Millennium Management LLC Grows Stake in Ituran Location and Control Ltd. (NASDAQ:ITRN)

Millennium Management LLC raised its holdings in Ituran Location and Control Ltd. (NASDAQ:ITRN) by 8.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 228,537 shares of the industrial products company’s stock after buying an additional 18,563 shares during the quarter. Millennium Management LLC owned about 1.15% of Ituran Location and Control worth $7,119,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Van ECK Associates Corp lifted its stake in Ituran Location and Control by 11.3% in the fourth quarter. Van ECK Associates Corp now owns 3,871 shares of the industrial products company’s stock worth $121,000 after acquiring an additional 392 shares during the period. XTX Topco Ltd lifted its position in shares of Ituran Location and Control by 10.5% in the 4th quarter. XTX Topco Ltd now owns 22,256 shares of the industrial products company’s stock worth $693,000 after purchasing an additional 2,106 shares during the period. HighTower Advisors LLC lifted its position in shares of Ituran Location and Control by 7.8% in the 4th quarter. HighTower Advisors LLC now owns 31,061 shares of the industrial products company’s stock worth $968,000 after purchasing an additional 2,249 shares during the period. Cubist Systematic Strategies LLC boosted its stake in shares of Ituran Location and Control by 15.9% during the 4th quarter. Cubist Systematic Strategies LLC now owns 17,386 shares of the industrial products company’s stock valued at $542,000 after purchasing an additional 2,385 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of Ituran Location and Control by 38.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 10,897 shares of the industrial products company’s stock valued at $339,000 after buying an additional 3,053 shares during the period. 94.80% of the stock is owned by hedge funds and other institutional investors.

Ituran Location and Control Stock Up 1.4%

ITRN opened at $37.26 on Tuesday. Ituran Location and Control Ltd. has a 52 week low of $24.12 and a 52 week high of $45.43. The stock has a market cap of $741.25 million, a PE ratio of 14.28 and a beta of 0.80. The business has a 50 day moving average of $35.37 and a 200-day moving average of $34.01.

Ituran Location and Control (NASDAQ:ITRN) last posted its quarterly earnings data on Wednesday, February 26th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Ituran Location and Control had a return on equity of 28.31% and a net margin of 15.65%. The business had revenue of $82.88 million during the quarter, compared to the consensus estimate of $81.81 million.

Ituran Location and Control Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were given a dividend of $0.50 per share. This is a boost from Ituran Location and Control’s previous quarterly dividend of $0.39. This represents a $2.00 dividend on an annualized basis and a yield of 5.37%. The ex-dividend date was Thursday, March 20th. Ituran Location and Control’s dividend payout ratio (DPR) is 73.80%.

Wall Street Analysts Forecast Growth

Separately, Barclays raised their price objective on shares of Ituran Location and Control from $35.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th.

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.