Elbit Systems (NASDAQ:ESLT) Shares Cross Above 50-Day Moving Average – Here’s What Happened

Shares of Elbit Systems Ltd. (NASDAQ:ESLT) passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $722.93 and traded as high as $744.32. Elbit Systems shares last traded at $740.17, with a volume of 55,610 shares traded.

Wall Street Analyst Weigh In

ESLT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reduced their price target on Elbit Systems from $950.00 to $885.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 19th. Jefferies Financial Group dropped their target price on Elbit Systems from $880.00 to $790.00 and set a “hold” rating for the company in a research note on Monday, October 5th. Weiss Ratings upgraded Elbit Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Morgan Stanley set a $850.00 price target on Elbit Systems in a research note on Friday, October 16th. Finally, Wall Street Zen upgraded Elbit Systems from a “hold” rating to a “buy” rating in a report on Saturday, September 26th. Five investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, Elbit Systems presently has an average rating of “Hold” and an average target price of $841.67.

Elbit Systems Stock Performance

The company has a market cap of $32.90 billion, a price-to-earnings ratio of 55.78, a price-to-earnings-growth ratio of 2.92 and a beta of 0.09. The stock’s fifty day simple moving average is $722.93 and its two-hundred day simple moving average is $784.15. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.89 and a current ratio of 1.39.

Elbit Systems (NASDAQ:ESLT) last released its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $4.14 EPS for the quarter, topping analysts’ consensus estimates of $3.69 by $0.45. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.25 billion. Elbit Systems had a return on equity of 16.66% and a net margin of 7.44%. Equities research analysts anticipate that Elbit Systems Ltd. will post 16.02 EPS for the current year.

Hedge Funds Weigh In On Elbit Systems

A number of large investors have recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Elbit Systems by 206.1% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 269,599 shares of the aerospace company’s stock worth $228,914,000 after purchasing an additional 181,524 shares during the period. Jennison Associates LLC acquired a new stake in Elbit Systems during the 1st quarter worth approximately $128,135,000. Clal Insurance Enterprises Holdings Ltd raised its holdings in Elbit Systems by 4.5% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,619,783 shares of the aerospace company’s stock valued at $1,351,958,000 after buying an additional 69,165 shares during the period. Swiss National Bank lifted its position in Elbit Systems by 27.7% during the first quarter. Swiss National Bank now owns 102,740 shares of the aerospace company’s stock valued at $85,619,000 after buying an additional 22,315 shares in the last quarter. Finally, Amundi lifted its position in Elbit Systems by 43.2% during the first quarter. Amundi now owns 22,319 shares of the aerospace company’s stock valued at $18,951,000 after buying an additional 6,728 shares in the last quarter. 17.88% of the stock is currently owned by hedge funds and other institutional investors.

Elbit Systems Company Profile

Elbit Systems Ltd. is an Israel-based defense technology company headquartered in Haifa. Founded in 1966, it develops and supplies electronic systems and related services for military and security customers. Its products include aircraft and helicopter systems, unmanned aircraft, electro-optical equipment, communications and command-and-control systems, electronic warfare and intelligence solutions, and land and naval systems. The company also provides training and simulation, maintenance, and modernization services.