Ituran Location and Control (NASDAQ:ITRN) Sets New 52-Week High After Earnings Beat

Ituran Location and Control Ltd. (NASDAQ:ITRN) reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $45.24 and last traded at $42.70, with a volume of 118622 shares. The stock had previously closed at $40.17.

The industrial products company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.02. Ituran Location and Control had a return on equity of 28.31% and a net margin of 15.65%. The company had revenue of $82.88 million for the quarter, compared to the consensus estimate of $81.81 million.

Institutional Investors Weigh In On Ituran Location and Control

A number of institutional investors have recently modified their holdings of ITRN. JPMorgan Chase & Co. lifted its stake in Ituran Location and Control by 58.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 39,464 shares of the industrial products company’s stock valued at $1,047,000 after buying an additional 14,527 shares in the last quarter. HighTower Advisors LLC purchased a new position in Ituran Location and Control in the 3rd quarter valued at about $767,000. Assenagon Asset Management S.A. purchased a new position in Ituran Location and Control in the 4th quarter valued at about $835,000. Blue Trust Inc. lifted its stake in Ituran Location and Control by 63.4% in the 3rd quarter. Blue Trust Inc. now owns 1,541 shares of the industrial products company’s stock valued at $38,000 after buying an additional 598 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Ituran Location and Control by 214.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 6,011 shares of the industrial products company’s stock valued at $160,000 after buying an additional 4,098 shares in the last quarter. 94.80% of the stock is currently owned by institutional investors and hedge funds.

Ituran Location and Control Stock Performance

The stock has a market capitalization of $873.55 million, a PE ratio of 16.82 and a beta of 1.15. The stock’s 50 day moving average is $33.54 and its two-hundred day moving average is $29.89.

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.