Elbit Systems Ltd. (NASDAQ:ESLT) declared a quarterly dividend on Wednesday, November 24th, Wall Street Journal reports. Shareholders of record on Monday, December 20th will be paid a dividend of 0.46 per share by the aerospace company on Monday, January 3rd. This represents a $1.84 annualized dividend and a yield of 1.21%. The ex-dividend date is Friday, December 17th.
Elbit Systems has decreased its dividend by 5.1% over the last three years and has increased its dividend annually for the last 2 consecutive years. Elbit Systems has a dividend payout ratio of 22.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Elbit Systems to earn $8.90 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 20.7%.
ESLT traded down $0.54 during trading on Wednesday, hitting $151.78. The company’s stock had a trading volume of 38,680 shares, compared to its average volume of 36,327. The business has a 50 day simple moving average of $148.47. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.73 and a current ratio of 1.12. The stock has a market cap of $6.70 billion, a PE ratio of 25.85 and a beta of 0.84. Elbit Systems has a twelve month low of $116.60 and a twelve month high of $162.77.
Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of Elbit Systems by 1.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 48,362 shares of the aerospace company’s stock worth $7,005,000 after buying an additional 527 shares during the last quarter. Morgan Stanley increased its holdings in shares of Elbit Systems by 4.3% during the 3rd quarter. Morgan Stanley now owns 21,522 shares of the aerospace company’s stock worth $3,117,000 after buying an additional 888 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Elbit Systems by 804.9% during the 2nd quarter. Wells Fargo & Company MN now owns 9,909 shares of the aerospace company’s stock worth $1,283,000 after buying an additional 8,814 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Elbit Systems by 10.6% during the 3rd quarter. Royal Bank of Canada now owns 2,658 shares of the aerospace company’s stock worth $385,000 after buying an additional 255 shares during the last quarter. Finally, Citadel Advisors LLC increased its holdings in shares of Elbit Systems by 14.5% during the 3rd quarter. Citadel Advisors LLC now owns 1,946 shares of the aerospace company’s stock worth $281,000 after buying an additional 247 shares during the last quarter. Institutional investors and hedge funds own 12.02% of the company’s stock.
Separately, Zacks Investment Research downgraded Elbit Systems from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 12th.
About Elbit Systems
Elbit Systems Ltd. is a technology company, which engages in the development and distribution of defense and homeland security solutions. Its portfolio includes airborne, land, and naval systems and products for defense, homeland security, and commercial applications. The company was founded in 1996 and is headquartered in Haifa, Israel.
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