Zacks Investment Research Upgrades Ituran Location and Control (NASDAQ:ITRN) to Buy

Ituran Location and Control (NASDAQ:ITRN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, Zacks.com reports. The brokerage presently has a $30.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 14.42% from the company’s previous close.

According to Zacks, “Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security, and radio frequency identification products for various purposes including automatic meter reading, electronic toll collection and homeland security applications. “

Shares of ITRN traded down $0.26 during midday trading on Thursday, reaching $26.22. The stock had a trading volume of 18,172 shares, compared to its average volume of 51,605. The company’s 50-day moving average is $26.39 and its 200 day moving average is $25.55. Ituran Location and Control has a 12-month low of $17.15 and a 12-month high of $29.85. The company has a current ratio of 1.51, a quick ratio of 1.33 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $615.38 million, a price-to-earnings ratio of 17.25 and a beta of 1.30.

Ituran Location and Control (NASDAQ:ITRN) last posted its quarterly earnings data on Tuesday, November 16th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Ituran Location and Control had a return on equity of 25.96% and a net margin of 11.93%. During the same period in the previous year, the company posted $0.45 earnings per share. Research analysts forecast that Ituran Location and Control will post 1.75 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of ITRN. Gobi Capital LLC boosted its holdings in Ituran Location and Control by 98.9% during the 3rd quarter. Gobi Capital LLC now owns 2,259,372 shares of the industrial products company’s stock valued at $57,366,000 after acquiring an additional 1,123,463 shares during the period. Ibex Investors LLC purchased a new stake in Ituran Location and Control during the 2nd quarter valued at about $22,616,000. State Street Corp boosted its holdings in Ituran Location and Control by 167.4% during the 2nd quarter. State Street Corp now owns 387,729 shares of the industrial products company’s stock valued at $10,613,000 after acquiring an additional 242,725 shares during the period. Meitav Dash Investments Ltd. boosted its holdings in Ituran Location and Control by 162.3% during the 3rd quarter. Meitav Dash Investments Ltd. now owns 169,435 shares of the industrial products company’s stock valued at $4,317,000 after acquiring an additional 104,832 shares during the period. Finally, Segall Bryant & Hamill LLC boosted its holdings in Ituran Location and Control by 78.4% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 116,223 shares of the industrial products company’s stock valued at $3,166,000 after acquiring an additional 51,066 shares during the period. Institutional investors own 60.52% of the company’s stock.

About Ituran Location and Control

Ituran Location & Control Ltd. engages in the provision of stolen vehicle recovery, fleet management, and tracking services. It operates through the following segments: Telematics Services and Telematics Products. The Telematics Services segment consists predominantly of regionally- based stolen vehicle recovery services, fleet management services and value-added services comprised of personal advanced locater services and concierge services.

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