Short Interest in Elbit Systems Ltd. (NASDAQ:ESLT) Grows By 130.9%

Elbit Systems Ltd. (NASDAQ:ESLT) was the recipient of a large increase in short interest during the month of June. As of June 15th, there was short interest totaling 239,691 shares, an increase of 130.9% from the May 31st total of 103,811 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average daily trading volume, of 94,507 shares, the days-to-cover ratio is currently 2.5 days.

Elbit Systems Price Performance

Shares of ESLT traded up $16.94 during midday trading on Monday, reaching $732.66. The stock had a trading volume of 122,211 shares, compared to its average volume of 145,650. The company has a market capitalization of $32.57 billion, a P/E ratio of 59.32, a P/E/G ratio of 3.04 and a beta of 0.14. Elbit Systems has a 52 week low of $422.84 and a 52 week high of $1,016.06. The firm’s 50 day moving average price is $815.80 and its 200-day moving average price is $768.49. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.41 and a quick ratio of 0.86.

Elbit Systems (NASDAQ:ESLT) last released its quarterly earnings data on Tuesday, May 26th. The aerospace company reported $3.87 earnings per share for the quarter, topping the consensus estimate of $2.98 by $0.89. The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.14 billion. Elbit Systems had a return on equity of 16.15% and a net margin of 7.14%. On average, analysts forecast that Elbit Systems will post 15.3 earnings per share for the current fiscal year.

Elbit Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 6th. Investors of record on Tuesday, June 23rd will be paid a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $4.00 dividend on an annualized basis and a yield of 0.5%. Elbit Systems’s dividend payout ratio (DPR) is currently 26.96%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Elbit Systems from $930.00 to $950.00 and gave the company a “neutral” rating in a research report on Wednesday, May 27th. Zacks Research cut shares of Elbit Systems from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 24th. Finally, Jefferies Financial Group dropped their price target on shares of Elbit Systems from $950.00 to $880.00 and set a “hold” rating on the stock in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $725.25.

Insider Transactions at Elbit Systems

In other Elbit Systems news, EVP Haim Daniel Delmar sold 7,654 shares of the stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $887.40, for a total value of $6,792,159.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Oren Yaacov Sabag sold 8,504 shares of the firm’s stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $887.40, for a total value of $7,546,449.60. The disclosure for this sale is available in the SEC filing. Insiders sold 69,736 shares of company stock valued at $61,883,726 over the last three months. 0.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pinpoint Asset Management Singapore Pte. Ltd. lifted its position in shares of Elbit Systems by 296.0% in the 3rd quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 6,970 shares of the aerospace company’s stock valued at $3,553,000 after acquiring an additional 5,210 shares in the last quarter. ARK Investment Management LLC grew its position in Elbit Systems by 11.6% during the 3rd quarter. ARK Investment Management LLC now owns 53,569 shares of the aerospace company’s stock worth $27,309,000 after purchasing an additional 5,550 shares in the last quarter. Van ECK Associates Corp grew its position in Elbit Systems by 3,162.0% during the 3rd quarter. Van ECK Associates Corp now owns 648,104 shares of the aerospace company’s stock worth $330,404,000 after purchasing an additional 628,236 shares in the last quarter. Cadent Capital Advisors LLC purchased a new position in Elbit Systems during the 4th quarter worth approximately $1,493,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Elbit Systems by 709.3% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 88,075 shares of the aerospace company’s stock valued at $50,948,000 after purchasing an additional 77,192 shares during the period. 17.88% of the stock is currently owned by institutional investors and hedge funds.

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.