Elbit Systems Ltd. $ESLT Shares Purchased by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP increased its Elbit Systems stake by 542.8% in the second quarter, ending the period with 2,507 shares valued at approximately $1.9 million. Institutional investors collectively own 17.88% of the company.
• Elbit Systems exceeded quarterly expectations, reporting $4.14 in EPS and $2.29 billion in revenue, above analyst estimates. The company also declared a $1.00 quarterly dividend, representing a 0.5% yield.
• Analysts maintain a consensus “Hold” rating, with an average price target of $870, while the stock recently opened at $731.75 after trading between $453.00 and $1,016.06 over the past year.

Engineers Gate Manager LP boosted its position in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 542.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,507 shares of the aerospace company's stock after purchasing an additional 2,117 shares during the quarter. Engineers Gate Manager LP's holdings in Elbit Systems were worth $1,902,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ESLT. WPG Advisers LLC purchased a new position in Elbit Systems during the 1st quarter valued at about $26,000. Optiver Holding B.V. purchased a new position in shares of Elbit Systems during the 1st quarter worth approximately $46,000. IFP Advisors Inc raised its position in shares of Elbit Systems by 225.0% during the 2nd quarter. IFP Advisors Inc now owns 65 shares of the aerospace company's stock worth $49,000 after purchasing an additional 45 shares during the last quarter. Archer Investment Corp purchased a new stake in Elbit Systems in the 1st quarter valued at approximately $85,000. Finally, Leonteq Securities AG acquired a new stake in Elbit Systems during the 4th quarter valued at $68,000. Hedge funds and other institutional investors own 17.88% of the company's stock.

Elbit Systems Price Performance

ESLT stock opened at $731.75 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 1.39 and a debt-to-equity ratio of 0.04. The stock's 50 day moving average is $762.45 and its two-hundred day moving average is $813.73. The company has a market capitalization of $32.53 billion, a PE ratio of 55.14, a P/E/G ratio of 3.01 and a beta of 0.14. Elbit Systems Ltd. has a 52-week low of $453.00 and a 52-week high of $1,016.06.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $4.14 EPS for the quarter, beating analysts' consensus estimates of $3.69 by $0.45. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. Elbit Systems had a net margin of 7.44% and a return on equity of 16.66%. Analysts predict that Elbit Systems Ltd. will post 15.61 earnings per share for the current fiscal year.

Elbit Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 26th. Investors of record on Tuesday, October 13th will be paid a dividend of $1.00 per share. The ex-dividend date is Tuesday, October 13th. This represents a $4.00 annualized dividend and a yield of 0.5%. Elbit Systems's dividend payout ratio (DPR) is 25.09%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ESLT. JPMorgan Chase & Co. reduced their price objective on Elbit Systems from $950.00 to $885.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 19th. Jefferies Financial Group decreased their price target on shares of Elbit Systems from $950.00 to $880.00 and set a "hold" rating on the stock in a research note on Wednesday, June 24th. Wall Street Zen cut shares of Elbit Systems from a "buy" rating to a "hold" rating in a research note on Saturday, September 5th. Morgan Stanley set a $845.00 price objective on shares of Elbit Systems in a research note on Wednesday, July 15th. Finally, Weiss Ratings downgraded Elbit Systems from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, August 26th. Five research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $870.00.

Elbit Systems Profile

Elbit Systems Ltd. is an Israel-based international defense technology company that develops and supplies systems for military, homeland security, and commercial aviation applications. The company's portfolio includes command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) solutions; unmanned aircraft and ground systems; electro-optical and night-vision equipment; electronic warfare and signals intelligence systems; and cyber-related technologies.

Elbit Systems also provides products and services for land forces, including artillery systems, precision-guided munitions, vehicle systems, tactical communications, and fire-control solutions.

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