Elbit Systems (NASDAQ:ESLT) Sets New 12-Month High on Earnings Beat

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

The aerospace company reported $2.66 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.71. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates 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 business also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Tuesday, April 22nd will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.58%. This is a boost from Elbit Systems’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, April 22nd. Elbit Systems’s dividend payout ratio is currently 27.72%.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Elbit Systems

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Hurley Capital LLC acquired a new position in shares of Elbit Systems in the fourth quarter valued at approximately $26,000. Prestige Wealth Management Group LLC grew its holdings in Elbit Systems by 150.0% during the 4th quarter. Prestige Wealth Management Group LLC now owns 125 shares of the aerospace company’s stock worth $32,000 after acquiring an additional 75 shares during the last quarter. Sierra Ocean LLC acquired a new position in Elbit Systems in the 4th quarter valued at approximately $41,000. Smartleaf Asset Management LLC raised its stake in shares of Elbit Systems by 196.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 160 shares of the aerospace company’s stock valued at $41,000 after acquiring an additional 106 shares during the last quarter. Finally, Morse Asset Management Inc acquired a new position in shares of Elbit Systems during the third quarter worth $40,000. Institutional investors and hedge funds own 17.88% of the company’s stock.

Elbit Systems Trading Up 0.6 %

The company has a market cap of $18.36 billion, a price-to-earnings ratio of 70.60 and a beta of 0.53. The business’s fifty day moving average price is $318.45 and its 200 day moving average price is $259.94. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.15 and a quick ratio of 0.64.

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.