Elbit Systems Ltd. $ESLT Shares Bought by Meitav Investment House Ltd.

Key Points

• Meitav Investment House Ltd. increased its stake in Elbit Systems by 8.9% in the first quarter, buying 32,617 additional shares and bringing its holding to 397,089 shares worth about $333 million.
• Elbit Systems reported better-than-expected quarterly results, with EPS of $3.87 versus estimates of $2.98 and revenue of $2.19 billion, while analysts now expect full-year EPS of 15.3.
• Despite strong earnings, the stock was under pressure as one analyst downgraded it to hold and the shares fell to $777.82, below the consensus price target of $725.25.

Meitav Investment House Ltd. raised its stake in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 8.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 397,089 shares of the aerospace company's stock after purchasing an additional 32,617 shares during the period. Elbit Systems accounts for 3.7% of Meitav Investment House Ltd.'s holdings, making the stock its 6th biggest position. Meitav Investment House Ltd. owned about 0.89% of Elbit Systems worth $332,985,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of ESLT. DGS Capital Management LLC acquired a new position in shares of Elbit Systems during the 1st quarter worth about $414,000. AdvisorShares Investments LLC acquired a new stake in Elbit Systems in the 1st quarter worth about $1,361,000. HB Wealth Management LLC boosted its holdings in Elbit Systems by 75.9% in the 1st quarter. HB Wealth Management LLC now owns 1,103 shares of the aerospace company's stock worth $937,000 after buying an additional 476 shares during the last quarter. Optas LLC purchased a new stake in Elbit Systems during the 1st quarter worth approximately $200,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Elbit Systems during the 1st quarter worth approximately $1,359,000. Institutional investors and hedge funds own 17.88% of the company's stock.

Insider Activity at Elbit Systems

In other Elbit Systems news, EVP Yoram Shmuely sold 7,654 shares of the company's stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $887.40, for a total value of $6,792,159.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jonathan Ariel sold 7,654 shares of the firm's stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $887.40, for a total value of $6,792,159.60. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 69,736 shares of company stock valued at $61,883,726 in the last three months. Company insiders own 0.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Zacks Research downgraded Elbit Systems from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 24th. Jefferies Financial Group reduced their price objective on Elbit Systems from $950.00 to $880.00 and set a "hold" rating for the company in a research note on Wednesday, June 24th. Finally, JPMorgan Chase & Co. raised their price objective on Elbit Systems from $930.00 to $950.00 and gave the company a "neutral" rating in a report on Wednesday, May 27th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $725.25.

Elbit Systems Price Performance

NASDAQ ESLT traded down $33.19 during trading hours on Tuesday, hitting $777.82. 41,931 shares of the company's stock traded hands, compared to its average volume of 143,276. The company has a market capitalization of $34.57 billion, a PE ratio of 62.94, a PEG ratio of 3.41 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 Ltd. has a 52-week low of $422.84 and a 52-week high of $1,016.06. The firm's 50-day moving average is $805.11 and its 200-day moving average is $779.79.

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

Elbit Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 23rd were given a dividend of $1.00 per share. 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 (DPR) is presently 26.96%.

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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