Ituran Location and Control Ltd. $ITRN Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC lessened its holdings in shares of Ituran Location and Control Ltd. (NASDAQ:ITRN) by 16.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 49,440 shares of the industrial products company’s stock after selling 9,487 shares during the period. ARK Investment Management LLC owned 0.25% of Ituran Location and Control worth $1,915,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AdvisorNet Financial Inc grew its stake in Ituran Location and Control by 148.9% during the 2nd quarter. AdvisorNet Financial Inc now owns 1,120 shares of the industrial products company’s stock worth $43,000 after buying an additional 670 shares during the last quarter. Magnetar Financial LLC grew its stake in Ituran Location and Control by 6.0% during the 1st quarter. Magnetar Financial LLC now owns 13,055 shares of the industrial products company’s stock worth $472,000 after buying an additional 742 shares during the last quarter. Jones Financial Companies Lllp grew its stake in 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 buying an additional 939 shares during the last quarter. Segall Bryant & Hamill LLC grew its stake in Ituran Location and Control by 1.3% during the 1st quarter. Segall Bryant & Hamill LLC now owns 76,000 shares of the industrial products company’s stock worth $2,748,000 after buying an additional 1,000 shares during the last quarter. Finally, Costello Asset Management INC purchased a new position in Ituran Location and Control during the 1st quarter worth approximately $40,000. Institutional investors and hedge funds own 94.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ITRN shares. Weiss Ratings restated a “buy (b-)” rating on shares of Ituran Location and Control in a research note on Wednesday, October 8th. Wall Street Zen upgraded Ituran Location and Control from a “hold” rating to a “buy” rating in a research note on Saturday, September 20th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $50.00.

Ituran Location and Control Price Performance

Ituran Location and Control stock opened at $37.19 on Thursday. Ituran Location and Control Ltd. has a 1-year low of $26.46 and a 1-year high of $45.43. The company has a market cap of $743.42 million, a PE ratio of 13.33 and a beta of 0.87. The stock’s 50 day moving average price is $35.93 and its 200 day moving average price is $36.78.

Ituran Location and Control (NASDAQ:ITRN) last issued its quarterly earnings data on Tuesday, August 19th. The industrial products company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.06). The firm had revenue of $86.79 million for the quarter, compared to analyst estimates of $89.17 million. Ituran Location and Control had a return on equity of 28.24% and a net margin of 16.35%.

Ituran Location and Control Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, September 25th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, September 25th. This represents a $2.00 annualized dividend and a yield of 5.4%. Ituran Location and Control’s payout ratio is currently 71.68%.

About Ituran Location and Control

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.