Elbit Systems (NASDAQ:ESLT) Shares Gap Down - Here's What Happened

Key Points

• Elbit Systems Ltd. shares gapped down from a closing price of $509.54 to open at $489.00, with the last trading price at $493.10 on a volume of 43,676 shares.
• Analysts have increased Elbit's price target from $500.00 to $540.00 and upgraded the stock rating from "hold" to "buy," indicating a positive outlook.
• The company increased its quarterly dividend to $0.75 from the previous $0.60, representing an annualized dividend of $3.00 and a yield of 0.6%.

Shares of Elbit Systems Ltd. (NASDAQ:ESLT - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $509.54, but opened at $489.00. Elbit Systems shares last traded at $493.10, with a volume of 43,676 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Bank of America raised their price objective 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. Wall Street Zen upgraded shares of Elbit Systems from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $540.00.

Elbit Systems Stock Performance

The business's fifty day moving average price is $464.08 and its two-hundred day moving average price is $421.51. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 1.29. The stock has a market capitalization of $22.27 billion, a P/E ratio of 56.79, a P/E/G ratio of 1.91 and a beta of 0.37.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The aerospace company reported $3.23 EPS for the quarter, topping analysts' consensus estimates of $2.57 by $0.66. Elbit Systems had a net margin of 5.35% and a return on equity of 14.29%. The firm had revenue of $1.97 billion during the quarter, compared to analysts' expectations of $1.89 billion. During the same period in the previous year, the company earned $2.08 EPS. As a group, sell-side analysts forecast that Elbit Systems Ltd. will post 8.05 earnings per share for the current year.

Elbit Systems Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Tuesday, October 14th will be given a $0.75 dividend. This is a positive change from Elbit Systems's previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $3.00 annualized dividend and a yield of 0.6%. Elbit Systems's dividend payout ratio is presently 22.70%.

Institutional Investors Weigh In On Elbit Systems

Several large investors have recently added to or reduced their stakes in the stock. Assetmark Inc. lifted its stake in shares of Elbit Systems by 11.2% in the second quarter. Assetmark Inc. now owns 209 shares of the aerospace company's stock worth $94,000 after buying an additional 21 shares in the last quarter. National Bank of Canada FI lifted its stake in shares of Elbit Systems by 8.6% in the first quarter. National Bank of Canada FI now owns 393 shares of the aerospace company's stock worth $151,000 after buying an additional 31 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of Elbit Systems by 20.9% in the second quarter. SBI Securities Co. Ltd. now owns 185 shares of the aerospace company's stock worth $83,000 after buying an additional 32 shares in the last quarter. Townsquare Capital LLC raised its stake in Elbit Systems by 5.3% during the first quarter. Townsquare Capital LLC now owns 878 shares of the aerospace company's stock worth $337,000 after purchasing an additional 44 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in Elbit Systems by 0.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 14,522 shares of the aerospace company's stock valued at $6,460,000 after purchasing an additional 48 shares during the last quarter. 17.88% of the stock is owned by hedge funds and other institutional investors.

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.

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