Elbit Systems Ltd. $ESLT Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Elbit Systems stake by 23.9% in the first quarter, selling 57,070 shares and retaining 181,635 shares valued at approximately $154.2 million.
• Elbit Systems reported quarterly EPS of $3.87, beating estimates of $2.98, while revenue reached $2.19 billion versus the $2.14 billion consensus. Shares opened at $864.26, up 1.8%.
• The company paid a quarterly dividend of $1.00 per share, representing a $4.00 annualized payout and a 0.5% yield. Analysts maintain an overall Hold rating, with an average price target of $803.75.

Bank of America Corp DE trimmed its position in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 23.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 181,635 shares of the aerospace company's stock after selling 57,070 shares during the period. Bank of America Corp DE owned approximately 0.41% of Elbit Systems worth $154,225,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ESLT. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Elbit Systems by 709.3% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 88,075 shares of the aerospace company's stock valued at $50,948,000 after acquiring an additional 77,192 shares during the period. Vanguard Group Inc. increased its holdings in shares of Elbit Systems by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 998,267 shares of the aerospace company's stock worth $573,131,000 after acquiring an additional 13,406 shares during the period. UBS Group AG increased its holdings in shares of Elbit Systems by 35.5% in the 4th quarter. UBS Group AG now owns 126,864 shares of the aerospace company's stock worth $73,291,000 after acquiring an additional 33,235 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Elbit Systems by 8.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,235 shares of the aerospace company's stock valued at $10,202,000 after purchasing an additional 1,357 shares during the last quarter. Finally, HighTower Advisors LLC lifted its position in Elbit Systems by 101.9% in the 4th quarter. HighTower Advisors LLC now owns 8,807 shares of the aerospace company's stock valued at $5,084,000 after purchasing an additional 4,444 shares during the last quarter. Hedge funds and other institutional investors own 17.88% of the company's stock.

Elbit Systems Trading Up 1.8%

Shares of NASDAQ:ESLT opened at $864.26 on Thursday. The company has a 50 day moving average of $798.38 and a 200-day moving average of $805.65. The company has a current ratio of 1.41, a quick ratio of 0.86 and a debt-to-equity ratio of 0.06. The firm has a market cap of $38.42 billion, a P/E ratio of 69.98, a P/E/G ratio of 3.60 and a beta of 0.17. Elbit Systems Ltd. has a twelve month low of $432.85 and a twelve month high of $1,016.06.

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

Elbit Systems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Tuesday, June 23rd were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, June 23rd. Elbit Systems's dividend payout ratio (DPR) is presently 26.96%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Jefferies Financial Group decreased their target price on shares of Elbit Systems from $950.00 to $880.00 and set a "hold" rating for the company in a research report on Wednesday, June 24th. JPMorgan Chase & Co. lifted their price target on Elbit Systems from $930.00 to $950.00 and gave the company a "neutral" rating in a report on Wednesday, May 27th. Morgan Stanley set a $845.00 price objective on Elbit Systems in a research report on Wednesday, July 15th. Finally, Zacks Research downgraded Elbit Systems from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price 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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