Elbit Systems (NASDAQ:ESLT) Sees Large Volume Increase After Dividend Announcement

Elbit Systems Ltd. (NASDAQ:ESLT) shares saw unusually-strong trading volume on Wednesday after the company announced a dividend. Approximately 8,865 shares traded hands during mid-day trading, a decline of 61% from the previous session’s volume of 23,025 shares.The stock last traded at $196.77 and had previously closed at $190.00.

The newly announced dividend which will be paid on Monday, October 28th. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.416 per share. The ex-dividend date is Tuesday, October 15th. This represents a $1.66 annualized dividend and a dividend yield of 0.83%. Elbit Systems’s dividend payout ratio (DPR) is presently 32.68%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Elbit Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday.

Elbit Systems Price Performance

The firm has a 50-day simple moving average of $184.38 and a two-hundred day simple moving average of $197.08. The company has a market capitalization of $8.90 billion, a price-to-earnings ratio of 39.40 and a beta of 0.53. The company has a current ratio of 1.16, a quick ratio of 0.66 and a debt-to-equity ratio of 0.12.

Elbit Systems (NASDAQ:ESLT) last posted its quarterly earnings data on Tuesday, May 28th. The aerospace company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.21. Elbit Systems had a net margin of 3.70% and a return on equity of 10.14%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the prior year, the business posted $1.70 earnings per share. As a group, analysts predict that Elbit Systems Ltd. will post 7.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Elbit Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Altshuler Shaham Ltd increased its holdings in shares of Elbit Systems by 5,555.9% during the 4th quarter. Altshuler Shaham Ltd now owns 552,473 shares of the aerospace company’s stock worth $118,050,000 after buying an additional 542,705 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Elbit Systems by 110.1% in the fourth quarter. Hsbc Holdings PLC now owns 12,131 shares of the aerospace company’s stock worth $2,589,000 after acquiring an additional 6,357 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Elbit Systems by 138.6% during the fourth quarter. Russell Investments Group Ltd. now owns 10,161 shares of the aerospace company’s stock valued at $2,167,000 after purchasing an additional 5,903 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Elbit Systems by 34.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 96,481 shares of the aerospace company’s stock valued at $20,575,000 after purchasing an additional 24,484 shares during the period. Finally, Advisors Asset Management Inc. increased its holdings in shares of Elbit Systems by 53.7% in the 1st quarter. Advisors Asset Management Inc. now owns 10,626 shares of the aerospace company’s stock worth $2,234,000 after acquiring an additional 3,712 shares during the period. 17.88% of the stock is owned by institutional investors and hedge funds.

Elbit Systems Company Profile

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.