Ituran Location and Control Ltd. (US) (ITRN) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Ituran Location and Control Ltd. (US) (NASDAQ:ITRN) from a hold rating to a sell rating in a research report released on Thursday morning, Zacks.com reports.

According to Zacks, “Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security, and radio frequency identification products for various purposes including automatic meter reading, electronic toll collection and homeland security applications. “

A number of other equities research analysts have also recently issued reports on ITRN. BidaskClub upgraded Ituran Location and Control Ltd. (US) from a sell rating to a hold rating in a research note on Wednesday, February 27th. Barclays started coverage on Ituran Location and Control Ltd. (US) in a research note on Thursday, May 16th. They set an overweight rating and a $42.00 price objective on the stock.



Shares of Ituran Location and Control Ltd. (US) stock opened at $32.98 on Thursday. Ituran Location and Control Ltd. has a 12-month low of $29.25 and a 12-month high of $38.50. The company has a market cap of $703.86 million, a PE ratio of 13.46, a P/E/G ratio of 0.73 and a beta of 0.81. The company has a current ratio of 1.80, a quick ratio of 1.53 and a debt-to-equity ratio of 0.39.

Ituran Location and Control Ltd. (US) (NASDAQ:ITRN) last announced its quarterly earnings data on Tuesday, May 21st. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.17). Ituran Location and Control Ltd. (US) had a return on equity of 33.29% and a net margin of 23.24%. The company had revenue of $73.60 million for the quarter, compared to the consensus estimate of $86.76 million. As a group, equities analysts expect that Ituran Location and Control Ltd. will post 2.9 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 3rd. Stockholders of record on Thursday, June 20th will be paid a dividend of $0.24 per share. The ex-dividend date is Wednesday, June 19th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.91%. This is a boost from Ituran Location and Control Ltd. (US)’s previous quarterly dividend of $0.23. Ituran Location and Control Ltd. (US)’s dividend payout ratio is currently 37.55%.

Several hedge funds have recently bought and sold shares of the stock. Morgan Stanley increased its holdings in shares of Ituran Location and Control Ltd. (US) by 193.4% during the 1st quarter. Morgan Stanley now owns 84,613 shares of the industrial products company’s stock worth $2,889,000 after acquiring an additional 55,773 shares during the last quarter. SEI Investments Co increased its holdings in shares of Ituran Location and Control Ltd. (US) by 213.8% during the 1st quarter. SEI Investments Co now owns 79,400 shares of the industrial products company’s stock worth $2,712,000 after acquiring an additional 54,100 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Ituran Location and Control Ltd. (US) by 1.5% during the 1st quarter. Renaissance Technologies LLC now owns 1,383,700 shares of the industrial products company’s stock worth $47,253,000 after acquiring an additional 20,579 shares during the last quarter. Summit Global Investments increased its holdings in shares of Ituran Location and Control Ltd. (US) by 7.1% during the 1st quarter. Summit Global Investments now owns 22,500 shares of the industrial products company’s stock worth $768,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Cove Street Capital LLC increased its holdings in shares of Ituran Location and Control Ltd. (US) by 77.1% during the 1st quarter. Cove Street Capital LLC now owns 79,678 shares of the industrial products company’s stock worth $2,721,000 after acquiring an additional 34,678 shares during the last quarter. 51.27% of the stock is currently owned by institutional investors and hedge funds.

About Ituran Location and Control Ltd. (US)

Ituran Location and Control Ltd., together with its subsidiaries, provides location-based services and wireless communications products in Israel, Brazil, Argentina, and the United States. The company's Location-Based Services segment provides stolen vehicle recovery and tracking services, which 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 personal locator services that allow customers to protect valuable merchandise and equipment.

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