Ituran stock hits 52-week high at $35.63 amid robust growth

In a remarkable display of resilience and growth, Ituran Location and Control Ltd. (NASDAQ: ITRN) stock has soared to a 52-week high, reaching a price level of $35.63, with an impressive dividend yield of 4.51% and a modest P/E ratio of 13.2. This peak reflects a significant uptrend for the company, which specializes in advanced GPS tracking and location-based services. Over the past year, Ituran has witnessed an impressive 38.93% increase in its stock value, underscoring the strong investor confidence and the company's robust performance in its market segment. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value calculations. The achievement of this 52-week high marks a noteworthy milestone for Ituran, as it continues to expand its global footprint and enhance its technological offerings. With 19 consecutive years of dividend payments and a "GREAT" Financial Health Score from InvestingPro, the company demonstrates strong fundamental stability. Discover 10+ additional exclusive insights about ITRN with an InvestingPro subscription.

In other recent news, Ituran recorded a solid third quarter in 2024, marked by significant growth in revenue and profit, as well as an impressive expansion in its subscriber base. The company's revenue grew by 3% year-over-year, reaching $83.5 million, while net income increased by 9% to $13.7 million. Ituran also added 40,000 net subscribers, meeting the higher end of its projections.

These developments are part of Ituran's broader strategy of growth and expansion, especially in Latin America. The company recently secured a 5-year contract with Nissan (OTC:NSANY) Chile, reinforcing its presence in the region. Furthermore, Ituran is advancing in usage-based insurance solutions and exploring new Original Equipment Manufacturer (OEM) partnerships.

Despite the strength of the U.S. dollar posing challenges, Ituran has reaffirmed its full-year EBITDA guidance to be between $90-95 million. The company remains optimistic about its long-term growth potential, driven by subscriber growth and operating leverage.

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