Elbit Systems (NASDAQ:ESLT) Shares Gap Down - What's Next?

Key Points

• Elbit Systems shares fell 5.2%, opening at $773.40 versus a prior close of $795.71 and later trading near $753.58.
• Analyst sentiment is cautious: five analysts rate the stock Hold and one rates it Buy, with a consensus price target of $803.75.
• The company recently beat quarterly expectations, reporting $4.14 EPS and $2.29 billion in revenue, while declaring a $1.00 quarterly dividend yielding 0.5% annually.

Elbit Systems Ltd. (NASDAQ:ESLT - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $795.71, but opened at $773.40. Elbit Systems shares last traded at $753.5750, with a volume of 38,167 shares traded.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ESLT. JPMorgan Chase & Co. lifted their price objective on Elbit Systems from $930.00 to $950.00 and gave the company a "neutral" rating in a report on Wednesday, May 27th. Morgan Stanley set a $845.00 target price on shares of Elbit Systems in a research report on Wednesday, July 15th. Zacks Research lowered shares of Elbit Systems from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 24th. Jefferies Financial Group lowered their price target on shares of Elbit Systems from $950.00 to $880.00 and set a "hold" rating for the company in a research report on Wednesday, June 24th. Finally, Weiss Ratings downgraded shares of Elbit Systems from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Elbit Systems currently has an average rating of "Hold" and a consensus target price of $803.75.

Elbit Systems Stock Down 5.2%

The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.89 and a current ratio of 1.39. The stock has a market capitalization of $33.51 billion, a PE ratio of 56.84, a PEG ratio of 3.32 and a beta of 0.17. The business has a 50 day moving average of $790.78 and a two-hundred day moving average of $811.12.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last posted its earnings results on Tuesday, August 11th. The aerospace company reported $4.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.69 by $0.45. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.25 billion. Elbit Systems had a return on equity of 16.66% and a net margin of 7.44%. Analysts predict that Elbit Systems Ltd. will post 15.3 EPS for the current year.

Elbit Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 26th. Investors of record on Tuesday, October 13th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, October 13th. Elbit Systems's payout ratio is 25.09%.

Institutional Investors Weigh In On Elbit Systems

Several institutional investors have recently bought and sold shares of ESLT. Clal Insurance Enterprises Holdings Ltd grew its stake in shares of Elbit Systems by 34.4% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,550,618 shares of the aerospace company's stock worth $893,941,000 after acquiring an additional 397,049 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Elbit Systems during the third quarter valued at about $172,673,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Elbit Systems by 206.1% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 269,599 shares of the aerospace company's stock valued at $228,914,000 after purchasing an additional 181,524 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Elbit Systems in the 1st quarter valued at approximately $128,135,000. Finally, Bank of America Corp DE boosted its stake in Elbit Systems by 125.0% in the 3rd quarter. Bank of America Corp DE now owns 166,434 shares of the aerospace company's stock worth $84,848,000 after purchasing an additional 92,449 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. is an Israel-based defense electronics company that designs, develops and supplies a broad range of systems for military, homeland security and commercial aviation customers. The company focuses on integrated, platform-level solutions that combine sensors, communications, command-and-control software and weapons integration to support intelligence, surveillance and reconnaissance (ISR), force protection and mission management.

Its product and service portfolio spans unmanned aircraft systems, electro-optic and signal intelligence systems, electronic warfare and communications equipment, avionics and mission systems for military and commercial aircraft, and land and naval systems.

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