Ituran Location and Control (NASDAQ:ITRN) Raised to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Ituran Location and Control (NASDAQ:ITRN – Get Rating) from a buy rating to a strong-buy rating in a report released on Thursday morning.

Ituran Location and Control Stock Down 1.8 %

Shares of ITRN opened at $23.32 on Thursday. The firm’s 50 day moving average is $21.59 and its 200-day moving average is $22.10. Ituran Location and Control has a 12-month low of $20.35 and a 12-month high of $27.52.

Ituran Location and Control (NASDAQ:ITRN – Get Rating) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $74.63 million. Ituran Location and Control had a return on equity of 25.04% and a net margin of 12.66%.

Ituran Location and Control Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 12th. Stockholders of record on Wednesday, June 28th will be given a $0.112 dividend. This represents a $0.45 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Tuesday, June 27th. Ituran Location and Control’s dividend payout ratio (DPR) is currently 30.77%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Ituran Location and Control in the fourth quarter worth approximately $25,000. Macquarie Group Ltd. purchased a new position in shares of Ituran Location and Control in the fourth quarter worth approximately $35,000. New York State Common Retirement Fund increased its position in shares of Ituran Location and Control by 62.0% in the third quarter. New York State Common Retirement Fund now owns 2,393 shares of the industrial products company’s stock worth $56,000 after acquiring an additional 916 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Ituran Location and Control by 11,714.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,308 shares of the industrial products company’s stock valued at $77,000 after purchasing an additional 3,280 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Ituran Location and Control by 214.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,845 shares of the industrial products company’s stock valued at $90,000 after purchasing an additional 2,623 shares in the last quarter. 55.45% of the stock is owned by hedge funds and other institutional investors.

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.