Elbit Systems (NASDAQ:ESLT) Hits New 52-Week High - Here's What Happened

Key Points

• Elbit Systems has reached a new 52-week high, trading at $501.67, up from a previous close of $489.25, with significant trading volume.
• Analysts have upgraded their outlook on the company, with Bank of America raising the price target from $500 to $540 and maintaining a "buy" rating.
• The company recently announced an increase in its quarterly dividend from $0.60 to $0.75, with the dividend yield now at 0.6%.

Elbit Systems Ltd. (NASDAQ:ESLT - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $500.17 and last traded at $501.67, with a volume of 18418 shares changing hands. The stock had previously closed at $489.25.

Wall Street Analysts Forecast Growth

ESLT has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Elbit Systems from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Bank of America increased their target price on shares of Elbit Systems from $500.00 to $540.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $540.00.

Elbit Systems Stock Performance

The company has a market cap of $22.18 billion, a P/E ratio of 56.64, a price-to-earnings-growth ratio of 1.91 and a beta of 0.37. The company has a quick ratio of 0.77, a current ratio of 1.29 and a debt-to-equity ratio of 0.06. The stock's 50-day moving average price is $464.08 and its 200 day moving average price is $421.51.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The aerospace company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.66. The business had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.89 billion. Elbit Systems had a net margin of 5.35% and a return on equity of 14.29%. During the same quarter last year, the company posted $2.08 earnings per share. As a group, research analysts expect that Elbit Systems Ltd. will post 8.05 EPS for the current fiscal year.

Elbit Systems Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Tuesday, October 14th will be paid a dividend of $0.75 per share. This is an increase from Elbit Systems's previous quarterly dividend of $0.60. This represents a $3.00 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Tuesday, October 14th. Elbit Systems's dividend payout ratio is presently 22.70%.

Institutional Investors Weigh In On Elbit Systems

A number of institutional investors have recently bought and sold shares of ESLT. Northern Trust Corp boosted its stake in Elbit Systems by 301.1% during the fourth quarter. Northern Trust Corp now owns 7,798 shares of the aerospace company's stock worth $2,012,000 after buying an additional 5,854 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Elbit Systems in the 4th quarter valued at $229,000. Nuveen Asset Management LLC boosted its stake in shares of Elbit Systems by 4.2% in the 4th quarter. Nuveen Asset Management LLC now owns 71,799 shares of the aerospace company's stock valued at $18,779,000 after purchasing an additional 2,892 shares in the last quarter. Quantinno Capital Management LP boosted its stake in shares of Elbit Systems by 20.9% in the 4th quarter. Quantinno Capital Management LP now owns 10,105 shares of the aerospace company's stock valued at $2,629,000 after purchasing an additional 1,749 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its stake in shares of Elbit Systems by 105.8% in the 4th quarter. Squarepoint Ops LLC now owns 809 shares of the aerospace company's stock valued at $209,000 after purchasing an additional 14,796 shares in the last quarter. Institutional investors and hedge funds own 17.88% of the company's stock.

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.