Elbit Systems (NASDAQ:ESLT) Hits New 1-Year High - Here's What Happened

Key Points

• Elbit Systems Ltd. shares reached a new 52-week high of $485.00, indicating strong trading activity and market interest.
• Bank of America has initiated coverage on Elbit Systems with a "buy" rating and a target price of $500.00, while Wall Street Zen upgraded it to a "strong-buy" rating.
• The company recently announced a quarterly dividend of $0.60, yielding 0.5%, and maintains a dividend payout ratio of 25.25%.

Elbit Systems Ltd. (NASDAQ:ESLT - Get Free Report) shares hit a new 52-week high during trading on Monday . The stock traded as high as $485.00 and last traded at $484.05, with a volume of 77391 shares. The stock had previously closed at $465.01.

Analyst Upgrades and Downgrades

ESLT has been the topic of several research analyst reports. Wall Street Zen upgraded Elbit Systems from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 22nd. Bank of America initiated coverage on shares of Elbit Systems in a report on Thursday, July 24th. They set a "buy" rating and a $500.00 target price on the stock.

Elbit Systems Stock Performance

The firm has a market cap of $20.68 billion, a price-to-earnings ratio of 59.05, a PEG ratio of 1.89 and a beta of 0.33. The stock's fifty day moving average is $442.52 and its two-hundred day moving average is $389.07. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 1.21.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 20th. The aerospace company reported $2.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.30 by $0.27. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.69 billion. Elbit Systems had a return on equity of 13.49% and a net margin of 4.95%. During the same period in the prior year, the company posted $1.81 EPS. On average, analysts expect that Elbit Systems Ltd. will post 8.05 earnings per share for the current fiscal year.

Elbit Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Tuesday, June 24th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Tuesday, June 24th. Elbit Systems's dividend payout ratio is 25.38%.

Hedge Funds Weigh In On Elbit Systems

Hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC purchased a new position in Elbit Systems in the 4th quarter worth about $235,000. LPL Financial LLC increased its position in shares of Elbit Systems by 32.9% in the fourth quarter. LPL Financial LLC now owns 5,732 shares of the aerospace company's stock worth $1,479,000 after acquiring an additional 1,420 shares in the last quarter. Geode Capital Management LLC boosted its stake in Elbit Systems by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 38,786 shares of the aerospace company's stock worth $10,010,000 after purchasing an additional 360 shares during the period. Cerity Partners LLC grew its position in Elbit Systems by 21.1% during the 4th quarter. Cerity Partners LLC now owns 3,823 shares of the aerospace company's stock worth $950,000 after purchasing an additional 665 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Elbit Systems by 13.1% in the fourth quarter. Invesco Ltd. now owns 338,256 shares of the aerospace company's stock valued at $87,294,000 after purchasing an additional 39,095 shares in the last quarter. 17.88% of the stock is currently owned by institutional investors and hedge funds.

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.