In a notable surge, Ituran Location and Control Ltd. (NASDAQ: ITRN) stock has reached a 52-week high, touching $31.51. With a market capitalization of $622 million and an attractive dividend yield of 5%, the company has maintained consistent dividend payments for 19 consecutive years. This peak reflects a significant uptrend for the company, which specializes in advanced GPS tracking and recovery systems. Over the past year, Ituran has seen its stock value increase by 17.2%, indicating robust investor confidence and a strong market performance. Trading at a modest P/E ratio of 11.9, InvestingPro analysis suggests the stock remains undervalued, with additional upside potential. The company's growth trajectory and technological advancements have contributed to this impressive milestone, marking a period of substantial gains for shareholders and setting a new benchmark for its financial year. For deeper insights and 12 additional exclusive ProTips about ITRN, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Ituran has reported a robust third quarter for 2024, marked by significant growth in revenue and profit, as well as an expansion in its subscriber base. The company's revenue saw a 3% year-over-year increase, reaching $83.5 million, while net income rose by 9% from the previous year to $13.7 million. These figures reflect Ituran's success in adding 40,000 net subscribers, aligning with their higher end projections.
In addition to these financial highlights, Ituran has secured a five-year contract with Nissan (OTC:NSANY) Chile, indicating its focus on expanding its presence in the South American market. The company is also advancing in usage-based insurance solutions and exploring new OEM partnerships. These developments are part of Ituran's strategy for long-term growth, driven by subscriber growth and operating leverage.
Despite the strength of the U.S. dollar presenting challenges, Ituran remains optimistic about its financial performance, reaffirming its full-year EBITDA guidance to be between $90-95 million. This optimism is backed by the company's strong net cash position of $67.3 million and a declared dividend of $8 million. These are the recent developments in Ituran's business operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.