Alliancebernstein L.P. Has $20.61 Million Stake in 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. cut its position in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 6.7% in the first quarter, according to its most recent 13F filing 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 period. Alliancebernstein L.P. owned 0.12% of Elbit Systems worth $20,614,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC purchased a new stake in shares of Elbit Systems during the 1st quarter worth about $29,000. SBI Securities Co. Ltd. increased its holdings in shares of Elbit Systems by 232.6% during the 1st quarter. SBI Securities Co. Ltd. now owns 153 shares of the aerospace company's stock valued at $59,000 after acquiring an additional 107 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of Elbit Systems during the 1st quarter valued at about $77,000. National Bank of Canada FI increased its holdings in shares of Elbit Systems by 8.6% during the 1st quarter. National Bank of Canada FI now owns 393 shares of the aerospace company's stock valued at $151,000 after acquiring an additional 31 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Elbit Systems during the 1st quarter valued at about $155,000. 17.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on ESLT. Wall Street Zen raised Elbit Systems from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Bank of America increased their price objective on Elbit Systems from $500.00 to $540.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $540.00.

Elbit Systems Stock Performance

NASDAQ ESLT traded up $4.09 during trading on Friday, hitting $509.54. The company's stock had a trading volume of 42,167 shares, compared to its average volume of 110,187. 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 firm has a 50 day moving average price of $464.08 and a 200 day moving average price of $419.90. The firm has a market cap of $22.65 billion, a P/E ratio of 57.84, a price-to-earnings-growth ratio of 1.89 and a beta of 0.37. 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 issued its quarterly earnings results on Wednesday, August 13th. The aerospace company reported $3.23 EPS for the quarter, topping the consensus estimate 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 posted $2.08 EPS. Equities research analysts forecast that Elbit Systems Ltd. will post 8.05 earnings per share for the current fiscal year.

Elbit Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Tuesday, October 14th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, October 14th. This is a boost from Elbit Systems's previous quarterly dividend of $0.60. Elbit Systems's payout ratio is 28.26%.

Elbit Systems 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.