Clal Insurance Enterprises Holdings Ltd Increases Position in Elbit Systems Ltd. $ESLT

Key Points

• Clal Insurance Enterprises Holdings boosted its stake in Elbit Systems by 34.4% in the fourth quarter, adding 397,049 shares and bringing its total to 1,550,618 shares worth about $893.9 million.
• Elbit Systems reported strong quarterly results, with earnings of $3.87 per share versus the $2.98 consensus estimate and revenue of $2.19 billion, both topping analyst expectations.
• The company also announced a quarterly dividend of $1.00 per share, while several insiders sold shares recently, including CEO Bezhalel Machlis and EVP Haim Daniel Delmar.

Clal Insurance Enterprises Holdings Ltd increased its position in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 34.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,550,618 shares of the aerospace company's stock after purchasing an additional 397,049 shares during the period. Elbit Systems accounts for about 5.8% of Clal Insurance Enterprises Holdings Ltd's investment portfolio, making the stock its 4th largest holding. Clal Insurance Enterprises Holdings Ltd's holdings in Elbit Systems were worth $893,941,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its holdings in Elbit Systems by 3.3% during the fourth quarter. Advisors Asset Management Inc. now owns 8,529 shares of the aerospace company's stock worth $4,927,000 after purchasing an additional 273 shares in the last quarter. HRT Financial LP grew its position in Elbit Systems by 113.7% in the fourth quarter. HRT Financial LP now owns 2,302 shares of the aerospace company's stock worth $1,329,000 after buying an additional 1,225 shares during the last quarter. Brooklyn Investment Group acquired a new position in Elbit Systems in the fourth quarter worth approximately $215,000. Counterpoint Mutual Funds LLC grew its position in Elbit Systems by 485.7% in the fourth quarter. Counterpoint Mutual Funds LLC now owns 5,857 shares of the aerospace company's stock worth $3,384,000 after buying an additional 4,857 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in Elbit Systems by 49.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 514 shares of the aerospace company's stock worth $297,000 after buying an additional 171 shares during the last quarter. Institutional investors own 17.88% of the company's stock.

Insider Activity

In other Elbit Systems news, CEO Bezhalel Machlis sold 25,514 shares of Elbit Systems stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $887.40, for a total transaction of $22,641,123.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Haim Daniel Delmar sold 7,654 shares of Elbit Systems stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $887.40, for a total transaction of $6,792,159.60. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 69,736 shares of company stock worth $61,883,726. 0.84% of the stock is owned by corporate insiders.

Elbit Systems Trading Down 6.5%

Elbit Systems stock opened at $854.06 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.86 and a current ratio of 1.41. The firm has a market cap of $37.96 billion, a price-to-earnings ratio of 69.15, a price-to-earnings-growth ratio of 3.72 and a beta of 0.14. Elbit Systems Ltd. has a 1 year low of $415.90 and a 1 year high of $1,016.06. The firm's 50 day moving average price is $843.07 and its two-hundred day moving average price is $745.06.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 26th. The aerospace company reported $3.87 earnings per share for the quarter, topping the consensus estimate of $2.98 by $0.89. Elbit Systems had a net margin of 7.14% and a return on equity of 16.15%. The firm had revenue of $2.19 billion for the quarter, compared to analysts' expectations of $2.14 billion. On average, research analysts predict that Elbit Systems Ltd. will post 15.94 EPS for the current fiscal year.

Elbit Systems Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on ESLT shares. JPMorgan Chase & Co. lifted their price target on shares of Elbit Systems from $930.00 to $950.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 27th. Jefferies Financial Group restated a "hold" rating and issued a $950.00 price target on shares of Elbit Systems in a research report on Wednesday, May 27th. Finally, Zacks Research upgraded shares of Elbit Systems from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $742.75.

Elbit Systems 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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