Ituran Location and Control (NASDAQ:ITRN) Coverage Initiated by Analysts at Maxim Group

Maxim Group started coverage on shares of Ituran Location and Control (NASDAQ:ITRN) in a research note released on Thursday morning, Marketbeat reports. The firm issued a buy rating and a $70.00 target price on the industrial products company’s stock.

ITRN has been the subject of several other research reports. Loop Capital set a $57.00 price objective on Ituran Location and Control in a report on Monday. Wall Street Zen downgraded Ituran Location and Control from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Ituran Location and Control in a research report on Monday, December 29th. Finally, Barclays boosted their price target on 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. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $60.67.

Ituran Location and Control Stock Performance

Shares of Ituran Location and Control stock opened at $49.43 on Thursday. Ituran Location and Control has a twelve month low of $30.06 and a twelve month high of $51.33. The company’s 50 day moving average is $46.21 and its 200 day moving average is $40.92.

Ituran Location and Control (NASDAQ:ITRN) last posted its earnings results on Thursday, March 5th. The industrial products company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. The business had revenue of $93.50 million during the quarter, compared to the consensus estimate of $93.30 million. 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, April 16th. Investors of record on Monday, March 30th will be paid a dividend of $1.50 per share. This is a boost from Ituran Location and Control’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, March 30th. This represents a $6.00 annualized dividend and a yield of 12.1%. Ituran Location and Control’s dividend payout ratio is 68.73%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GW&K Investment Management LLC raised its position in shares of Ituran Location and Control by 909.3% during the fourth 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 during the last quarter. Nuveen LLC grew its stake in Ituran Location and Control by 721.6% during the fourth quarter. Nuveen LLC now owns 104,190 shares of the industrial products company’s stock valued at $4,481,000 after acquiring an additional 91,509 shares in the last quarter. Strategic Global Advisors LLC increased its holdings 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 acquiring an additional 68,222 shares during the last quarter. Man Group plc lifted its stake 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 worth $5,331,000 after purchasing an additional 65,502 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Ituran Location and Control by 71.1% during the 4th quarter. Millennium Management LLC now owns 125,478 shares of the industrial products company’s stock valued at $5,397,000 after purchasing an additional 52,150 shares during the last quarter. 94.80% of the stock is currently owned by institutional investors.

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.