Ituran Location and Control Ltd. (NASDAQ:ITRN) Raises Dividend to $0.50 Per Share

Ituran Location and Control Ltd. (NASDAQ:ITRN) declared a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Stockholders of record on Thursday, March 20th will be paid a dividend of 0.50 per share by the industrial products company on Thursday, April 3rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date is Thursday, March 20th. This is a boost from Ituran Location and Control’s previous quarterly dividend of $0.39.

Ituran Location and Control has increased its dividend by an average of 20.1% annually over the last three years. Ituran Location and Control has a payout ratio of 48.3% indicating that its dividend is sufficiently covered by earnings.

Ituran Location and Control Stock Performance

Shares of ITRN stock traded down $0.90 during trading on Friday, hitting $41.88. 343,047 shares of the company were exchanged, compared to its average volume of 226,437. The business’s 50-day simple moving average is $34.09 and its 200 day simple moving average is $30.08. Ituran Location and Control has a twelve month low of $24.12 and a twelve month high of $45.43. The firm has a market capitalization of $833.16 million, a price-to-earnings ratio of 16.05 and a beta of 1.15.

Ituran Location and Control (NASDAQ:ITRN) last issued its earnings results on Wednesday, February 26th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Ituran Location and Control had a net margin of 15.65% and a return on equity of 28.31%. The company had revenue of $82.88 million during the quarter, compared to analyst estimates of $81.81 million.

Analyst Upgrades and Downgrades

Separately, Barclays boosted their target price on Ituran Location and Control from $35.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday.

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.