Ituran Location and Control Ltd. Declares Quarterly Dividend of $0.11 (NASDAQ:ITRN)

Ituran Location and Control Ltd. (NASDAQ:ITRN – Get Rating) announced a quarterly dividend on Wednesday, May 24th, Zacks reports. Shareholders of record on Wednesday, June 28th will be given a dividend of 0.112 per share by the industrial products company on Wednesday, July 12th. This represents a $0.45 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Tuesday, June 27th.

Ituran Location and Control has decreased its dividend payment by an average of 16.2% annually over the last three years. Ituran Location and Control has a dividend payout ratio of 22.3% indicating that its dividend is sufficiently covered by earnings.

Ituran Location and Control Stock Performance

Shares of ITRN opened at $23.32 on Friday. The company’s fifty day moving average is $21.59 and its 200 day moving average is $22.10. Ituran Location and Control has a fifty-two week low of $20.35 and a fifty-two week high of $27.52.

Ituran Location and Control (NASDAQ:ITRN – Get Rating) last announced its earnings results on Tuesday, February 28th. The industrial products company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.05). The business had revenue of $74.95 million for the quarter, compared to analysts’ expectations of $74.63 million. Ituran Location and Control had a net margin of 13.22% and a return on equity of 26.86%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Ituran Location and Control from a “buy” rating to a “strong-buy” rating in a report on Thursday.

Institutional Investors Weigh In On Ituran Location and Control

Several hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in Ituran Location and Control by 11,714.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,308 shares of the industrial products company’s stock worth $77,000 after purchasing an additional 3,280 shares during the period. Sei Investments Co. lifted its stake in shares of Ituran Location and Control by 1.7% during the 1st quarter. Sei Investments Co. now owns 88,590 shares of the industrial products company’s stock worth $2,039,000 after acquiring an additional 1,460 shares during the last quarter. Invesco Ltd. boosted its holdings in Ituran Location and Control by 27.6% during the 1st quarter. Invesco Ltd. now owns 20,837 shares of the industrial products company’s stock valued at $480,000 after acquiring an additional 4,502 shares during the period. Engineers Gate Manager LP bought a new position in Ituran Location and Control in the 1st quarter valued at $205,000. Finally, State Street Corp increased its stake in Ituran Location and Control by 0.6% in the first quarter. State Street Corp now owns 307,013 shares of the industrial products company’s stock worth $7,111,000 after purchasing an additional 1,961 shares during the period. Hedge funds and other institutional investors own 55.45% of the company’s stock.

Ituran Location and Control Company Profile

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Ituran Location & Control Ltd. engages in the provision of stolen vehicle recovery, fleet management, and tracking services. It operates through the following segments: Telematics Services and Telematics Products. The Telematics Services segment consists predominantly of regionally- based stolen vehicle recovery services, fleet management services and value-added services comprised of personal advanced locater services and concierge services.