Arrowstreet Capital Limited Partnership has increased its investment in Elbit Systems Ltd. by a significant 27.3% during the second quarter of 2023. This growth means the firm now holds a total of 471,839 shares in the aerospace and defense company, valued at approximately $210,967,000 as of the latest reporting period.
The investment landscape for Elbit Systems, which trades on NASDAQ under the ticker symbol ESLT, has seen heightened interest from various institutional investors. Notably, Activest Wealth Management acquired a new stake valued at around $28,000, while Traub Capital Management LLC and Montag A & Associates Inc. invested $31,000 and $68,000, respectively. Additionally, SVB Wealth LLC purchased shares worth about $77,000 in the first quarter, and SBI Securities Co. Ltd. raised its position by 20.9% in the second quarter, now owning shares worth $83,000.
Analyst Ratings and Stock Performance
Elbit Systems has been the subject of several recent analyst reports. On November 12, Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating. In contrast, JPMorgan Chase & Co. initiated coverage with a “neutral” rating and set a target price of $520.00. On the other hand, Weiss Ratings maintained a “buy” rating, while Bank of America increased its price target from $500.00 to $540.00, also assigning a “buy” rating. According to MarketBeat data, the consensus rating for Elbit Systems is “Moderate Buy,” with a price target of $530.00.
Elbit Systems shares opened at $465.66 on Wednesday, with a 52-week range between $243.51 and $529.99. The company boasts a market capitalization of $20.70 billion, a price-to-earnings ratio of 47.32, and a low beta of 0.24.
Recent Financial Results and Dividend Declaration
On November 18, 2023, Elbit Systems released its quarterly earnings, reporting earnings per share of $3.35, exceeding analysts’ expectations of $2.75 by $0.60. The company achieved a net margin of 5.91% and a return on equity of 15.04%. Despite this, Elbit’s revenue for the quarter was $1.92 billion, slightly below the anticipated $1.99 billion.
In addition to its financial performance, Elbit Systems has declared a quarterly dividend of $0.75, payable on January 5, 2024. Shareholders of record as of December 22, 2023, will receive this dividend, which translates to an annualized rate of $3.00 and a yield of 0.6%. The company’s dividend payout ratio stands at 25.41%.
Elbit Systems Ltd. specializes in developing and supplying advanced systems for defense, homeland security, and commercial aviation applications, primarily based in Israel. The company operates through various segments, including Aerospace, C4I and Cyber, ISTAR and EW, and Land Systems.
As the investment landscape evolves, the increased interest from institutional investors and analysts indicates a robust outlook for Elbit Systems in the coming quarters.
