Drive Wealth Management LLC Makes New $252,000 Investment in Elbit Systems Ltd. (NASDAQ:ESLT)

Key Points

• Drive Wealth Management LLC has invested approximately $252,000 in Elbit Systems Ltd. by acquiring 657 shares in the first quarter.
• Several other institutional investors have also entered or increased their positions in Elbit Systems during the same period, with significant increases in holdings noted from SBI Securities Co. Ltd. and Signaturefd LLC.
• Elbit Systems recently received a rating upgrade from "buy" to "strong-buy" and a new $500 price target from Bank of America, reflecting positive analyst sentiment.

Drive Wealth Management LLC purchased a new position in Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 657 shares of the aerospace company's stock, valued at approximately $252,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Elbit Systems by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 874,352 shares of the aerospace company's stock worth $229,268,000 after acquiring an additional 10,215 shares in the last quarter. Invesco Ltd. raised its stake in Elbit Systems by 13.1% in the fourth quarter. Invesco Ltd. now owns 338,256 shares of the aerospace company's stock worth $87,294,000 after buying an additional 39,095 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Elbit Systems by 177.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 227,102 shares of the aerospace company's stock valued at $59,207,000 after purchasing an additional 145,324 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Elbit Systems by 4.2% during the fourth quarter. Nuveen Asset Management LLC now owns 71,799 shares of the aerospace company's stock valued at $18,779,000 after purchasing an additional 2,892 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Elbit Systems by 26.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,474 shares of the aerospace company's stock valued at $16,340,000 after buying an additional 12,891 shares during the last quarter. 17.88% of the stock is currently owned by hedge funds and other institutional investors.

Elbit Systems Price Performance

NASDAQ ESLT traded up $3.78 on Wednesday, reaching $457.61. The company had a trading volume of 60,453 shares, compared to its average volume of 99,794. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $20.34 billion, a PE ratio of 58.07 and a beta of 0.33. The firm's 50 day moving average price is $430.35 and its 200 day moving average price is $380.95. Elbit Systems Ltd. has a 12 month low of $177.85 and a 12 month high of $476.04.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last posted its earnings results on Tuesday, May 20th. The aerospace company reported $2.57 earnings per share for the quarter, topping analysts' consensus estimates of $2.30 by $0.27. Elbit Systems had a net margin of 4.95% and a return on equity of 13.49%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the previous year, the firm posted $1.81 EPS. As a group, equities analysts predict that Elbit Systems Ltd. will post 8.05 earnings per share for the current year.

Elbit Systems Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Tuesday, June 24th were issued a dividend of $0.60 per share. The ex-dividend date was Tuesday, June 24th. This represents a $2.40 dividend on an annualized basis and a yield of 0.52%. Elbit Systems's dividend payout ratio is currently 25.38%.

Wall Street Analyst Weigh In

ESLT has been the topic of several research reports. Bank of America initiated coverage on shares of Elbit Systems in a report on Thursday, July 24th. They issued a "buy" rating and a $500.00 target price on the stock. Wall Street Zen upgraded shares of Elbit Systems from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 22nd.

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.