Short Interest in Ituran Location and Control Ltd. (NASDAQ:ITRN) Drops By 16.7%

Ituran Location and Control Ltd. (NASDAQ:ITRN) was the target of a large decline in short interest in the month of March. As of March 13th, there was short interest totaling 121,830 shares, a decline of 16.7% from the February 26th total of 146,207 shares. Approximately 0.6% of the company’s shares are short sold. Based on an average daily volume of 111,767 shares, the short-interest ratio is currently 1.1 days.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Barclays increased their price objective on Ituran Location and Control from $50.00 to $55.00 and gave the company an “overweight” rating in a research note on Thursday, March 5th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ituran Location and Control in a research note on Monday, December 29th. Loop Capital set a $57.00 price target on shares of Ituran Location and Control in a research report on Monday, March 9th. Wall Street Zen raised shares of Ituran Location and Control from a “buy” rating to a “strong-buy” rating in a report on Sunday, March 15th. Finally, Maxim Group initiated coverage on shares of Ituran Location and Control in a research report on Thursday, March 12th. They issued a “buy” rating and a $70.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $60.67.

Institutional Investors Weigh In On Ituran Location and Control

A number of large investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd increased its position in shares of Ituran Location and Control by 257.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 629 shares of the industrial products company’s stock valued at $27,000 after buying an additional 453 shares during the period. Global Retirement Partners LLC lifted its holdings in Ituran Location and Control by 50.1% in the fourth quarter. Global Retirement Partners LLC now owns 656 shares of the industrial products company’s stock worth $28,000 after buying an additional 219 shares during the period. Advisory Services Network LLC bought a new stake in Ituran Location and Control during the 3rd quarter valued at approximately $28,000. Jones Financial Companies Lllp grew its holdings in shares of 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 acquiring an additional 939 shares during the period. Finally, Covestor Ltd purchased a new position in shares of Ituran Location and Control during the 3rd quarter worth approximately $47,000. Institutional investors own 94.80% of the company’s stock.

Ituran Location and Control Stock Performance

Shares of ITRN stock opened at $50.54 on Monday. Ituran Location and Control has a fifty-two week low of $30.06 and a fifty-two week high of $53.33. The firm has a market cap of $1.01 billion, a P/E ratio of 17.37 and a beta of 0.68. The business’s 50 day moving average price is $47.66 and its 200-day moving average price is $42.26.

Ituran Location and Control (NASDAQ:ITRN) last announced its earnings results on Saturday, February 14th. The industrial products company reported $0.77 EPS for the quarter. Ituran Location and Control had a return on equity of 27.27% and a net margin of 16.15%.The company had revenue of $93.50 million during the quarter.

Ituran Location and Control Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 16th. Shareholders of record on Monday, March 30th will be issued a $1.50 dividend. This is a boost from Ituran Location and Control’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, March 30th. This represents a $6.00 annualized dividend and a yield of 11.9%. Ituran Location and Control’s dividend payout ratio (DPR) is currently 68.73%.

About Ituran Location and Control

Ituran Location and Control Ltd. is a provider of wireless vehicle tracking and stolen vehicle recovery services. The company leverages a combination of cellular and global positioning system (GPS) technologies to offer real-time monitoring and location-based solutions for private vehicle owners, fleet operators and insurance companies. Its core offerings include subscription-based tracking devices, centralized control centers and software platforms that enable clients to detect unauthorized vehicle use, dispatch recovery teams and manage fleet logistics.

Founded in 1994 in Israel, Ituran pioneered the use of wireless communications for security and telematics applications.