Ituran Location and Control (NASDAQ:ITRN) Shares Gap Down to $27.31

Ituran Location and Control Ltd. (NASDAQ:ITRN) gapped down before the market opened on Friday . The stock had previously closed at $27.31, but opened at $26.50. Ituran Location and Control shares last traded at $26.42, with a volume of 25,328 shares.

Ituran Location and Control Price Performance

The company’s 50-day moving average is $27.05 and its 200-day moving average is $26.73. The firm has a market capitalization of $528.78 million, a price-to-earnings ratio of 10.63 and a beta of 1.15.

Ituran Location and Control (NASDAQ:ITRN) last announced its quarterly earnings results on Monday, August 19th. The industrial products company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Ituran Location and Control had a net margin of 15.42% and a return on equity of 28.43%. The firm had revenue of $84.87 million for the quarter.

Ituran Location and Control Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Thursday, September 26th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.56 annualized dividend and a yield of 5.87%. Ituran Location and Control’s payout ratio is 62.40%.

Hedge Funds Weigh In On Ituran Location and Control

Several hedge funds and other institutional investors have recently modified their holdings of ITRN. Acadian Asset Management LLC lifted its holdings in Ituran Location and Control by 21.3% in the 2nd quarter. Acadian Asset Management LLC now owns 483,763 shares of the industrial products company’s stock valued at $11,884,000 after acquiring an additional 85,023 shares during the last quarter. Rice Hall James & Associates LLC raised its holdings in Ituran Location and Control by 8.2% during the 2nd quarter. Rice Hall James & Associates LLC now owns 444,043 shares of the industrial products company’s stock worth $10,941,000 after buying an additional 33,593 shares during the period. Aristides Capital LLC raised its holdings in Ituran Location and Control by 23.3% during the 2nd quarter. Aristides Capital LLC now owns 179,740 shares of the industrial products company’s stock worth $4,429,000 after buying an additional 33,958 shares during the period. Inlet Private Wealth LLC raised its holdings in Ituran Location and Control by 3.7% during the 2nd quarter. Inlet Private Wealth LLC now owns 141,900 shares of the industrial products company’s stock worth $3,496,000 after buying an additional 5,000 shares during the period. Finally, ARK Investment Management LLC raised its holdings in Ituran Location and Control by 4.6% during the 2nd quarter. ARK Investment Management LLC now owns 86,684 shares of the industrial products company’s stock worth $2,136,000 after buying an additional 3,791 shares during the period. Institutional investors and hedge funds own 94.80% of the company’s stock.

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.