Bank of New York Mellon Corp Reduces Stake in Elbit Systems Ltd. $ESLT

Key Points

• Bank of New York Mellon trimmed its stake in Elbit Systems by 2.9% in the first quarter, selling 1,518 shares and leaving it with 51,650 shares valued at about $43.9 million.
• Institutional ownership remains significant, with several funds adjusting positions and 17.88% of the stock currently held by institutional investors.
• Elbit Systems reported better-than-expected quarterly results, posting EPS of $3.87 versus $2.98 expected and revenue of $2.19 billion, while analysts currently rate the stock a consensus Hold with a $803.75 target price.

Bank of New York Mellon Corp cut its holdings in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 51,650 shares of the aerospace company's stock after selling 1,518 shares during the period. Bank of New York Mellon Corp owned 0.12% of Elbit Systems worth $43,855,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ESLT. Clal Insurance Enterprises Holdings Ltd grew its position in shares of Elbit Systems by 34.4% in the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,550,618 shares of the aerospace company's stock worth $893,941,000 after buying an additional 397,049 shares during the period. Vanguard Group Inc. grew its position in Elbit Systems by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 998,267 shares of the aerospace company's stock valued at $573,131,000 after purchasing an additional 13,406 shares during the last quarter. Y.D. More Investments Ltd increased its stake in Elbit Systems by 3.0% during the 4th quarter. Y.D. More Investments Ltd now owns 618,325 shares of the aerospace company's stock valued at $356,345,000 after purchasing an additional 18,289 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Elbit Systems by 2.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 483,842 shares of the aerospace company's stock valued at $246,121,000 after purchasing an additional 12,003 shares in the last quarter. Finally, Meitav Investment House Ltd. lifted its position in Elbit Systems by 8.9% in the 1st quarter. Meitav Investment House Ltd. now owns 397,089 shares of the aerospace company's stock valued at $332,985,000 after acquiring an additional 32,617 shares in the last quarter. 17.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on ESLT. Morgan Stanley set a $845.00 price objective on shares of Elbit Systems in a research report on Wednesday, July 15th. Jefferies Financial Group decreased their target price on shares of Elbit Systems from $950.00 to $880.00 and set a "hold" rating for the company in a research note on Wednesday, June 24th. JPMorgan Chase & Co. increased their price target on Elbit Systems from $930.00 to $950.00 and gave the company a "neutral" rating in a report on Wednesday, May 27th. Finally, Zacks Research lowered Elbit Systems from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Elbit Systems presently has an average rating of "Hold" and a consensus target price of $803.75.

Elbit Systems Stock Up 1.4%

ESLT opened at $820.21 on Friday. The firm's 50 day simple moving average is $793.22 and its two-hundred day simple moving average is $797.24. The company has a market capitalization of $36.46 billion, a PE ratio of 66.41, a PEG ratio of 3.43 and a beta of 0.17. Elbit Systems Ltd. has a 1-year low of $432.85 and a 1-year high of $1,016.06. The company has a current ratio of 1.41, a quick ratio of 0.86 and a debt-to-equity ratio of 0.06.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last announced its earnings results on Tuesday, May 26th. The aerospace company reported $3.87 EPS for the quarter, topping analysts' consensus estimates of $2.98 by $0.89. The company had revenue of $2.19 billion for 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%. As a group, equities analysts forecast that Elbit Systems Ltd. will post 15.3 EPS for the current year.

Elbit Systems Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Tuesday, June 23rd were given a $1.00 dividend. The ex-dividend date was Tuesday, June 23rd. This represents a $4.00 dividend on an annualized basis and a yield of 0.5%. Elbit Systems's dividend payout ratio is presently 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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