Elbit Systems Ltd. (NASDAQ:ESLT – Get Free Report) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $767.82, but opened at $857.49. Elbit Systems shares last traded at $839.48, with a volume of 85,837 shares changing hands.
The aerospace company reported $3.87 EPS for the quarter, beating the consensus estimate of $2.98 by $0.89. Elbit Systems had a net margin of 7.14% and a return on equity of 16.38%. The firm had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.14 billion.
Elbit Systems Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Shareholders of record on Tuesday, June 23rd will be given a dividend of $1.00 per share. The ex-dividend date is Tuesday, June 23rd. This represents a $4.00 dividend on an annualized basis and a yield of 0.4%. Elbit Systems’s payout ratio is presently 29.31%.
Key Stories Impacting Elbit Systems
- Positive Sentiment: Elbit Systems announced a new $350 million contract to upgrade main battle tanks for an international customer, adding to its already strong near-term order momentum. Elbit Systems Awarded a $350 Million Contract for Tank Upgrades from an International Customer
- Positive Sentiment: Recent reporting highlighted that Elbit beat first-quarter expectations, posted record revenue, and grew its backlog to roughly $30.2 billion, which improves visibility for future sales and earnings. Elbit Systems jumps after earnings beat as defense demand drives record backlog
- Positive Sentiment: JPMorgan raised its price target on ESLT to $950 from $930, signaling continued analyst confidence even though the rating remained neutral. Benzinga
- Neutral Sentiment: Elbit Systems was mentioned in broader drone-tech and aerospace industry coverage, underscoring investor interest in the defense technology space but not adding a clear new catalyst. 3 Drone Tech Stocks to Watch Amid Accelerated Adoption Trends
- Neutral Sentiment: The company’s short-interest update showed no meaningful shares outstanding in the reported period, so it does not appear to be a major driver of the stock today.
- Neutral Sentiment: Elbit also declared a quarterly dividend, which is supportive for income investors but unlikely to be the main reason for the move. Dividend announcement included in company release
Analysts Set New Price Targets
A number of brokerages have issued reports on ESLT. JPMorgan Chase & Co. lifted their target price on shares of Elbit Systems from $930.00 to $950.00 and gave the stock a “neutral” rating in a research report on Wednesday. Zacks Research upgraded shares of Elbit Systems from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 13th. Finally, Jefferies Financial Group restated a “hold” rating and set a $950.00 target price on shares of Elbit Systems in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $742.75.
View Our Latest Research Report on ESLT
Insider Buying and Selling at Elbit Systems
In other news, EVP Jonathan Ariel sold 7,654 shares of Elbit Systems stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $887.40, for a total transaction of $6,792,159.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Haim Daniel Delmar sold 7,654 shares of Elbit Systems stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $887.40, for a total transaction of $6,792,159.60. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 69,736 shares of company stock valued at $61,883,726. Corporate insiders own 0.84% of the company’s stock.
Institutional Investors Weigh In On Elbit Systems
A number of hedge funds and other institutional investors have recently modified their holdings of the company. BankChampaign National Association purchased a new stake in Elbit Systems in the first quarter valued at approximately $697,000. Amundi grew its holdings in Elbit Systems by 43.2% in the first quarter. Amundi now owns 22,319 shares of the aerospace company’s stock valued at $18,951,000 after purchasing an additional 6,728 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Elbit Systems by 41.0% in the first quarter. EverSource Wealth Advisors LLC now owns 330 shares of the aerospace company’s stock valued at $280,000 after purchasing an additional 96 shares during the period. Royal Bank of Canada grew its holdings in Elbit Systems by 45.8% in the first quarter. Royal Bank of Canada now owns 6,039 shares of the aerospace company’s stock valued at $5,127,000 after purchasing an additional 1,898 shares during the period. Finally, Quantinno Capital Management LP grew its holdings in Elbit Systems by 5.6% in the first quarter. Quantinno Capital Management LP now owns 17,196 shares of the aerospace company’s stock valued at $14,517,000 after purchasing an additional 905 shares during the period. 17.88% of the stock is currently owned by hedge funds and other institutional investors.
Elbit Systems Trading Up 7.7%
The business’s fifty day moving average is $856.09 and its 200-day moving average is $715.61. The stock has a market capitalization of $39.68 billion, a PE ratio of 72.28, a P/E/G ratio of 3.58 and a beta of 0.14. The company has a quick ratio of 0.77, a current ratio of 1.29 and a debt-to-equity ratio of 0.06.
Elbit Systems Company Profile
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.
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