Ituran Location and Control Ltd. Plans Quarterly Dividend of $0.50 (NASDAQ:ITRN)

Ituran Location and Control Ltd. (NASDAQ:ITRN) declared a quarterly dividend on Tuesday, May 26th. Shareholders of record on Wednesday, June 24th will be paid a dividend of 0.50 per share by the industrial products company on Wednesday, July 8th. This represents a c) dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, June 24th.

Ituran Location and Control has raised its dividend by an average of 0.5%annually over the last three years and has increased its dividend every year for the last 4 years. Ituran Location and Control has a payout ratio of 184.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Ituran Location and Control Trading Up 2.1%

Shares of NASDAQ ITRN opened at $61.39 on Wednesday. Ituran Location and Control has a 1-year low of $32.71 and a 1-year high of $62.82. The company has a market cap of $1.22 billion, a PE ratio of 21.10 and a beta of 0.73. The company has a 50-day moving average of $54.91 and a two-hundred day moving average of $47.71.

Ituran Location and Control (NASDAQ:ITRN) last issued its quarterly earnings results on Tuesday, May 26th. The industrial products company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.80 by $0.05. Ituran Location and Control had a net margin of 16.15% and a return on equity of 27.27%. The company had revenue of $102.67 million during the quarter, compared to analysts’ expectations of $95.32 million.

Analyst Ratings Changes

Several equities research analysts have recently commented on ITRN shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Ituran Location and Control in a research report on Friday, March 27th. Loop Capital set a $57.00 price target on shares of Ituran Location and Control in a research report on Monday, March 9th. Maxim Group assumed coverage on shares of Ituran Location and Control in a research report on Thursday, March 12th. They set a “buy” rating and a $70.00 price target for the company. Wall Street Zen cut shares of Ituran Location and Control from a “strong-buy” rating to a “buy” rating in a report on Monday. Finally, Barclays boosted their price objective on shares of Ituran Location and Control from $50.00 to $55.00 and gave the company an “overweight” rating in a report on Thursday, March 5th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Ituran Location and Control currently has a consensus rating of “Buy” and a consensus target price of $60.67.

Ituran Location and Control Company Profile

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.