Ituran Location and Control Ltd. (ITRN) to Issue Quarterly Dividend of $0.50 on July 8th

Ituran Location and Control Ltd. (NASDAQ:ITRN) announced 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) annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, June 24th.

Ituran Location and Control has increased its dividend by an average of 0.5%per year over the last three years and has increased its dividend every year for the last 4 years. Ituran Location and Control has a dividend payout ratio of 184.6% meaning 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 Stock Up 4.0%

Shares of Ituran Location and Control stock opened at $63.87 on Thursday. Ituran Location and Control has a 12-month low of $32.71 and a 12-month high of $66.44. The stock has a market cap of $1.27 billion, a P/E ratio of 21.08 and a beta of 0.73. The business’s 50 day moving average is $55.18 and its 200-day moving average is $47.89.

Ituran Location and Control (NASDAQ:ITRN) last announced its quarterly earnings data on Tuesday, May 26th. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.05. Ituran Location and Control had a return on equity of 27.56% and a net margin of 16.03%.The company had revenue of $102.67 million for the quarter, compared to analysts’ expectations of $95.32 million.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ITRN. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ituran Location and Control in a report on Friday, March 27th. Barclays upped their target price 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. UBS Group reaffirmed a “buy” rating on shares of Ituran Location and Control in a report on Wednesday. Maxim Group initiated coverage on shares of Ituran Location and Control in a report on Thursday, March 12th. They issued a “buy” rating and a $70.00 target price on the stock. Finally, Loop Capital set a $57.00 price target on Ituran Location and Control in a research note on Monday, March 9th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target 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.