Elbit Systems (NASDAQ:ESLT) Sees Unusually-High Trading Volume Following Dividend Announcement

Shares of Elbit Systems Ltd. (NASDAQ:ESLT) saw an uptick in trading volume on Thursday following a dividend announcement from the company. 35,327 shares changed hands during 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. Investors of record on Tuesday, April 22nd will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This is an increase from Elbit Systems’s previous quarterly dividend of $0.50. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.58%. Elbit Systems’s payout ratio is 27.72%.

Analyst Upgrades and Downgrades

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

Elbit Systems Price Performance

The company has a quick ratio of 0.64, a current ratio of 1.15 and a debt-to-equity ratio of 0.10. The company has a market cap of $18.26 billion, a price-to-earnings ratio of 70.23 and a beta of 0.53. The company has a fifty day simple moving average of $321.05 and a two-hundred day simple moving average of $261.38.

Elbit Systems (NASDAQ:ESLT) last posted its earnings results on Tuesday, March 18th. The aerospace company reported $2.66 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.71. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.78 billion. Elbit Systems had a return on equity of 11.34% and a net margin of 4.00%. On average, equities research analysts anticipate that Elbit Systems Ltd. will post 8.05 earnings per share for the current fiscal year.

Institutional Trading of Elbit Systems

A number of large investors have recently made changes to their positions in ESLT. Hurley Capital LLC acquired a new stake in shares of Elbit Systems during the fourth quarter valued at $26,000. Prestige Wealth Management Group LLC lifted its position in 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 buying an additional 75 shares during the period. Morse Asset Management Inc purchased a new position in Elbit Systems during the third quarter worth about $40,000. Sierra Ocean LLC purchased a new position in Elbit Systems during the fourth quarter worth about $41,000. Finally, Smartleaf Asset Management LLC lifted its position in 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 buying an additional 106 shares during the period. Institutional investors and hedge funds 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.