Ituran Location and Control Ltd. (NASDAQ:ITRN) approved the distribution of a cash dividend in the amount of $0.24 per share

On Monday Ituran Location and Control Ltd. (NASDAQ:ITRN) stock price moved positive at 3.99%. Its total market capitalization is $569268750. Its day lowest price was $22.51 and its hit its day highest price at $24.7. The stock recent volume is 172522 shares in comparison to its average trading volume of 51194 shares. Looking at the stock’s price level on the past 52-week graph, ITRN recorded a 52-week high of $38.5 and its 52-week low of $22.51.

On Nov. 25, 2019, Ituran Location and Control Ltd. (NASDAQ:ITRN) disclosed that the Board of Directors approved the distribution of a cash dividend in the amount of $0.24 per share, totaling approximately US$ 5 million. The dividend will be paid to shareholders of record as of December 24, 2019. The Company will pay the dividend out on January 9, 2020 net of taxes at the rate of 25%.

In its decision to approve the distribution of the cash dividend, the Board of Directors examined whether the Company meets the distribution criteria according to Israeli law. The Board of Directors concluded that the abovementioned distribution will not undermine the Company’s ability to keep performing in its current course of business or future plans, and is able to meet its undertakings when due.

Retained earnings as of September 30, 2019, prior to the distribution was US$ 136.8 million and retained earnings will reach US$ 131.8 million after the distribution. The Board of Directors emphasized that as of September 30, 2019, the Company had a cash balance in hand of US$56.3 million (this amount prior to the payment of a dividend of US$ 5 million which was issued for the second quarter of 2019 and was paid out in October 2019). The Company also had long-term debt of US$ 53.9 million and credit from banking institutions of US$ 20.6 million. As of September 30, 2019, the Company’s current assets (excluding cash and cash equivalents) were in the sum of US$ 122.7 million and current liabilities were in the sum of US$ 102.7 million.

About Ituran

Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance industry and car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology.

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