Advisors Asset Management Inc. has decreased its stake in Elbit Systems Ltd. (NASDAQ: ESLT) by 3.8% during the second quarter of 2023. According to its recent 13F filing with the Securities and Exchange Commission (SEC), the firm currently holds 9,291 shares of the aerospace and defense company after selling 372 shares in this period. The value of Advisors Asset Management’s holdings in Elbit Systems stands at approximately $4,176,000 as of the end of the reporting period.
Several other institutional investors and hedge funds have also made adjustments to their positions in Elbit Systems. Assetmark Inc. increased its stake by 11.2%, now owning 209 shares valued at $94,000 after acquiring an additional 21 shares. Similarly, National Bank of Canada FI raised its holdings by 8.6%, bringing its total to 393 shares worth $151,000 after purchasing 31 additional shares.
In the second quarter, SBI Securities Co. Ltd. raised its position by 20.9%, now owning 185 shares valued at $83,000. Townsquare Capital LLC also increased its holdings by 5.3%, resulting in 878 shares worth $337,000. Lastly, Janney Montgomery Scott LLC lifted its stake by 8.4%, owning 647 shares valued at $291,000 after a purchase of 50 shares. Collectively, hedge funds and institutional investors now own approximately 17.88% of Elbit Systems.
Analysts Weigh In on Elbit Systems
Analysts have recently expressed their views on Elbit Systems, with various firms issuing new price targets. JPMorgan Chase & Co. initiated coverage on the stock on September 30, 2023, assigning a “neutral” rating and a price target of $520.00. In contrast, Bank of America raised its target from $500.00 to $540.00, giving the stock a “buy” rating in a research note dated August 26, 2023.
Moreover, Wall Street Zen upgraded Elbit Systems from a “hold” rating to a “buy” rating on October 25, 2023. Meanwhile, Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating on November 12, 2023. Currently, two research analysts rate the stock as a buy, while two others have assigned a hold rating. According to data from MarketBeat.com, Elbit Systems holds an average rating of “Moderate Buy” alongside an average target price of $530.00.
Current Stock Performance and Financials
On the market, shares of Elbit Systems opened at $469.67 on Friday, reflecting a minor increase of 0.8%. The company’s fifty-day moving average price is $489.27, while its two-hundred-day moving average stands at $460.61. Elbit Systems reports a market capitalization of $20.88 billion and a price-to-earnings ratio of 53.31. Additionally, its debt-to-equity ratio is 0.06, with a quick ratio of 0.77 and a current ratio of 1.29. The stock has seen a 52-week low of $243.18 and a high of $529.99.
Elbit Systems last announced its quarterly earnings on November 18, 2023, reporting earnings per share of $3.35, which exceeded the consensus estimate of $2.75 by $0.60. The company recorded revenue of $1.92 billion for the quarter, slightly below analyst expectations of $1.99 billion. Elbit Systems achieved a return on equity of 14.29% and a net margin of 5.35%. Analysts predict an average earnings per share of 8.05 for the current financial year.
Moreover, Elbit Systems has announced a quarterly dividend of $0.75, scheduled for payment on January 5, 2024. Investors of record on December 22, 2023 will receive this dividend, which equates to an annualized amount of $3.00 and represents a yield of 0.6%. The ex-dividend date is also set for December 22, 2023, and the company’s dividend payout ratio currently stands at 22.87%.
Elbit Systems Ltd. specializes in developing and supplying a wide array of airborne, land, and naval systems, primarily serving the defense, homeland security, and commercial aviation sectors. The company operates through various segments, including Aerospace, C4I and Cyber, ISTAR and EW, and Land, along with its subsidiary, Elbit Systems of America.
