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

Key Points

• Clal Insurance Enterprises Holdings increased its Elbit Systems stake by 4.5% in Q1, buying 69,165 more shares and bringing its holding to 1,619,783 shares worth about $1.35 billion. Elbit Systems is now its second-largest position.
• Elbit Systems beat earnings expectations in its latest quarter, reporting $3.87 EPS versus the $2.98 consensus and revenue of $2.19 billion, while maintaining a net margin of 7.14%. Analysts expect the company to earn 15.3 EPS for the full year.
• The stock also paid a quarterly dividend of $1.00, or $4.00 annualized, for a yield of about 0.5%. Despite that, analysts currently have a consensus Hold rating with an average price target of $803.75.

Clal Insurance Enterprises Holdings Ltd raised its stake in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 4.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,619,783 shares of the aerospace company's stock after purchasing an additional 69,165 shares during the period. Elbit Systems accounts for approximately 8.1% of Clal Insurance Enterprises Holdings Ltd's holdings, making the stock its 2nd biggest position. Clal Insurance Enterprises Holdings Ltd owned 3.64% of Elbit Systems worth $1,351,958,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Amova Asset Management Americas Inc. increased its stake in Elbit Systems by 1.5% in the 1st quarter. Amova Asset Management Americas Inc. now owns 18,689 shares of the aerospace company's stock worth $15,871,000 after acquiring an additional 271 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Elbit Systems by 2.0% during the 1st quarter. Parallel Advisors LLC now owns 883 shares of the aerospace company's stock valued at $750,000 after acquiring an additional 17 shares during the last quarter. Swiss National Bank boosted its position in shares of Elbit Systems by 27.7% during the 1st quarter. Swiss National Bank now owns 102,740 shares of the aerospace company's stock valued at $85,619,000 after acquiring an additional 22,315 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Elbit Systems in the first quarter valued at $128,135,000. Finally, Dorsey Wright & Associates bought a new stake in Elbit Systems in the first quarter worth $2,866,000. 17.88% of the stock is owned by institutional investors.

Elbit Systems Stock Up 2.6%

Shares of NASDAQ:ESLT opened at $774.63 on Wednesday. Elbit Systems Ltd. has a 1 year low of $432.85 and a 1 year high of $1,016.06. The business has a 50 day simple moving average of $790.97 and a two-hundred day simple moving average of $794.04. The firm has a market capitalization of $34.44 billion, a PE ratio of 62.72, a price-to-earnings-growth ratio of 3.20 and a beta of 0.17. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.41 and a quick ratio of 0.86.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last issued its quarterly earnings results 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 return on equity of 16.15% and a net margin of 7.14%.The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.14 billion. On average, equities analysts predict that Elbit Systems Ltd. will post 15.3 EPS for the current year.

Elbit Systems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 23rd were issued a $1.00 dividend. The ex-dividend date was Tuesday, June 23rd. This represents a $4.00 dividend on an annualized basis and a dividend yield of 0.5%. Elbit Systems's payout ratio is presently 26.88%.

Analysts Set New Price Targets

A number of brokerages have commented on ESLT. Jefferies Financial Group dropped their price objective 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. upped their target price on shares of Elbit Systems from $930.00 to $950.00 and gave the company a "neutral" rating in a research report on Wednesday, May 27th. Zacks Research downgraded shares of Elbit Systems from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 24th. Finally, Morgan Stanley set a $845.00 price target on Elbit Systems in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $803.75.

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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