Inflection Point Investments LLP Trims Stake in Ituran Location and Control Ltd. (NASDAQ:ITRN)

Inflection Point Investments LLP reduced its stake in Ituran Location and Control Ltd. (NASDAQ:ITRN) by 38.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 195,997 shares of the industrial products company’s stock after selling 124,300 shares during the period. Ituran Location and Control accounts for approximately 15.4% of Inflection Point Investments LLP’s holdings, making the stock its 2nd largest holding. Inflection Point Investments LLP owned about 0.99% of Ituran Location and Control worth $7,087,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Van ECK Associates Corp raised its stake in Ituran Location and Control by 11.3% during the 4th quarter. Van ECK Associates Corp now owns 3,871 shares of the industrial products company’s stock worth $121,000 after buying an additional 392 shares during the period. Point72 Asset Management L.P. acquired a new stake in Ituran Location and Control during the 4th quarter worth $178,000. State of New Jersey Common Pension Fund D acquired a new stake in Ituran Location and Control during the 4th quarter worth $207,000. Atria Investments Inc acquired a new stake in Ituran Location and Control during the 4th quarter worth $209,000. Finally, Balyasny Asset Management L.P. acquired a new stake in Ituran Location and Control during the 4th quarter worth $223,000. 94.80% of the stock is currently owned by institutional investors.

Ituran Location and Control Price Performance

ITRN opened at $36.00 on Friday. The business’s 50-day moving average price is $35.71 and its two-hundred day moving average price is $34.77. The company has a market capitalization of $716.18 million, a price-to-earnings ratio of 13.79 and a beta of 0.82. Ituran Location and Control Ltd. has a 1 year low of $24.12 and a 1 year high of $45.43.

Ituran Location and Control (NASDAQ:ITRN) last released its earnings results on Wednesday, May 28th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. The business had revenue of $86.46 million for the quarter, compared to the consensus estimate of $88.47 million. Ituran Location and Control had a return on equity of 28.31% and a net margin of 15.65%.

Ituran Location and Control Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Investors of record on Wednesday, June 18th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.56%. The ex-dividend date of this dividend is Wednesday, June 18th. Ituran Location and Control’s dividend payout ratio is currently 71.94%.

Wall Street Analyst Weigh In

Several analysts recently commented on ITRN shares. Wall Street Zen downgraded Ituran Location and Control from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 30th. Barclays raised their price objective on Ituran Location and Control from $35.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, February 27th.

Ituran Location and Control Company Profile

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.