Elbit Systems (NASDAQ:ESLT) Shares Gap Up on Earnings Beat

Elbit Systems Ltd. (NASDAQ:ESLT)’s share price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $369.26, but opened at $395.99. Elbit Systems shares last traded at $411.57, with a volume of 44,265 shares traded.

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

Elbit Systems Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Tuesday, April 22nd will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.58%. This is an increase from Elbit Systems’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, April 22nd. Elbit Systems’s dividend payout ratio is presently 28.38%.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Elbit Systems

Institutional investors and hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp raised its holdings 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 increased its position in shares of 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 last quarter. Voloridge Investment Management LLC bought a new position in shares of Elbit Systems in the fourth quarter worth approximately $1,479,000. Squarepoint Ops LLC raised its stake in Elbit Systems by 105.8% in 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 in the last quarter. Finally, Sig Brokerage LP bought a new stake in Elbit Systems during the fourth quarter valued at approximately $591,000. Hedge funds and other institutional investors own 17.88% of the company’s stock.

Elbit Systems Trading Up 0.5 %

The stock’s 50 day simple moving average is $315.67 and its 200 day simple moving average is $258.87. The firm has a market cap of $18.25 billion, a PE ratio of 70.19 and a beta of 0.53. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.64 and a current ratio of 1.15.

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.