - Get Free Report) last released its quarterly earnings results on Saturday, February 14th. The industrial products company reported $0.77 EPS for the quarter. The business had revenue of $93.50 million during 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 declared a quarterly dividend, which was paid on Thursday, April 16th. Stockholders of record on Monday, March 30th were given 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 annualized dividend and a dividend yield of 10.7%. The ex-dividend date was Monday, March 30th. Ituran Location and Control's payout ratio is currently 206.19%.

Analyst Ratings Changes

Several research firms have weighed in on ITRN. Barclays boosted 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 research note on Thursday, March 5th. Wall Street Zen upgraded shares of Ituran Location and Control from a "buy" rating to a "strong-buy" rating in a research note on Sunday, April 12th. Loop Capital set a $57.00 target price on shares of Ituran Location and Control in a research note on Monday, March 9th. Weiss Ratings reiterated a "buy (b)" rating on shares of Ituran Location and Control in a research note on Friday, March 27th. Finally, Maxim Group initiated coverage on shares of Ituran Location and Control in a research note on Thursday, March 12th. They set a "buy" rating and a $70.00 target price for the company. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $60.67.

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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