Ituran Location and Control (NASDAQ:ITRN) Shares Gap Up After Strong Earnings

Ituran Location and Control Ltd. (NASDAQ:ITRN)’s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $36.93, but opened at $38.58. Ituran Location and Control shares last traded at $36.6010, with a volume of 23,421 shares traded.

The industrial products company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.06. Ituran Location and Control had a return on equity of 28.24% and a net margin of 16.35%.The business had revenue of $92.28 million during the quarter, compared to analyst estimates of $86.52 million.

Wall Street Analyst Weigh In

ITRN has been the subject of a number of research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Ituran Location and Control in a research note on Wednesday, October 8th. Wall Street Zen cut shares of Ituran Location and Control from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, Ituran Location and Control currently has an average rating of “Buy” and an average target price of $50.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. purchased a new stake in shares of Ituran Location and Control during the second quarter worth about $37,000. Costello Asset Management INC acquired a new stake in Ituran Location and Control in the 1st quarter worth approximately $40,000. AdvisorNet Financial Inc grew its position in Ituran Location and Control by 148.9% during the 2nd quarter. AdvisorNet Financial Inc now owns 1,120 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 670 shares during the last quarter. Jones Financial Companies Lllp grew its position in Ituran Location and Control by 327.2% during the 1st quarter. Jones Financial Companies Lllp now owns 1,226 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 939 shares during the last quarter. Finally, Covestor Ltd acquired a new position in Ituran Location and Control during the 3rd quarter valued at approximately $47,000. 94.80% of the stock is currently owned by hedge funds and other institutional investors.

Ituran Location and Control Price Performance

The stock’s fifty day simple moving average is $36.67 and its 200-day simple moving average is $37.41. The firm has a market cap of $725.99 million, a PE ratio of 13.08 and a beta of 0.88.

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.