Elbit Systems (NASDAQ:ESLT) Shares Gap Up on Better-Than-Expected Earnings

Shares of Elbit Systems Ltd. (NASDAQ:ESLT) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $369.26, but opened at $395.99. Elbit Systems shares last traded at $411.57, with a volume of 44,265 shares traded.

The aerospace company reported $2.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.71. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.78 billion. Elbit Systems had a return on equity of 11.34% and a net margin of 4.00%.

Elbit Systems Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Tuesday, April 22nd will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.58%. This is a positive change from Elbit Systems’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, April 22nd. Elbit Systems’s dividend payout ratio (DPR) is presently 28.38%.

Wall Street Analyst Weigh In

Separately, StockNews.com cut Elbit Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 25th.

Hedge Funds Weigh In On Elbit Systems

Several hedge funds have recently made changes to their positions in ESLT. BNP Paribas Financial Markets boosted its holdings in Elbit Systems by 99.4% during the third quarter. BNP Paribas Financial Markets now owns 3,390 shares of the aerospace company’s stock worth $678,000 after purchasing an additional 1,690 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Elbit Systems by 12.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 170,703 shares of the aerospace company’s stock worth $34,158,000 after buying an additional 18,614 shares during the last quarter. Stifel Financial Corp grew its holdings in shares of Elbit Systems by 50.3% in the 3rd quarter. Stifel Financial Corp now owns 10,531 shares of the aerospace company’s stock valued at $2,107,000 after acquiring an additional 3,524 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Elbit Systems by 5.3% in the fourth quarter. Bank of New York Mellon Corp now owns 45,789 shares of the aerospace company’s stock valued at $11,817,000 after acquiring an additional 2,317 shares during the last quarter. Finally, Systematic Financial Management LP increased its position in shares of Elbit Systems by 12.1% in the third quarter. Systematic Financial Management LP now owns 74,322 shares of the aerospace company’s stock valued at $14,872,000 after acquiring an additional 8,000 shares during the last quarter. 17.88% of the stock is owned by institutional investors.

Elbit Systems Stock Up 0.5 %

The company has a quick ratio of 0.64, a current ratio of 1.15 and a debt-to-equity ratio of 0.10. The firm has a fifty day moving average of $315.67 and a 200-day moving average of $258.87. The firm has a market cap of $18.25 billion, a P/E ratio of 70.19 and a beta of 0.53.

About Elbit Systems

Elbit Systems Ltd. develops and supplies a portfolio of airborne, land, and naval systems and products for the defense, homeland security, and commercial aviation applications primarily in Israel. The company operates through Aerospace, C4I and Cyber, ISTAR and EW, Land, and Elbit Systems of America segments.