Bank of New York Mellon Corp Sells 1,518 Shares of Elbit Systems Ltd. $ESLT

Bank of New York Mellon Corp cut its position in Elbit Systems Ltd. (NASDAQ:ESLT) by 2.9% in the first quarter, HoldingsChannel.com reports. The firm owned 51,650 shares of the aerospace company’s stock after selling 1,518 shares during the quarter. Bank of New York Mellon Corp’s holdings in Elbit Systems were worth $43,855,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of Elbit Systems by 34.4% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,550,618 shares of the aerospace company’s stock valued at $893,941,000 after buying an additional 397,049 shares in the last quarter. Vanguard Group Inc. increased its stake in Elbit Systems by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 998,267 shares of the aerospace company’s stock worth $573,131,000 after buying an additional 13,406 shares in the last quarter. Y.D. More Investments Ltd raised its holdings in Elbit Systems by 3.0% during the fourth quarter. Y.D. More Investments Ltd now owns 618,325 shares of the aerospace company’s stock valued at $356,345,000 after acquiring an additional 18,289 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Elbit Systems by 2.5% during the third 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. Finally, Meitav Investment House Ltd. lifted its position in shares of Elbit Systems by 8.9% in the first quarter. Meitav Investment House Ltd. now owns 397,089 shares of the aerospace company’s stock valued at $332,985,000 after acquiring an additional 32,617 shares in the last quarter. 17.88% of the stock is currently owned by institutional investors.

Elbit Systems Stock Up 1.4%

Shares of ESLT stock opened at $820.21 on Friday. The company’s fifty day simple moving average is $793.22 and its two-hundred day simple moving average is $797.24. Elbit Systems Ltd. has a 52 week low of $432.85 and a 52 week high of $1,016.06. The stock has a market cap of $36.46 billion, a P/E ratio of 66.41, a PEG ratio of 3.43 and a beta of 0.17. The company has a quick ratio of 0.86, a current ratio of 1.41 and a debt-to-equity ratio of 0.06.

Elbit Systems (NASDAQ:ESLT) last issued its earnings results on Tuesday, May 26th. The aerospace company reported $3.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.98 by $0.89. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.14 billion. Elbit Systems had a return on equity of 16.15% and a net margin of 7.14%. Analysts predict that Elbit Systems Ltd. will post 15.3 EPS for the current fiscal year.

Elbit Systems Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Tuesday, June 23rd were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 0.5%. The ex-dividend date was Tuesday, June 23rd. Elbit Systems’s dividend payout ratio is presently 26.96%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ESLT. JPMorgan Chase & Co. upped their price objective on Elbit Systems from $930.00 to $950.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 27th. 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. Zacks Research downgraded Elbit Systems from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 24th. Finally, Morgan Stanley set a $845.00 price objective on shares of Elbit Systems in a report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $803.75.

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.