PDT Partners LLC Acquires 3,130 Shares of Elbit Systems Ltd. $ESLT

Key Points

• PDT Partners LLC increased its stake in Elbit Systems Ltd. by 41.7% in Q1, acquiring an additional 3,130 shares, bringing their total holdings to 10,634 shares valued at approximately $4.08 million.
• Elbit Systems has announced a quarterly dividend increase from $0.60 to $0.75 per share, with the dividend yield currently at 0.6%.
• Elbit Systems reported strong quarterly earnings of $3.23 per share, exceeding analyst expectations, and also achieved a revenue of $1.97 billion, which was higher than the consensus estimate of $1.89 billion.

PDT Partners LLC increased its holdings in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 41.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,634 shares of the aerospace company's stock after acquiring an additional 3,130 shares during the quarter. PDT Partners LLC's holdings in Elbit Systems were worth $4,080,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of ESLT. Nuveen LLC bought a new position in Elbit Systems during the first quarter worth about $25,929,000. Deutsche Bank AG increased its position in Elbit Systems by 61.2% during the first quarter. Deutsche Bank AG now owns 117,083 shares of the aerospace company's stock worth $44,922,000 after acquiring an additional 44,459 shares during the period. Vanguard Group Inc. increased its position in Elbit Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 889,904 shares of the aerospace company's stock worth $341,276,000 after acquiring an additional 15,552 shares during the period. Squarepoint Ops LLC grew its stake in Elbit Systems by 105.8% during the fourth quarter. Squarepoint Ops LLC now owns 809 shares of the aerospace company's stock worth $209,000 after buying an additional 14,796 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Elbit Systems by 26.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,474 shares of the aerospace company's stock worth $16,340,000 after buying an additional 12,891 shares in the last quarter. 17.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Elbit Systems from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Bank of America increased their price objective on shares of Elbit Systems from $500.00 to $540.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $540.00.

Elbit Systems Price Performance

Shares of ESLT traded up $2.50 during mid-day trading on Friday, reaching $482.04. The company had a trading volume of 129,473 shares, compared to its average volume of 129,507. The company's 50 day simple moving average is $457.85 and its 200 day simple moving average is $412.96. Elbit Systems Ltd. has a 1-year low of $188.53 and a 1-year high of $499.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 1.29. The company has a market capitalization of $21.43 billion, a price-to-earnings ratio of 54.72, a P/E/G ratio of 1.80 and a beta of 0.37.

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

Elbit Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Investors of record on Tuesday, October 14th will be issued a $0.75 dividend. This is a boost from Elbit Systems's previous quarterly dividend of $0.60. The ex-dividend date is Tuesday, October 14th. This represents a $3.00 dividend on an annualized basis and a yield of 0.6%. Elbit Systems's dividend payout ratio (DPR) 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.