Elbit Systems (NASDAQ:ESLT) Sees Strong Trading Volume After Dividend Announcement

Elbit Systems Ltd. (NASDAQ:ESLT) saw unusually-strong trading volume on Wednesday after the company announced a dividend. Approximately 8,865 shares were traded 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. Shareholders of record on Tuesday, October 15th will be issued a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date is Tuesday, October 15th. Elbit Systems’s dividend payout ratio is presently 32.68%.

Analyst Upgrades and Downgrades

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

Elbit Systems Stock Performance

The company has a market capitalization of $8.90 billion, a PE ratio of 39.25 and a beta of 0.53. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.66 and a current ratio of 1.16. The company has a 50 day moving average price of $184.38 and a 200 day moving average price of $197.08.

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

Institutional Investors Weigh In On Elbit Systems

Institutional investors and hedge funds have recently made changes to their positions in the company. Altshuler Shaham Ltd raised its position 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 valued at $118,050,000 after acquiring an additional 542,705 shares in the last quarter. Hsbc Holdings PLC increased its position 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 buying an additional 6,357 shares during the period. Russell Investments Group Ltd. increased its position in Elbit Systems by 138.6% in the fourth quarter. Russell Investments Group Ltd. now owns 10,161 shares of the aerospace company’s stock worth $2,167,000 after buying an additional 5,903 shares during the period. Goldman Sachs Group Inc. increased its position in Elbit Systems by 34.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 96,481 shares of the aerospace company’s stock worth $20,575,000 after buying an additional 24,484 shares during the period. Finally, Advisors Asset Management Inc. increased its position in Elbit Systems by 53.7% in the first quarter. Advisors Asset Management Inc. now owns 10,626 shares of the aerospace company’s stock worth $2,234,000 after buying an additional 3,712 shares during the period. 17.88% of the stock is owned by institutional investors and hedge funds.

About Elbit Systems

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.