MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Buys 38,305 Shares of Elbit Systems Ltd. $ESLT

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Elbit Systems Ltd. by 61.3%, acquiring an additional 38,305 shares during the first quarter, bringing its total ownership to 100,779 shares valued at approximately $38.5 million.
• Bank of America raised its price target for Elbit Systems from $500.00 to $540.00 and maintained a "buy" rating, indicating confidence in the stock's future performance.
• Elbit Systems is set to pay a quarterly dividend of $0.75 on October 27th, up from the previous $0.60, reflecting a commitment to returning value to shareholders.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 61.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 100,779 shares of the aerospace company's stock after acquiring an additional 38,305 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.23% of Elbit Systems worth $38,533,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC acquired a new position in shares of Elbit Systems in the first quarter valued at approximately $353,000. Amundi lifted its stake in Elbit Systems by 12.4% during the first quarter. Amundi now owns 13,332 shares of the aerospace company's stock worth $5,202,000 after purchasing an additional 1,467 shares during the last quarter. 5th Street Advisors LLC bought a new stake in Elbit Systems during the first quarter worth $239,000. PDT Partners LLC lifted its stake in shares of Elbit Systems by 41.7% in the 1st quarter. PDT Partners LLC now owns 10,634 shares of the aerospace company's stock valued at $4,080,000 after acquiring an additional 3,130 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of Elbit Systems by 924.6% in the 1st quarter. Cubist Systematic Strategies LLC now owns 5,584 shares of the aerospace company's stock valued at $2,142,000 after acquiring an additional 5,039 shares during the last quarter. Institutional investors and hedge funds own 17.88% of the company's stock.

Elbit Systems Stock Performance

NASDAQ ESLT remained flat at $505.45 during trading hours on Friday. 14,238 shares of the company traded hands, compared to its average volume of 106,284. Elbit Systems Ltd. has a twelve month low of $188.53 and a twelve month high of $507.61. The stock has a market capitalization of $22.47 billion, a P/E ratio of 57.40, a PEG ratio of 1.89 and a beta of 0.37. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.29 and a quick ratio of 0.77. The company's 50 day moving average price is $462.58 and its 200-day moving average price is $418.45.

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 for the quarter, beating the consensus estimate of $2.57 by $0.66. Elbit Systems had a net margin of 5.35% and a return on equity of 14.29%. The business had revenue of $1.97 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same quarter last year, the firm earned $2.08 EPS. Research analysts anticipate that Elbit Systems Ltd. will post 8.05 EPS for the current fiscal year.

Elbit Systems Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Tuesday, October 14th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $3.00 annualized dividend 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%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ESLT shares. Wall Street Zen upgraded Elbit Systems from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Bank of America increased their price objective on Elbit Systems from $500.00 to $540.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, Elbit Systems has an average rating of "Buy" and an average target price of $540.00.

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.