Harel Insurance Investments & Financial Services Ltd. Raises Stake in Elbit Systems Ltd. $ESLT

Key Points

• Harel Insurance increased its stake in Elbit Systems by 709.3% in the fourth quarter to 88,075 shares—about 0.20% of the company—valued at approximately $50.95 million.
• Elbit beat expectations in its most recent quarter (EPS $3.56 vs. $3.23; revenue $2.15B vs. $2.09B) and raised its quarterly dividend to $1.00, while analysts have lifted targets and ratings resulting in a consensus "Moderate Buy" with an average target of $667.
• Insiders sold 69,736 shares (~$61.9 million) over the last quarter, institutions/hedge funds own 17.88% of the stock, and Elbit trades near $851 with a market cap around $37.8 billion and a high P/E (~75).

Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 709.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 88,075 shares of the aerospace company's stock after buying an additional 77,192 shares during the quarter. Harel Insurance Investments & Financial Services Ltd. owned approximately 0.20% of Elbit Systems worth $50,948,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ESLT. Royal Bank of Canada grew its holdings in shares of Elbit Systems by 98.9% during the first quarter. Royal Bank of Canada now owns 2,464 shares of the aerospace company's stock worth $946,000 after buying an additional 1,225 shares in the last quarter. AQR Capital Management LLC purchased a new stake in shares of Elbit Systems during the first quarter worth about $353,000. NewEdge Advisors LLC grew its holdings in shares of Elbit Systems by 3,461.1% during the first quarter. NewEdge Advisors LLC now owns 641 shares of the aerospace company's stock worth $246,000 after buying an additional 623 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Elbit Systems by 33.7% during the first quarter. Goldman Sachs Group Inc. now owns 135,106 shares of the aerospace company's stock worth $51,837,000 after buying an additional 34,049 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Elbit Systems by 7.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 16,521 shares of the aerospace company's stock worth $6,339,000 after buying an additional 1,191 shares in the last quarter. 17.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ESLT shares. JPMorgan Chase & Co. lifted their price target on shares of Elbit Systems from $580.00 to $930.00 and gave the stock a "neutral" rating in a report on Monday, April 13th. Wall Street Zen upgraded shares of Elbit Systems from a "hold" rating to a "buy" rating in a report on Saturday, January 17th. Finally, Zacks Research upgraded shares of Elbit Systems from a "hold" rating to a "strong-buy" rating in a report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $667.00.

Elbit Systems Price Performance

Elbit Systems stock opened at $851.26 on Wednesday. Elbit Systems Ltd. has a 1 year low of $369.60 and a 1 year high of $1,016.06. The firm has a 50 day moving average price of $872.83 and a 200 day moving average price of $680.97. The company has a market cap of $37.84 billion, a price-to-earnings ratio of 74.93, a PEG ratio of 3.60 and a beta of 0.14. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 1.29.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last released its earnings results on Tuesday, March 17th. The aerospace company reported $3.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.23 by $0.33. The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.09 billion. Elbit Systems had a net margin of 6.73% and a return on equity of 15.53%. Sell-side analysts predict that Elbit Systems Ltd. will post 15.47 earnings per share for the current year.

Elbit Systems Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 27th. Shareholders of record on Monday, April 13th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 0.5%. This is a positive change from Elbit Systems's previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, April 13th. Elbit Systems's dividend payout ratio is presently 29.31%.

Insider Activity

In other Elbit Systems news, EVP Yoram Shmuely sold 7,654 shares of Elbit Systems stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $887.40, for a total transaction of $6,792,159.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Oren Yaacov Sabag sold 8,504 shares of Elbit Systems stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $887.40, for a total transaction of $7,546,449.60. The SEC filing for this sale provides additional information. Insiders sold a total of 69,736 shares of company stock valued at $61,883,726 over the last quarter. 0.84% of the stock is owned by insiders.

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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