Public Employees Retirement System of Ohio Raises Position in Elbit Systems Ltd. $ESLT

Key Points

• The Public Employees Retirement System of Ohio increased its stake in Elbit Systems Ltd. by 11.3% during the second quarter, owning 5,251 shares valued at approximately $2.34 million.
• Elbit Systems reported earnings of $3.23 EPS, surpassing analysts' estimates, and had quarterly revenue of $1.97 billion, exceeding expectations of $1.89 billion.
• The company declared a quarterly dividend of $0.75 per share, marking an increase from its previous dividend of $0.60, reflecting a commitment to returning value to shareholders.

Public Employees Retirement System of Ohio grew its stake in Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 11.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,251 shares of the aerospace company's stock after purchasing an additional 534 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Elbit Systems were worth $2,342,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Clal Insurance Enterprises Holdings Ltd raised its position in Elbit Systems by 0.3% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,357,148 shares of the aerospace company's stock valued at $520,189,000 after buying an additional 4,248 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Elbit Systems by 1.8% in the 1st 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 in the last quarter. Y.D. More Investments Ltd raised its holdings in shares of Elbit Systems by 0.6% in the first quarter. Y.D. More Investments Ltd now owns 452,288 shares of the aerospace company's stock valued at $173,349,000 after purchasing an additional 2,541 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Elbit Systems by 33.7% in the first quarter. Goldman Sachs Group Inc. now owns 135,106 shares of the aerospace company's stock valued at $51,837,000 after purchasing an additional 34,049 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Elbit Systems by 61.2% during the first quarter. Deutsche Bank AG now owns 117,083 shares of the aerospace company's stock valued at $44,922,000 after purchasing an additional 44,459 shares in the last quarter. Hedge funds and other institutional investors own 17.88% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. started coverage on shares of Elbit Systems in a research report on Tuesday. They issued a "neutral" rating and a $520.00 price objective for the company. Bank of America boosted their target price on Elbit Systems from $500.00 to $540.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Finally, Wall Street Zen raised Elbit Systems from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $530.00.

Elbit Systems Stock Up 0.6%

Elbit Systems stock opened at $508.02 on Friday. The firm has a 50 day moving average price of $479.01 and a 200-day moving average price of $434.75. The company has a quick ratio of 0.77, a current ratio of 1.29 and a debt-to-equity ratio of 0.06. Elbit Systems Ltd. has a twelve month low of $200.55 and a twelve month high of $514.48. The company has a market capitalization of $22.58 billion, a P/E ratio of 57.66, a P/E/G ratio of 1.80 and a beta of 0.33.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The aerospace company reported $3.23 EPS for the quarter, topping 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 analysts' expectations of $1.89 billion. During the same quarter in the previous year, the firm posted $2.08 EPS. As a group, equities analysts predict 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 given a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Elbit Systems's previous quarterly dividend of $0.60. Elbit Systems's payout ratio is currently 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.

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