Short Interest in Elbit Systems Ltd. (NASDAQ:ESLT) Grows By 117.2%

Key Points

• Short interest in Elbit Systems Ltd. (NASDAQ: ESLT) rose significantly by 117.2% in September, totaling 286,100 shares sold short as of September 30th.
• The company announced an increase in its quarterly dividend from $0.60 to $0.75, representing a yield of 0.6%, with the payment scheduled for October 27th.
• Elbit Systems saw a 2.4% decline in stock price, opening at $480.00, while its market cap is approximately $21.34 billion.

Elbit Systems Ltd. (NASDAQ:ESLT - Get Free Report) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 286,100 shares, an increase of 117.2% from the September 15th total of 131,700 shares. Currently, 1.1% of the company's shares are sold short. Based on an average daily trading volume, of 120,200 shares, the short-interest ratio is currently 2.4 days. Based on an average daily trading volume, of 120,200 shares, the short-interest ratio is currently 2.4 days. Currently, 1.1% of the company's shares are sold short.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ESLT. Assetmark Inc. raised its stake in shares of Elbit Systems by 11.2% in the second quarter. Assetmark Inc. now owns 209 shares of the aerospace company's stock valued at $94,000 after buying an additional 21 shares during the period. National Bank of Canada FI raised its stake in shares of Elbit Systems by 8.6% in the first quarter. National Bank of Canada FI now owns 393 shares of the aerospace company's stock valued at $151,000 after buying an additional 31 shares during the period. SBI Securities Co. Ltd. raised its stake in shares of Elbit Systems by 20.9% in the second quarter. SBI Securities Co. Ltd. now owns 185 shares of the aerospace company's stock valued at $83,000 after buying an additional 32 shares during the period. Townsquare Capital LLC raised its stake in shares of Elbit Systems by 5.3% in the first quarter. Townsquare Capital LLC now owns 878 shares of the aerospace company's stock valued at $337,000 after buying an additional 44 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in shares of Elbit Systems by 0.3% in the second quarter. Public Sector Pension Investment Board now owns 14,522 shares of the aerospace company's stock valued at $6,460,000 after buying an additional 48 shares during the period. Institutional investors own 17.88% of the company's stock.

Elbit Systems Stock Down 2.4%

Shares of NASDAQ:ESLT opened at $480.00 on Monday. The business's 50 day simple moving average is $488.41 and its two-hundred day simple moving average is $443.86. The firm has a market cap of $21.34 billion, a P/E ratio of 54.48, a PEG ratio of 1.75 and a beta of 0.33. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.77 and a current ratio of 1.29. Elbit Systems has a 52-week low of $207.71 and a 52-week high of $529.99.

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, topping the consensus estimate of $2.57 by $0.66. The business had revenue of $1.97 billion for the quarter, compared to analyst estimates of $1.89 billion. Elbit Systems had a return on equity of 14.29% and a net margin of 5.35%.During the same quarter in the prior year, the company earned $2.08 earnings per share. As a group, research analysts forecast that Elbit Systems will post 8.05 EPS for the current fiscal year.

Elbit Systems Increases Dividend

The company 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 is Tuesday, October 14th. This is an increase from Elbit Systems's previous quarterly dividend of $0.60. This represents a $3.00 annualized dividend and a yield of 0.6%. Elbit Systems's dividend payout ratio is currently 28.38%.

Analyst Upgrades and Downgrades

ESLT has been the subject of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on Elbit Systems in a research note on Tuesday, September 30th. They set a "neutral" rating and a $520.00 target price for the company. Zacks Research raised Elbit Systems from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 14th. Wall Street Zen cut Elbit Systems from a "buy" rating to a "hold" rating in a research note on Friday, October 3rd. Bank of America raised 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, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Elbit Systems in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Elbit Systems currently has a consensus rating of "Moderate Buy" and an average target price of $530.00.

About Elbit Systems

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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