Elbit Systems (NASDAQ:ESLT) Shares Gap Up After Better-Than-Expected Earnings

Elbit Systems Ltd. (NASDAQ:ESLT)’s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $369.26, but opened at $395.99. Elbit Systems shares last traded at $411.57, with a volume of 44,265 shares trading hands.

The aerospace company reported $2.66 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.71. Elbit Systems had a net margin of 4.00% and a return on equity of 11.34%. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.78 billion.

Elbit Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Tuesday, April 22nd will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.58%. This is a boost 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 presently 28.38%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Elbit Systems

Large investors have recently modified their holdings of the stock. Hurley Capital LLC acquired a new position in Elbit Systems in the 4th quarter valued at about $26,000. Prestige Wealth Management Group LLC boosted its holdings in shares of Elbit Systems by 150.0% during the fourth quarter. Prestige Wealth Management Group LLC now owns 125 shares of the aerospace company’s stock worth $32,000 after acquiring an additional 75 shares during the period. Sierra Ocean LLC acquired a new position in shares of Elbit Systems in the fourth quarter valued at approximately $41,000. Smartleaf Asset Management LLC increased its stake in shares of Elbit Systems by 196.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 160 shares of the aerospace company’s stock worth $41,000 after purchasing an additional 106 shares during the period. Finally, Morse Asset Management Inc acquired a new stake in Elbit Systems during the 3rd quarter worth approximately $40,000. 17.88% of the stock is owned by institutional investors.

Elbit Systems Price Performance

The company has a current ratio of 1.15, a quick ratio of 0.64 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average of $315.67 and a 200-day moving average of $258.87. The firm has a market capitalization of $18.25 billion, a P/E ratio of 70.19 and a beta of 0.53.

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.