Elbit Systems (NASDAQ:ESLT) Sets New 52-Week High After Earnings Beat

Elbit Systems Ltd. (NASDAQ:ESLT)’s share price reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $414.64 and last traded at $408.53, with a volume of 215135 shares. The stock had previously closed at $369.26.

The aerospace company reported $2.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.71. Elbit Systems had a net margin of 4.00% and a return on equity of 11.34%. The firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.78 billion.

Elbit Systems Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Tuesday, April 22nd will be issued a $0.60 dividend. This is a positive change from Elbit Systems’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $2.40 annualized dividend and a yield of 0.58%. Elbit Systems’s payout ratio is presently 27.72%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Elbit Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 25th.

Hedge Funds Weigh In On Elbit Systems

Several institutional investors have recently added to or reduced their stakes in ESLT. Mackenzie Financial Corp increased its stake in shares of Elbit Systems by 16.6% in the 4th quarter. Mackenzie Financial Corp now owns 1,765 shares of the aerospace company’s stock valued at $455,000 after acquiring an additional 251 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in Elbit Systems by 1.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 3,938 shares of the aerospace company’s stock worth $1,031,000 after purchasing an additional 69 shares during the period. Voloridge Investment Management LLC bought a new stake in Elbit Systems in the fourth quarter valued at $1,479,000. Squarepoint Ops LLC raised its holdings in shares of Elbit Systems by 105.8% during the fourth quarter. Squarepoint Ops LLC now owns 809 shares of the aerospace company’s stock valued at $209,000 after purchasing an additional 14,796 shares during the period. Finally, Sig Brokerage LP bought a new position in shares of Elbit Systems during the 4th quarter worth about $591,000. 17.88% of the stock is owned by institutional investors and hedge funds.

Elbit Systems Stock Performance

The company has a 50 day moving average price of $318.45 and a 200 day moving average price of $259.94. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.64 and a current ratio of 1.15. The company has a market capitalization of $18.36 billion, a price-to-earnings ratio of 70.60 and a beta of 0.53.

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.