Alliancebernstein L.P. Sells 3,859 Shares of Elbit Systems Ltd. $ESLT

Key Points

• Alliancebernstein L.P. reduced its stake in Elbit Systems Ltd. by 6.7% during Q1, holding 53,728 shares worth approximately $20.6 million after selling 3,859 shares.
• Elbit Systems has seen positive analyst coverage, with Bank of America raising its price target from $500 to $540 and a prevailing consensus rating of "Buy."
• The company announced a quarterly dividend increase to $0.75 per share, with the ex-dividend date set for October 14th, representing a 0.6% annual yield.

Alliancebernstein L.P. reduced its holdings in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,728 shares of the aerospace company's stock after selling 3,859 shares during the quarter. Alliancebernstein L.P. owned 0.12% of Elbit Systems worth $20,614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Clal Insurance Enterprises Holdings Ltd boosted its stake in shares of Elbit Systems by 0.3% in 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 buying an additional 4,248 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Elbit Systems by 1.8% in 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 period. Y.D. More Investments Ltd boosted its holdings in shares of Elbit Systems by 0.6% in the first quarter. Y.D. More Investments Ltd now owns 452,288 shares of the aerospace company's stock worth $173,349,000 after buying an additional 2,541 shares during the last quarter. Deutsche Bank AG grew its position in Elbit Systems by 61.2% during the first quarter. Deutsche Bank AG now owns 117,083 shares of the aerospace company's stock valued at $44,922,000 after buying an additional 44,459 shares during the period. Finally, Swiss National Bank grew its position in Elbit Systems by 1.2% during the first quarter. Swiss National Bank now owns 75,342 shares of the aerospace company's stock valued at $28,825,000 after buying an additional 912 shares during the period. Hedge funds and other institutional investors own 17.88% of the company's stock.

Analyst Ratings Changes

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

Elbit Systems Price Performance

Shares of ESLT traded up $4.53 during midday trading on Tuesday, hitting $507.95. 85,456 shares of the company traded hands, compared to its average volume of 109,860. The stock has a market cap of $22.58 billion, a price-to-earnings ratio of 57.66, a PEG ratio of 1.89 and a beta of 0.37. The firm has a 50 day moving average of $466.55 and a 200-day moving average of $423.45. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 1.29. Elbit Systems Ltd. has a 52 week low of $188.53 and a 52 week high of $510.58.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last posted its 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 return on equity of 14.29% and a net margin of 5.35%.The company had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the business earned $2.08 earnings per share. On average, analysts forecast that Elbit Systems Ltd. will post 8.05 EPS for the current fiscal year.

Elbit Systems Increases Dividend

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

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.