Elbit Systems (NASDAQ:ESLT) Sees Unusually-High Trading Volume Following Dividend Announcement

Shares of Elbit Systems Ltd. (NASDAQ:ESLT) saw unusually-high trading volume on Thursday after the company announced a dividend. Approximately 35,327 shares changed hands during trading, an increase of 9% from the previous session’s volume of 32,348 shares.The stock last traded at $406.99 and had previously closed at $410.60.

The newly announced 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 of this dividend is Tuesday, April 22nd. Elbit Systems’s dividend payout ratio (DPR) is 27.72%.

Analyst Ratings Changes

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

Elbit Systems Trading Down 0.5 %

The business has a fifty day moving average price of $321.05 and a 200 day moving average price of $261.38. The company has a market capitalization of $18.26 billion, a PE ratio of 70.23 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.

Elbit Systems (NASDAQ:ESLT) last released its quarterly earnings data on Tuesday, March 18th. The aerospace company reported $2.66 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.71. The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.78 billion. Elbit Systems had a return on equity of 11.34% and a net margin of 4.00%. Analysts expect that Elbit Systems Ltd. will post 8.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Elbit Systems

Large investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its holdings in shares of Elbit Systems by 177.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 227,102 shares of the aerospace company’s stock valued at $59,207,000 after buying an additional 145,324 shares during the period. Y.D. More Investments Ltd raised its holdings in shares of Elbit Systems by 10.1% during the 4th quarter. Y.D. More Investments Ltd now owns 449,747 shares of the aerospace company’s stock valued at $117,520,000 after buying an additional 41,401 shares during the period. Invesco Ltd. raised its holdings in shares of Elbit Systems by 13.1% during the 4th quarter. Invesco Ltd. now owns 338,256 shares of the aerospace company’s stock valued at $87,294,000 after buying an additional 39,095 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Elbit Systems by 12.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 170,703 shares of the aerospace company’s stock valued at $34,158,000 after buying an additional 18,614 shares during the period. Finally, FIL Ltd purchased a new stake in shares of Elbit Systems during the 4th quarter valued at about $4,616,000. 17.88% of the stock is currently owned by hedge funds and other institutional investors.

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.