Elbit Systems (NASDAQ:ESLT) Sees Unusually-High Trading Volume After 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 traded hands during mid-day 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 dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.59%. This is a positive change from Elbit Systems’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, April 22nd. Elbit Systems’s payout ratio is 28.38%.

Analysts Set New Price Targets

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

Elbit Systems Trading Down 0.5 %

The stock has a market capitalization of $18.16 billion, a PE ratio of 69.74 and a beta of 0.53. The company’s 50 day moving average price is $315.67 and its two-hundred day moving average price is $258.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.15 and a quick ratio of 0.64.

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

Institutional Investors Weigh In On Elbit Systems

A number of hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets grew its stake in shares of Elbit Systems by 99.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,390 shares of the aerospace company’s stock valued at $678,000 after buying an additional 1,690 shares during the period. JPMorgan Chase & Co. boosted its stake in Elbit Systems by 12.2% during the third quarter. JPMorgan Chase & Co. now owns 170,703 shares of the aerospace company’s stock worth $34,158,000 after buying an additional 18,614 shares during the period. Stifel Financial Corp boosted its stake in Elbit Systems by 50.3% during the third quarter. Stifel Financial Corp now owns 10,531 shares of the aerospace company’s stock worth $2,107,000 after buying an additional 3,524 shares during the period. Bank of New York Mellon Corp increased its position in shares of Elbit Systems by 5.3% during the fourth quarter. Bank of New York Mellon Corp now owns 45,789 shares of the aerospace company’s stock valued at $11,817,000 after acquiring an additional 2,317 shares during the last quarter. Finally, Systematic Financial Management LP raised its stake in shares of Elbit Systems by 12.1% in the 3rd quarter. Systematic Financial Management LP now owns 74,322 shares of the aerospace company’s stock valued at $14,872,000 after acquiring an additional 8,000 shares during the period. Hedge funds and other institutional investors 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.