Ituran Location and Control (NASDAQ:ITRN) Stock Price Up 4.3% Following Better-Than-Expected Earnings

Ituran Location and Control Ltd. (NASDAQ:ITRN)’s stock price shot up 4.3% during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $29.14 and last traded at $29.06. 47,249 shares changed hands during trading, a decline of 10% from the average session volume of 52,653 shares. The stock had previously closed at $27.87.

The industrial products company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Ituran Location and Control had a return on equity of 28.58% and a net margin of 15.30%. The company had revenue of $84.87 million during the quarter.

Ituran Location and Control Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Thursday, September 26th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date is Thursday, September 26th. Ituran Location and Control’s dividend payout ratio (DPR) is currently 62.40%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Ituran Location and Control by 90.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,324 shares of the industrial products company’s stock worth $200,000 after acquiring an additional 3,479 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of Ituran Location and Control by 149.9% in the fourth quarter. New York State Common Retirement Fund now owns 5,979 shares of the industrial products company’s stock valued at $163,000 after purchasing an additional 3,586 shares during the period. Semanteon Capital Management LP bought a new position in shares of Ituran Location and Control in the fourth quarter valued at approximately $217,000. Bryn Mawr Capital Management LLC bought a new stake in shares of Ituran Location and Control during the 4th quarter worth $204,000. Finally, Janney Montgomery Scott LLC grew its stake in Ituran Location and Control by 50.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 23,222 shares of the industrial products company’s stock valued at $633,000 after buying an additional 7,758 shares during the last quarter. Institutional investors own 94.80% of the company’s stock.

Ituran Location and Control Stock Performance

The firm has a market capitalization of $576.93 million, a price-to-earnings ratio of 11.15 and a beta of 1.16. The business’s 50 day moving average is $25.73 and its 200-day moving average is $26.39.

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.