Elbit Systems Ltd. $ESLT Shares Acquired by Korea Investment CORP

Key Points

• Korea Investment CORP has significantly increased its stake in Elbit Systems Ltd. by 88.5%, now owning 15,238 shares worth approximately $5.83 million.
• Elbit Systems reported a better-than-expected quarterly earnings of $3.23 EPS, surpassing the consensus estimate of $2.57, alongside revenues of $1.97 billion.
• The company also announced an increase in its quarterly dividend to $0.75 per share, up from the previous $0.60, reflecting confidence in its financial performance.

Korea Investment CORP boosted its stake in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 88.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 15,238 shares of the aerospace company's stock after purchasing an additional 7,155 shares during the period. Korea Investment CORP's holdings in Elbit Systems were worth $5,826,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd boosted its stake in shares of Elbit Systems by 0.3% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,357,148 shares of the aerospace company's stock worth $520,189,000 after acquiring an additional 4,248 shares in the last quarter. Vanguard Group Inc. lifted its stake in Elbit Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 889,904 shares of the aerospace company's stock valued at $341,276,000 after buying an additional 15,552 shares in the last quarter. Y.D. More Investments Ltd lifted its stake in Elbit Systems by 0.6% in the 1st quarter. Y.D. More Investments Ltd now owns 452,288 shares of the aerospace company's stock valued at $173,349,000 after buying an additional 2,541 shares in the last quarter. Deutsche Bank AG lifted its stake in Elbit Systems by 61.2% in the 1st quarter. Deutsche Bank AG now owns 117,083 shares of the aerospace company's stock valued at $44,922,000 after buying an additional 44,459 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Elbit Systems by 1.2% in the 1st quarter. Swiss National Bank now owns 75,342 shares of the aerospace company's stock valued at $28,825,000 after buying an additional 912 shares in the last quarter. 17.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ESLT has been the topic of a number of research reports. Bank of America raised their price target on shares of Elbit Systems from $500.00 to $540.00 and gave the company a "buy" rating in a research note on Tuesday. Wall Street Zen lowered shares of Elbit Systems from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $540.00.

Elbit Systems Price Performance

ESLT stock traded up $2.41 during mid-day trading on Thursday, reaching $488.84. The company's stock had a trading volume of 20,162 shares, compared to its average volume of 106,921. The company's 50 day moving average is $451.33 and its two-hundred day moving average is $404.19. The stock has a market cap of $21.73 billion, a PE ratio of 55.28, a P/E/G ratio of 1.85 and a beta of 0.33. The company has a current ratio of 1.29, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. Elbit Systems Ltd. has a fifty-two week low of $188.53 and a fifty-two week high of $499.00.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The aerospace company reported $3.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.57 by $0.66. The business had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $1.89 billion. Elbit Systems had a net margin of 5.35% and a return on equity of 14.29%. During the same quarter last year, the firm earned $2.08 EPS. Equities research analysts expect that Elbit Systems Ltd. will post 8.05 EPS for the current year.

Elbit Systems Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Tuesday, October 14th will be issued a dividend of $0.75 per share. The ex-dividend date is Tuesday, October 14th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 0.6%. This is an increase from Elbit Systems's previous quarterly dividend of $0.60. Elbit Systems's payout ratio is 22.70%.

Elbit Systems Company Profile

Elbit Systems Ltd. develops and supplies a portfolio of airborne, land, and naval systems and products for the defense, homeland security, and commercial aviation applications primarily in Israel. The company operates through Aerospace, C4I and Cyber, ISTAR and EW, Land, and Elbit Systems of America segments.