In a significant update for investors, Ituran Location and Control (NASDAQ: ITRN) has received an upgrade from Wall Street Zen, which raised its rating from hold to strong-buy. This announcement was made in a report released on the morning of October 7, 2023. Additionally, Weiss Ratings maintained a “buy (B-)” rating for the stock in a research note published on October 8, 2023.
According to data from MarketBeat, the consensus rating for Ituran Location and Control is currently “Buy,” with a target price set at $50.00. With two research analysts backing this positive outlook, investor confidence appears to be on the rise.
Quarterly Earnings Demonstrate Strong Performance
On November 18, 2023, Ituran Location and Control reported its quarterly earnings, revealing an earnings per share (EPS) of $0.74. This performance surpassed the consensus estimate of $0.68 by $0.06. The company reported revenues of $92.28 million for the quarter, significantly exceeding analyst expectations of $86.52 million.
With a return on equity of 28.24% and a net margin of 16.35%, the company’s financial health appears robust, further confirming the positive sentiments expressed by analysts.
Dividend Announcement and Institutional Interest
Ituran Location and Control has also announced a quarterly dividend of $0.50 per share, expected to be paid on January 15, 2024. Shareholders of record by December 29, 2023 will benefit from this payout, which translates to an annualized dividend of $2.00 and a yield of 5.0%. The company’s payout ratio currently stands at 70.42%.
Institutional trading has been noteworthy, with several hedge funds adjusting their stakes in Ituran Location and Control. For instance, Natixis Advisors LLC increased its holdings by 2.8% in the third quarter, bringing its total to 12,054 shares, valued at approximately $431,000. Similarly, Legato Capital Management LLC boosted its position by 8.4%, now owning 5,698 shares valued at around $204,000.
Other notable adjustments include Copeland Capital Management LLC, which increased its holdings by 33.4%, and Atria Investments Inc, which saw a 5.1% increase. Overall, institutional investors currently hold 94.80% of the stock.
Ituran Location and Control operates in the telematics sector, providing location-based services and machine-to-machine products. The company’s two primary segments are Telematics Services and Telematics Products, which include vehicle recovery, fleet management, and asset protection services.
As analysts continue to express optimism about the company’s future, investors are closely monitoring developments surrounding Ituran Location and Control for further insights and potential growth opportunities.