Y Intercept Hong Kong Ltd Makes New Investment in Elbit Systems Ltd. $ESLT

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Elbit Systems during the first quarter, buying 1,600 shares valued at about $1.36 million.
• Elbit Systems recently reported strong quarterly results, with earnings per share of $3.87 versus the $2.98 estimate and revenue of $2.19 billion above expectations.
• The company also paid a quarterly dividend of $1.00 per share, equal to a $4.00 annualized payout and a yield of about 0.5%.

Y Intercept Hong Kong Ltd purchased a new position in shares of Elbit Systems Ltd. (NASDAQ:ESLT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,600 shares of the aerospace company's stock, valued at approximately $1,359,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd increased its position in Elbit Systems by 34.4% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,550,618 shares of the aerospace company's stock worth $893,941,000 after buying an additional 397,049 shares during the last quarter. Lazard Asset Management LLC bought a new stake in shares of Elbit Systems during the 3rd quarter worth about $172,673,000. Bank of America Corp DE increased its holdings in shares of Elbit Systems by 125.0% during the 3rd quarter. Bank of America Corp DE now owns 166,434 shares of the aerospace company's stock valued at $84,848,000 after acquiring an additional 92,449 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Elbit Systems by 44.3% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 253,274 shares of the aerospace company's stock valued at $128,573,000 after acquiring an additional 77,741 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Elbit Systems by 709.3% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 88,075 shares of the aerospace company's stock valued at $50,948,000 after acquiring an additional 77,192 shares in the last quarter. 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 company. Zacks Research cut Elbit Systems from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 24th. JPMorgan Chase & Co. lifted their price target on shares of Elbit Systems from $930.00 to $950.00 and gave the company a "neutral" rating in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group decreased their price objective on shares of Elbit Systems from $950.00 to $880.00 and set a "hold" rating for the company in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $725.25.

Elbit Systems Stock Performance

ESLT stock traded down $9.09 on Friday, reaching $751.80. 53,349 shares of the company were exchanged, compared to its average volume of 89,255. The firm has a market capitalization of $33.42 billion, a PE ratio of 60.87, a PEG ratio of 3.23 and a beta of 0.17. Elbit Systems Ltd. has a 12 month low of $422.84 and a 12 month high of $1,016.06. The stock's fifty day moving average price is $800.62 and its 200 day moving average price is $784.38. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.41 and a quick ratio of 0.86.

Elbit Systems (NASDAQ:ESLT - Get Free Report) last posted its quarterly earnings results on Tuesday, May 26th. The aerospace company reported $3.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.98 by $0.89. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.14 billion. Elbit Systems had a net margin of 7.14% and a return on equity of 16.15%. On average, research analysts anticipate that Elbit Systems Ltd. will post 15.3 EPS for the current fiscal year.

Elbit Systems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 23rd were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 0.5%. The ex-dividend date was Tuesday, June 23rd. Elbit Systems's payout ratio is currently 26.96%.

About Elbit Systems

Elbit Systems Ltd. is an Israel-based defense electronics company that designs, develops and supplies a broad range of systems for military, homeland security and commercial aviation customers. The company focuses on integrated, platform-level solutions that combine sensors, communications, command-and-control software and weapons integration to support intelligence, surveillance and reconnaissance (ISR), force protection and mission management.

Its product and service portfolio spans unmanned aircraft systems, electro-optic and signal intelligence systems, electronic warfare and communications equipment, avionics and mission systems for military and commercial aircraft, and land and naval systems.

Want to see what other hedge funds are holding ESLT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elbit Systems Ltd. (NASDAQ:ESLT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.