Elbit Systems (NASDAQ:ESLT) Stock Rating Lowered by Wall Street Zen

Key Points

• Elbit Systems has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, indicating a shift in analyst sentiment regarding the stock.
• Bank of America initiated coverage on Elbit Systems with a "buy" rating and a price target of $500.00, suggesting confidence in the company's future performance.
• The company reported earnings of $2.57 per share in its latest quarter, surpassing estimates and highlighting strong revenue growth compared to previous periods.

Wall Street Zen cut shares of Elbit Systems (NASDAQ:ESLT - Free Report) from a strong-buy rating to a buy rating in a report released on Saturday.

Separately, Bank of America assumed coverage on Elbit Systems in a report on Thursday, July 24th. They issued a "buy" rating and a $500.00 price target for the company.

Elbit Systems Stock Performance

Shares of ESLT stock traded down $8.41 on Friday, reaching $435.71. The stock had a trading volume of 112,144 shares, compared to its average volume of 104,503. Elbit Systems has a 1 year low of $188.53 and a 1 year high of $494.32. The company has a 50 day simple moving average of $443.89 and a 200 day simple moving average of $392.27. The stock has a market cap of $19.37 billion, a P/E ratio of 55.46, a price-to-earnings-growth ratio of 1.75 and a beta of 0.33. 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 posted its quarterly earnings results on Tuesday, May 20th. The aerospace company reported $2.57 EPS for the quarter, beating analysts' consensus estimates of $2.30 by $0.27. Elbit Systems had a return on equity of 13.49% and a net margin of 4.95%. The business had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same period last year, the firm earned $1.81 earnings per share. Equities research analysts expect that Elbit Systems will post 8.05 EPS for the current year.

Elbit Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Tuesday, June 24th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Tuesday, June 24th. Elbit Systems's payout ratio is 25.38%.

Hedge Funds Weigh In On Elbit Systems

Several institutional investors have recently made changes to their positions in ESLT. Clal Insurance Enterprises Holdings Ltd raised its position in shares of Elbit Systems by 0.3% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,357,148 shares of the aerospace company's stock worth $520,189,000 after purchasing an additional 4,248 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Elbit Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 889,904 shares of the aerospace company's stock worth $341,276,000 after purchasing an additional 15,552 shares during the last quarter. Y.D. More Investments Ltd raised its position in shares of Elbit Systems by 35.1% during the 2nd quarter. Y.D. More Investments Ltd now owns 610,977 shares of the aerospace company's stock worth $271,438,000 after purchasing an additional 158,689 shares during the last quarter. Meitav Investment House Ltd. lifted its holdings in Elbit Systems by 27.7% in the 2nd quarter. Meitav Investment House Ltd. now owns 378,223 shares of the aerospace company's stock valued at $168,600,000 after purchasing an additional 82,103 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Elbit Systems by 13.1% in the 4th 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 owned by hedge funds and other institutional investors.

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.