Ituran Location and Control Ltd. (NASDAQ:ITRN) Short Interest Down 19.8% in February

Ituran Location and Control Ltd. (NASDAQ:ITRN) was the target of a large drop in short interest during the month of February. As of February 27th, there was short interest totaling 146,207 shares, a drop of 19.8% from the February 12th total of 182,310 shares. Based on an average daily trading volume, of 64,831 shares, the days-to-cover ratio is currently 2.3 days. Based on an average daily trading volume, of 64,831 shares, the days-to-cover ratio is currently 2.3 days.

Ituran Location and Control Price Performance

ITRN stock traded up $0.27 during midday trading on Friday, hitting $49.70. The stock had a trading volume of 96,931 shares, compared to its average volume of 87,245. The business has a fifty day moving average price of $46.36 and a two-hundred day moving average price of $41.04. Ituran Location and Control has a 1-year low of $30.06 and a 1-year high of $51.33.

Ituran Location and Control (NASDAQ:ITRN) last posted its quarterly earnings data on Thursday, March 5th. The industrial products company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.01. Ituran Location and Control had a return on equity of 27.27% and a net margin of 16.15%.The firm had revenue of $93.50 million during the quarter, compared to analyst estimates of $93.30 million.

Ituran Location and Control Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 16th. Stockholders of record on Monday, March 30th will be given a dividend of $1.50 per share. This is a positive change from Ituran Location and Control’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, March 30th. This represents a $6.00 annualized dividend and a dividend yield of 12.1%. Ituran Location and Control’s payout ratio is 68.73%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd boosted its stake in 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 worth $27,000 after acquiring an additional 453 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Ituran Location and Control by 50.1% during the fourth quarter. Global Retirement Partners LLC now owns 656 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 219 shares during the period. Advisory Services Network LLC acquired a new position in shares of Ituran Location and Control during the third quarter valued at about $28,000. Jones Financial Companies Lllp boosted its position 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 purchasing an additional 939 shares in the last quarter. Finally, Covestor Ltd acquired a new stake in shares of Ituran Location and Control in the 3rd quarter valued at about $47,000. Institutional investors and hedge funds own 94.80% of the company’s stock.

Analysts Set New Price Targets

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

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.