Elbit Systems (NASDAQ:ESLT) Reaches New 12-Month High Following Strong Earnings

Elbit Systems Ltd. (NASDAQ:ESLT)’s share price reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $414.64 and last traded at $408.53, with a volume of 215135 shares trading hands. The stock had previously closed at $369.26.

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 net margin of 4.00% and a return on equity of 11.34%.

Elbit Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Tuesday, April 22nd will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.58%. This is an increase from Elbit Systems’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, April 22nd. Elbit Systems’s dividend payout ratio is 27.72%.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Elbit Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 25th.

Hedge Funds Weigh In On Elbit Systems

Several hedge funds and other institutional investors have recently modified their holdings of ESLT. Arrowstreet Capital Limited Partnership raised its stake in Elbit Systems by 177.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 227,102 shares of the aerospace company’s stock worth $59,207,000 after buying an additional 145,324 shares in the last quarter. Y.D. More Investments Ltd raised its stake in Elbit Systems by 10.1% in the fourth quarter. Y.D. More Investments Ltd now owns 449,747 shares of the aerospace company’s stock worth $117,520,000 after buying an additional 41,401 shares in the last quarter. Invesco Ltd. raised its stake in Elbit Systems by 13.1% in the fourth quarter. Invesco Ltd. now owns 338,256 shares of the aerospace company’s stock worth $87,294,000 after buying an additional 39,095 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Elbit Systems by 12.2% in the third 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 in the last quarter. Finally, FIL Ltd bought a new position in Elbit Systems in the fourth quarter worth about $4,616,000. 17.88% of the stock is owned by institutional investors.

Elbit Systems Trading Up 0.6 %

The company has a market capitalization of $18.36 billion, a P/E ratio of 70.60 and a beta of 0.53. The stock’s 50 day moving average is $318.45 and its 200-day moving average is $259.94. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.15 and a quick ratio of 0.64.

Elbit Systems Company Profile

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.