Elbit Systems Ltd. $ESLT Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies reduced its Elbit Systems stake by 43.7% in the first quarter, selling 20,634 shares and retaining 26,540 shares valued at approximately $22.5 million. Institutional investors and hedge funds collectively own 17.88% of ESLT.
• Analyst sentiment is mostly cautious, with a consensus “Hold” rating and an average price target of $803.75. Recent target prices range from $845 to $950, while Jefferies lowered its target to $880.
• Elbit Systems exceeded quarterly expectations, reporting $3.87 in earnings per share versus a $2.98 estimate and $2.19 billion in revenue. The company also paid a quarterly dividend of $1.00 per share, equivalent to a 0.5% annualized yield.

Renaissance Technologies LLC cut its holdings in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 43.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,540 shares of the aerospace company's stock after selling 20,634 shares during the quarter. Renaissance Technologies LLC owned 0.06% of Elbit Systems worth $22,535,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ESLT. Gabelli Funds LLC lifted its holdings in shares of Elbit Systems by 4.4% in the 1st quarter. Gabelli Funds LLC now owns 2,245 shares of the aerospace company's stock valued at $1,906,000 after buying an additional 94 shares during the period. Modern Wealth Management LLC purchased a new position in Elbit Systems during the first quarter valued at approximately $293,000. Sei Investments Co. acquired a new position in Elbit Systems in the first quarter valued at approximately $731,000. Cetera Investment Advisers boosted its position in Elbit Systems by 3.2% in the 1st quarter. Cetera Investment Advisers now owns 9,698 shares of the aerospace company's stock worth $8,107,000 after purchasing an additional 304 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Elbit Systems by 10.7% during the 1st quarter. First Trust Advisors LP now owns 4,502 shares of the aerospace company's stock worth $3,778,000 after purchasing an additional 435 shares during the period. 17.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ESLT shares. Zacks Research cut Elbit Systems from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 24th. Morgan Stanley set a $845.00 price objective on Elbit Systems in a research report on Wednesday, July 15th. Jefferies Financial Group reduced their target price 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. lifted their price target on shares of Elbit Systems from $930.00 to $950.00 and gave the company a "neutral" rating in a research note on Wednesday, May 27th. Two investment 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.com, the stock has a consensus rating of "Hold" and an average target price of $803.75.

Elbit Systems Stock Performance

NASDAQ ESLT opened at $769.10 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.41 and a quick ratio of 0.86. The stock's 50 day simple moving average is $795.23 and its 200-day simple moving average is $801.45. The company has a market cap of $34.19 billion, a PE ratio of 62.28, a price-to-earnings-growth ratio of 3.47 and a beta of 0.17. Elbit Systems Ltd. has a 1-year low of $432.85 and a 1-year high of $1,016.06.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 26th. The aerospace company reported $3.87 EPS for the quarter, topping the consensus estimate of $2.98 by $0.89. The firm had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.14 billion. Elbit Systems had a return on equity of 16.15% and a net margin of 7.14%. As a group, equities research analysts anticipate that Elbit Systems Ltd. will post 15.3 EPS for the current fiscal year.

Elbit Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Tuesday, June 23rd were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Tuesday, June 23rd. Elbit Systems's dividend payout ratio is 26.96%.

Elbit Systems Company 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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