Elbit Systems (NASDAQ:ESLT) Shares Gap Down Following Analyst Downgrade

Shares of Elbit Systems Ltd. (NASDAQ:ESLT) gapped down before the market opened on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $950.00 to $885.00. The stock had previously closed at $795.71, but opened at $773.40. JPMorgan Chase & Co. currently has a neutral rating on the stock. Elbit Systems shares last traded at $753.5750, with a volume of 38,167 shares trading hands.

Several other brokerages also recently weighed in on ESLT. Morgan Stanley set a $845.00 price target on shares of Elbit Systems in a research report on Wednesday, July 15th. Weiss Ratings downgraded Elbit Systems from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Zacks Research cut Elbit Systems from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 24th. Finally, Jefferies Financial Group lowered their price target on Elbit Systems from $950.00 to $880.00 and set a “hold” rating on the stock in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $787.50.

Hedge Funds Weigh In On Elbit Systems

Several institutional investors have recently made changes to their positions in the business. Clal Insurance Enterprises Holdings Ltd increased its holdings in Elbit Systems by 4.5% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,619,783 shares of the aerospace company’s stock valued at $1,351,958,000 after buying an additional 69,165 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Elbit Systems by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 998,267 shares of the aerospace company’s stock worth $573,131,000 after acquiring an additional 13,406 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Elbit Systems by 2.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 483,842 shares of the aerospace company’s stock valued at $246,121,000 after acquiring an additional 12,003 shares during the period. Meitav Investment House Ltd. increased its stake in shares of Elbit Systems by 8.9% in the 1st quarter. Meitav Investment House Ltd. now owns 397,089 shares of the aerospace company’s stock worth $332,985,000 after purchasing an additional 32,617 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Elbit Systems by 10.0% in the 3rd quarter. Invesco Ltd. now owns 370,911 shares of the aerospace company’s stock worth $189,090,000 after purchasing an additional 33,619 shares in the last quarter. Institutional investors own 17.88% of the company’s stock.

Elbit Systems Trading Down 1.1%

The stock has a fifty day moving average of $786.06 and a 200 day moving average of $811.62. The company has a market capitalization of $33.06 billion, a P/E ratio of 56.04, a PEG ratio of 3.19 and a beta of 0.17. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.89 and a current ratio of 1.39.

Elbit Systems (NASDAQ:ESLT) last released its quarterly earnings results on Tuesday, August 11th. The aerospace company reported $4.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.69 by $0.45. Elbit Systems had a return on equity of 16.66% and a net margin of 7.44%.The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.25 billion. As a group, equities research analysts anticipate that Elbit Systems Ltd. will post 15.3 EPS for the current fiscal year.

Elbit Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 26th. Investors of record on Tuesday, October 13th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, October 13th. Elbit Systems’s dividend payout ratio is currently 25.09%.

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.