Ituran pushes its forward-looking yield to 6% after strong Q4

Ituran Location and Control added $8M to its dividend pool after a strong Q4, pushing its forward-looking yield to 6%. That attractive yield comes after the company posted record across-the-board financial metrics, including a 9% revenue increase year-over-year to $320M, net income of $48M, an increase of 30% year-over-year, and a 10% increase in EBITDA to $87M. As of last Friday’s close, ITRN‘s market cap is about $521M. That performance helped generate a bullish price target from an analyst at Barclay’s, who models that Ituran shares could touch $35 within the next twelve months, an over 33% increase from current levels. That model likely factors in record revenues and the company generating $77M in FY2023 operating cash flow, resulting from a string of deals from global companies interested in its revolutionary telematics and connected car ecosystem.