ARK Investment Management LLC Reduces Stock Position in Ituran Location and Control Ltd. (NASDAQ:ITRN)

ARK Investment Management LLC trimmed its holdings in shares of Ituran Location and Control Ltd. (NASDAQ:ITRN) by 11.9% in the fourth quarter, HoldingsChannel reports. The firm owned 70,152 shares of the industrial products company’s stock after selling 9,456 shares during the period. ARK Investment Management LLC’s holdings in Ituran Location and Control were worth $1,911,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Macquarie Group Ltd. purchased a new position in shares of Ituran Location and Control during the 4th quarter worth approximately $35,000. Qube Research & Technologies Ltd purchased a new position in shares of Ituran Location and Control during the 3rd quarter worth approximately $69,000. PNC Financial Services Group Inc. increased its stake in shares of Ituran Location and Control by 11,714.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,308 shares of the industrial products company’s stock worth $77,000 after purchasing an additional 3,280 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Ituran Location and Control by 45.8% during the 4th quarter. Bank of America Corp DE now owns 5,598 shares of the industrial products company’s stock worth $118,000 after purchasing an additional 1,758 shares in the last quarter. Finally, Barclays PLC boosted its position in Ituran Location and Control by 1,022.0% during the second quarter. Barclays PLC now owns 5,195 shares of the industrial products company’s stock worth $121,000 after acquiring an additional 4,732 shares during the last quarter. 94.80% of the stock is owned by hedge funds and other institutional investors.

Ituran Location and Control Stock Performance

Shares of NASDAQ ITRN opened at $28.43 on Thursday. Ituran Location and Control Ltd. has a 1 year low of $20.35 and a 1 year high of $31.01. The firm’s 50 day moving average price is $26.44 and its 200 day moving average price is $26.74. The firm has a market cap of $565.47 million, a P/E ratio of 11.85 and a beta of 1.16.

Ituran Location and Control (NASDAQ:ITRN) last announced its quarterly earnings results on Thursday, February 29th. The industrial products company reported $0.60 earnings per share for the quarter. The company had revenue of $77.81 million for the quarter. Ituran Location and Control had a net margin of 15.04% and a return on equity of 28.61%.

Ituran Location and Control Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 3rd. Stockholders of record on Wednesday, March 20th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 5.49%. The ex-dividend date is Tuesday, March 19th. This is an increase from Ituran Location and Control’s previous quarterly dividend of $0.24. Ituran Location and Control’s dividend payout ratio (DPR) is currently 65.00%.

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.