Elbit Systems (NASDAQ:ESLT) Shares Gap Down to $196.26

Elbit Systems Ltd. (NASDAQ:ESLT) shares gapped down prior to trading on Tuesday . The stock had previously closed at $196.26, but opened at $189.72. Elbit Systems shares last traded at $189.71, with a volume of 4,154 shares traded.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Elbit Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, August 16th.

Elbit Systems Stock Performance

The company has a market capitalization of $8.54 billion, a price-to-earnings ratio of 37.81 and a beta of 0.54. The stock’s 50 day moving average price is $192.36 and its 200 day moving average price is $195.25. The company has a current ratio of 1.13, a quick ratio of 0.66 and a debt-to-equity ratio of 0.10.

Elbit Systems (NASDAQ:ESLT) last issued its quarterly earnings results on Wednesday, August 14th. The aerospace company reported $2.08 EPS for the quarter, beating the consensus estimate of $1.77 by $0.31. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Elbit Systems had a return on equity of 10.70% and a net margin of 3.85%. During the same period in the prior year, the firm posted $1.57 earnings per share. Analysts expect that Elbit Systems Ltd. will post 7.8 earnings per share for the current year.

Elbit Systems Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Tuesday, October 15th. Elbit Systems’s dividend payout ratio is 32.68%.

Hedge Funds Weigh In On Elbit Systems

Institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in Elbit Systems by 368.6% during the 2nd quarter. Blue Trust Inc. now owns 164 shares of the aerospace company’s stock worth $29,000 after purchasing an additional 129 shares during the last quarter. Point72 DIFC Ltd bought a new position in Elbit Systems during the 2nd quarter worth $35,000. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Elbit Systems by 56.8% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 232 shares of the aerospace company’s stock worth $49,000 after buying an additional 84 shares in the last quarter. Janiczek Wealth Management LLC boosted its position in shares of Elbit Systems by 53.8% in the first quarter. Janiczek Wealth Management LLC now owns 409 shares of the aerospace company’s stock valued at $86,000 after acquiring an additional 143 shares during the period. Finally, Parallel Advisors LLC grew its stake in shares of Elbit Systems by 21.2% in the fourth quarter. Parallel Advisors LLC now owns 537 shares of the aerospace company’s stock valued at $114,000 after acquiring an additional 94 shares in the last quarter. Institutional investors and hedge funds own 17.88% of the company’s stock.

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.