Russell Investments Group Ltd. Sells 13,542 Shares of Elbit Systems Ltd. (NASDAQ:ESLT)

Key Points

• Russell Investments Group Ltd. reduced its stake in Elbit Systems Ltd. by 14.7%, selling 13,542 shares, and currently owns about 78,883 shares valued at approximately $30.16 million.
• Elbit Systems reported earnings of $3.23 per share for the quarter, exceeding analysts' expectations of $2.57, along with revenue of $1.97 billion.
• The company announced a quarterly dividend increase to $0.75 per share, up from $0.60, with the dividend yield currently at 0.6% and a payout ratio of 25.38%.

Russell Investments Group Ltd. lowered its stake in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) by 14.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,883 shares of the aerospace company's stock after selling 13,542 shares during the quarter. Russell Investments Group Ltd. owned about 0.18% of Elbit Systems worth $30,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Clal Insurance Enterprises Holdings Ltd boosted its position in Elbit Systems by 0.3% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,357,148 shares of the aerospace company's stock valued at $520,189,000 after purchasing an additional 4,248 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Elbit Systems by 1.8% in 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 in the last quarter. Y.D. More Investments Ltd boosted its holdings in 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 worth $173,349,000 after acquiring an additional 2,541 shares in the last quarter. Deutsche Bank AG boosted its holdings in Elbit Systems by 61.2% in 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 in the last quarter. Finally, Swiss National Bank boosted its holdings in Elbit Systems by 1.2% in the first quarter. Swiss National Bank now owns 75,342 shares of the aerospace company's stock worth $28,825,000 after acquiring an additional 912 shares in the last quarter. Institutional investors own 17.88% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ESLT shares. Wall Street Zen downgraded Elbit Systems from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Bank of America initiated coverage on Elbit Systems in a report on Thursday, July 24th. They set a "buy" rating and a $500.00 target price for the company.

Elbit Systems Trading Up 0.9%

Elbit Systems stock opened at $464.00 on Friday. The company has a quick ratio of 0.70, a current ratio of 1.29 and a debt-to-equity ratio of 0.06. Elbit Systems Ltd. has a 52 week low of $188.53 and a 52 week high of $494.32. The company has a market capitalization of $20.62 billion, a price-to-earnings ratio of 52.67, a price-to-earnings-growth ratio of 1.79 and a beta of 0.33. The stock has a 50-day moving average price of $446.50 and a 200 day moving average price of $395.36.

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, beating analysts' consensus estimates of $2.57 by $0.66. Elbit Systems had a return on equity of 14.29% and a net margin of 5.35%. The company had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the company posted $2.08 earnings per share. Sell-side analysts anticipate that Elbit Systems Ltd. will post 8.05 EPS for the current year.

Elbit Systems Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Tuesday, October 14th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, October 14th. This is a boost from Elbit Systems's previous quarterly dividend of $0.60. This represents a $3.00 dividend on an annualized basis and a yield of 0.6%. Elbit Systems's dividend payout ratio is presently 25.38%.

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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