Elbit Systems (NASDAQ:ESLT) Releases Quarterly Earnings Results, Beats Expectations By $0.54 EPS

Elbit Systems (NASDAQ:ESLT) announced its earnings results on Tuesday. The aerospace company reported $3.87 EPS for the quarter, beating the consensus estimate of $3.33 by $0.54, FiscalAI reports. Elbit Systems had a return on equity of 15.53% and a net margin of 6.73%.

Elbit Systems Price Performance

Shares of Elbit Systems stock opened at $767.82 on Tuesday. The company has a current ratio of 1.29, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. Elbit Systems has a 1 year low of $373.17 and a 1 year high of $1,016.06. The stock has a 50-day moving average price of $857.38 and a 200 day moving average price of $710.31. The company has a market cap of $34.13 billion, a P/E ratio of 67.59, a P/E/G ratio of 3.22 and a beta of 0.14.

Elbit Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 27th. Investors of record on Monday, April 13th were paid a $1.00 dividend. The ex-dividend date of this dividend was Monday, April 13th. This represents a $4.00 annualized dividend and a yield of 0.5%. This is an increase from Elbit Systems’s previous quarterly dividend of $0.75. Elbit Systems’s dividend payout ratio (DPR) is currently 29.31%.

Wall Street Analyst Weigh In

ESLT has been the subject of several research analyst reports. Zacks Research raised Elbit Systems from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 13th. JPMorgan Chase & Co. increased their price objective on Elbit Systems from $580.00 to $930.00 and gave the stock a “neutral” rating in a research note on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $667.00.

Insider Buying and Selling

In other news, CEO Bezhalel Machlis sold 25,514 shares of the stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $887.40, for a total transaction of $22,641,123.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Oren Yaacov Sabag sold 8,504 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $887.40, for a total value of $7,546,449.60. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 69,736 shares of company stock worth $61,883,726. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Elbit Systems

A number of institutional investors have recently made changes to their positions in ESLT. Lazard Asset Management LLC acquired a new stake in shares of Elbit Systems during the third quarter worth $172,673,000. Bank of America Corp DE lifted its holdings in shares of Elbit Systems by 125.0% in the third quarter. Bank of America Corp DE now owns 166,434 shares of the aerospace company’s stock valued at $84,848,000 after purchasing an additional 92,449 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Elbit Systems by 74.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 175,533 shares of the aerospace company’s stock valued at $78,084,000 after purchasing an additional 74,754 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Elbit Systems by 7,402.4% in the third quarter. Franklin Resources Inc. now owns 53,492 shares of the aerospace company’s stock valued at $27,269,000 after purchasing an additional 52,779 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its holdings in shares of Elbit Systems by 896.3% in the second quarter. Cubist Systematic Strategies LLC now owns 55,633 shares of the aerospace company’s stock valued at $25,007,000 after purchasing an additional 50,049 shares in the last quarter. 17.88% of the stock is owned by institutional investors and hedge funds.

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.