Elbit Systems Ltd. $ESLT Shares Purchased by Van ECK Associates Corp

Key Points

• Van ECK Associates boosted its stake in Elbit Systems by 3,162% in Q3, buying 628,236 shares to hold 648,104 shares (about 1.46% of the company) valued at roughly $330.4 million.
• Elbit shares opened at $902.58 (down 3.6%), with a 52-week range of $343.00–$960.00, a market cap of $40.12 billion and a high P/E of 91.73, signaling elevated valuation metrics.
• Analysts are mixed: the consensus rating is Hold with an average target of $550.33 (well below the current price), amid recent downgrades and a few buy/neutral reassessments by firms like Morgan Stanley and JPMorgan.

Van ECK Associates Corp lifted its holdings in Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 3,162.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 648,104 shares of the aerospace company's stock after purchasing an additional 628,236 shares during the period. Van ECK Associates Corp owned about 1.46% of Elbit Systems worth $330,404,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Citizens Financial Group Inc. RI purchased a new stake in shares of Elbit Systems in the third quarter valued at approximately $730,000. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Elbit Systems in the 3rd quarter valued at $824,000. JPMorgan Chase & Co. increased its holdings in Elbit Systems by 226.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 193,561 shares of the aerospace company's stock worth $87,006,000 after acquiring an additional 134,300 shares in the last quarter. ARK Investment Management LLC raised its position in Elbit Systems by 11.6% during the third quarter. ARK Investment Management LLC now owns 53,569 shares of the aerospace company's stock worth $27,309,000 after acquiring an additional 5,550 shares during the period. Finally, Invesco Ltd. grew its position in shares of Elbit Systems by 2.5% in the second quarter. Invesco Ltd. now owns 337,292 shares of the aerospace company's stock valued at $151,613,000 after purchasing an additional 8,310 shares during the period. Institutional investors and hedge funds own 17.88% of the company's stock.

Elbit Systems Stock Down 3.6%

Shares of NASDAQ:ESLT opened at $902.58 on Tuesday. Elbit Systems Ltd. has a 52-week low of $343.00 and a 52-week high of $960.00. The stock has a market cap of $40.12 billion, a P/E ratio of 91.73, a PEG ratio of 2.84 and a beta of 0.22. The business has a fifty day moving average of $715.55 and a two-hundred day moving average of $573.65. The company has a quick ratio of 0.76, a current ratio of 1.32 and a debt-to-equity ratio of 0.06.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ESLT shares. Morgan Stanley started coverage on shares of Elbit Systems in a research report on Thursday, December 11th. They set an "equal weight" rating and a $531.00 price target for the company. Weiss Ratings restated a "buy (b)" rating on shares of Elbit Systems in a research report on Monday, December 29th. Wall Street Zen upgraded Elbit Systems from a "hold" rating to a "buy" rating in a research report on Saturday, January 17th. Zacks Research downgraded Elbit Systems from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, November 12th. Finally, JPMorgan Chase & Co. raised their price objective on Elbit Systems from $530.00 to $580.00 and gave the company a "neutral" rating in a report on Friday, December 19th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $550.33.

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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