Altshuler Shaham Ltd Sells 55,659 Shares of Elbit Systems Ltd. $ESLT

Key Points

• Altshuler Shaham reduced its Elbit Systems stake by 10.9%, selling 55,659 shares in the first quarter but retaining 456,061 shares worth approximately $380 million. Elbit remains the firm’s third-largest holding, representing about 6% of its portfolio.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $803.75. Recent targets range from $845 to $950, while Jefferies cut its target to $880.
• Elbit Systems reported stronger-than-expected quarterly results, earning $3.87 per share on $2.19 billion in revenue. The company also paid a $1.00 quarterly dividend, equivalent to a 0.5% annual yield.

Altshuler Shaham Ltd cut its holdings in Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 10.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 456,061 shares of the aerospace company's stock after selling 55,659 shares during the period. Elbit Systems accounts for approximately 6.0% of Altshuler Shaham Ltd's portfolio, making the stock its 3rd biggest holding. Altshuler Shaham Ltd owned 1.03% of Elbit Systems worth $379,979,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. grew its position in Elbit Systems by 709.3% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 88,075 shares of the aerospace company's stock worth $50,948,000 after purchasing an additional 77,192 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Elbit Systems by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 998,267 shares of the aerospace company's stock worth $573,131,000 after purchasing an additional 13,406 shares during the period. UBS Group AG raised its position in shares of Elbit Systems by 35.5% during the fourth quarter. UBS Group AG now owns 126,864 shares of the aerospace company's stock valued at $73,291,000 after buying an additional 33,235 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Elbit Systems by 8.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,235 shares of the aerospace company's stock valued at $10,202,000 after buying an additional 1,357 shares during the last quarter. Finally, HighTower Advisors LLC grew its position in Elbit Systems by 101.9% during the fourth quarter. HighTower Advisors LLC now owns 8,807 shares of the aerospace company's stock worth $5,084,000 after buying an additional 4,444 shares in the last quarter. 17.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ESLT has been the subject of a number of recent research reports. JPMorgan Chase & Co. upped their target price on Elbit Systems from $930.00 to $950.00 and gave the company a "neutral" rating in a research note on Wednesday, May 27th. Morgan Stanley set a $845.00 price target on shares of Elbit Systems in a report on Wednesday, July 15th. Zacks Research downgraded shares of Elbit Systems from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 24th. Finally, Jefferies Financial Group lowered their target price on shares of Elbit Systems from $950.00 to $880.00 and set a "hold" rating on the stock in a research note on Wednesday, June 24th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $803.75.

Elbit Systems Price Performance

NASDAQ:ESLT opened at $818.59 on Wednesday. The firm has a market cap of $36.39 billion, a PE ratio of 66.28, a price-to-earnings-growth ratio of 3.45 and a beta of 0.17. Elbit Systems Ltd. has a 12 month low of $432.85 and a 12 month high of $1,016.06. The company's 50-day moving average price is $795.22 and its two-hundred day moving average price is $800.78. The company has a quick ratio of 0.86, a current ratio of 1.41 and a debt-to-equity ratio of 0.06.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last released its quarterly earnings results on Tuesday, May 26th. The aerospace company reported $3.87 earnings per share for the quarter, beating analysts' consensus estimates of $2.98 by $0.89. The firm had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.14 billion. Elbit Systems had a return on equity of 16.15% and a net margin of 7.14%. On average, equities analysts anticipate that Elbit Systems Ltd. will post 15.3 EPS for the current fiscal year.

Elbit Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Tuesday, June 23rd were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $4.00 annualized dividend and a yield of 0.5%. Elbit Systems's dividend payout ratio is currently 26.96%.

About Elbit Systems

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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