Elbit Systems Ltd. (NASDAQ:ESLT) Short Interest Down 22.3% in October

Elbit Systems Ltd. (NASDAQ:ESLT) was the target of a significant drop in short interest in October. As of October 15th, there was short interest totalling 47,700 shares, a drop of 22.3% from the September 30th total of 61,400 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average daily volume of 23,300 shares, the short-interest ratio is currently 2.0 days.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Elbit Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 16th.

Hedge Funds Weigh In On Elbit Systems

Large investors have recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its holdings in shares of Elbit Systems by 57.5% during the first quarter. Russell Investments Group Ltd. now owns 16,007 shares of the aerospace company’s stock valued at $3,356,000 after purchasing an additional 5,846 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in Elbit Systems by 53.7% in the 1st quarter. Advisors Asset Management Inc. now owns 10,626 shares of the aerospace company’s stock worth $2,234,000 after acquiring an additional 3,712 shares during the last quarter. Spectrum Asset Management Inc. NB CA purchased a new position in Elbit Systems in the 3rd quarter worth approximately $762,000. Wealth Enhancement Advisory Services LLC purchased a new position in Elbit Systems in the 1st quarter worth approximately $10,893,000. Finally, Vanguard Group Inc. raised its holdings in Elbit Systems by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 818,862 shares of the aerospace company’s stock worth $174,622,000 after acquiring an additional 9,525 shares during the last quarter. 17.88% of the stock is currently owned by hedge funds and other institutional investors.

Elbit Systems Trading Up 0.3 %

Shares of NASDAQ ESLT traded up $0.73 during trading hours on Wednesday, hitting $228.24. The company’s stock had a trading volume of 34,789 shares, compared to its average volume of 23,479. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.63 and a current ratio of 1.13. The stock has a market cap of $10.15 billion, a price-to-earnings ratio of 41.96 and a beta of 0.53. Elbit Systems has a 12 month low of $175.30 and a 12 month high of $230.64. The business has a 50-day simple moving average of $203.41 and a 200-day simple moving average of $195.34.

Elbit Systems (NASDAQ:ESLT) last posted its quarterly earnings data on Wednesday, August 14th. The aerospace company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.31. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Elbit Systems had a return on equity of 10.70% and a net margin of 3.85%. During the same period in the previous year, the firm posted $1.57 EPS. On average, analysts anticipate that Elbit Systems will post 7.8 earnings per share for the current fiscal year.

Elbit Systems Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.416 per share. The ex-dividend date was Tuesday, October 15th. This represents a $1.66 annualized dividend and a dividend yield of 0.73%. Elbit Systems’s payout ratio is 30.51%.

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.