StockNews.com Begins Coverage on Ituran Location and Control (NASDAQ:ITRN)

StockNews.com initiated coverage on shares of Ituran Location and Control (NASDAQ:ITRN – Get Rating) in a research note issued to investors on Thursday. The firm issued a strong-buy rating on the industrial products company’s stock.

Ituran Location and Control Stock Performance

Shares of NASDAQ ITRN traded down $0.27 during mid-day trading on Thursday, reaching $21.84. 58,884 shares of the company were exchanged, compared to its average volume of 26,953. The company’s 50-day simple moving average is $22.29 and its 200-day simple moving average is $22.72. Ituran Location and Control has a twelve month low of $20.83 and a twelve month high of $27.52.

Ituran Location and Control Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 4th. Stockholders of record on Tuesday, March 21st will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date is Monday, March 20th. This is a boost from Ituran Location and Control’s previous quarterly dividend of $0.11. Ituran Location and Control’s dividend payout ratio (DPR) is currently 23.08%.

Hedge Funds Weigh In On Ituran Location and Control

A number of hedge funds have recently bought and sold shares of the business. Lazard Asset Management LLC increased its position in Ituran Location and Control by 16.3% during the fourth quarter. Lazard Asset Management LLC now owns 6,263 shares of the industrial products company’s stock worth $132,000 after acquiring an additional 878 shares during the period. New York State Common Retirement Fund increased its position in Ituran Location and Control by 62.0% during the third quarter. New York State Common Retirement Fund now owns 2,393 shares of the industrial products company’s stock worth $56,000 after acquiring an additional 916 shares during the period. Credit Suisse AG increased its position in Ituran Location and Control by 4.0% during the third quarter. Credit Suisse AG now owns 27,331 shares of the industrial products company’s stock worth $637,000 after acquiring an additional 1,054 shares during the period. McElhenny Sheffield Capital Management LLC bought a new position in Ituran Location and Control during the fourth quarter worth about $25,000. Finally, ARK Investment Management LLC increased its position in Ituran Location and Control by 1.3% during the third quarter. ARK Investment Management LLC now owns 98,646 shares of the industrial products company’s stock worth $2,302,000 after acquiring an additional 1,294 shares during the period. 55.45% of the stock is owned by institutional investors.

About Ituran Location and Control

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Ituran Location & Control Ltd. engages in the provision of stolen vehicle recovery, fleet management, and tracking services. It operates through the following segments: Telematics Services and Telematics Products. The Telematics Services segment consists predominantly of regionally- based stolen vehicle recovery services, fleet management services and value-added services comprised of personal advanced locater services and concierge services.