Elbit Systems Ltd. $ESLT Stock: Sumitomo Mitsui Trust Group Inc. Cuts Position

Sumitomo Mitsui Trust Group Inc. cut its holdings in Elbit Systems Ltd. (NASDAQ:ESLT) by 16.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,581 shares of the aerospace company’s stock after selling 3,298 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Elbit Systems were worth $11,308,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ESLT. WPG Advisers LLC bought a new position in Elbit Systems in the 1st quarter worth approximately $26,000. Grove Bank & Trust lifted its position in Elbit Systems by 100.0% during the third quarter. Grove Bank & Trust now owns 50 shares of the aerospace company’s stock valued at $34,000 after purchasing an additional 25 shares during the last quarter. Fortitude Family Office LLC bought a new position in shares of Elbit Systems in the 3rd quarter worth $35,000. Optiver Holding B.V. purchased a new stake in shares of Elbit Systems during the 1st quarter valued at $46,000. Finally, IFP Advisors Inc raised its position in shares of Elbit Systems by 225.0% during the 2nd quarter. IFP Advisors Inc now owns 65 shares of the aerospace company’s stock valued at $49,000 after buying an additional 45 shares in the last quarter. 17.88% of the stock is owned by hedge funds and other institutional investors.

Elbit Systems Trading Up 4.8%

NASDAQ ESLT traded up $31.28 on Friday, hitting $682.59. The company’s stock had a trading volume of 67,408 shares, compared to its average volume of 104,268. Elbit Systems Ltd. has a 52-week low of $453.00 and a 52-week high of $1,016.06. The company has a current ratio of 1.39, a quick ratio of 0.89 and a debt-to-equity ratio of 0.04. The company’s 50-day simple moving average is $721.87 and its 200 day simple moving average is $783.95. The firm has a market cap of $30.34 billion, a P/E ratio of 51.44, a PEG ratio of 3.01 and a beta of 0.09.

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

Elbit Systems Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 26th. Stockholders of record on Tuesday, October 13th were issued a dividend of $1.00 per share. The ex-dividend date was Tuesday, October 13th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 0.6%. Elbit Systems’s dividend payout ratio is presently 25.09%.

Analyst Ratings Changes

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

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.

Elbit Systems serves customers in Israel and internationally, with operations and subsidiaries in multiple countries.