Elbit Systems (NASDAQ:ESLT) Shares Gap Down – Here’s Why

Elbit Systems Ltd. (NASDAQ:ESLT)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $795.71, but opened at $773.40. Elbit Systems shares last traded at $753.5750, with a volume of 38,167 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Elbit Systems from $930.00 to $950.00 and gave the company a “neutral” rating in a report on Wednesday, May 27th. Jefferies Financial Group reduced their price objective on Elbit Systems from $950.00 to $880.00 and set a “hold” rating for the company in a research note on Wednesday, June 24th. Morgan Stanley set a $845.00 price objective on Elbit Systems in a report on Wednesday, July 15th. Zacks Research lowered Elbit Systems from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 24th. Finally, Weiss Ratings cut Elbit Systems from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $803.75.

Elbit Systems Price Performance

The stock has a market capitalization of $33.51 billion, a PE ratio of 56.84, a P/E/G ratio of 3.32 and a beta of 0.17. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.39 and a quick ratio of 0.89. The stock’s fifty day moving average is $790.78 and its 200-day moving average is $811.12.

Elbit Systems (NASDAQ:ESLT) last released its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $4.14 earnings per share for the quarter, beating analysts’ consensus estimates of $3.69 by $0.45. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Elbit Systems had a net margin of 7.44% and a return on equity of 16.66%. As a group, equities analysts predict that Elbit Systems Ltd. will post 15.3 earnings per share for the current fiscal year.

Elbit Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 26th. Shareholders of record on Tuesday, October 13th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, October 13th. Elbit Systems’s dividend payout ratio (DPR) is presently 25.09%.

Institutional Trading of Elbit Systems

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Clal Insurance Enterprises Holdings Ltd raised its position in shares of Elbit Systems by 34.4% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,550,618 shares of the aerospace company’s stock worth $893,941,000 after purchasing an additional 397,049 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in Elbit Systems in the 3rd quarter worth about $172,673,000. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Elbit Systems by 206.1% in 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 buying an additional 181,524 shares during the last quarter. Jennison Associates LLC purchased a new stake in Elbit Systems during the 1st quarter worth approximately $128,135,000. Finally, Bank of America Corp DE raised its holdings in shares of Elbit Systems by 125.0% during 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 acquiring an additional 92,449 shares during the last quarter. Hedge funds and other institutional investors own 17.88% of the company’s stock.

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.