Royal Bank of Canada Boosts Stake in Elbit Systems Amid Strong Earnings
Elbit Systems Ltd., a defense electronics company based in Israel, saw its shares purchased by Royal Bank of Canada during the first quarter. The institutional investor increased its stake in Elbit Systems by 45.8% and now owns 6,039 shares worth $5,127,000.
This is not an isolated instance, as several other institutional investors and hedge funds have also been buying and selling Elbit Systems' shares recently. WPG Advisers LLC acquired a new position in the company's stock during the first quarter, while Archer Investment Corp bought a new stake in the second quarter.
Elbit Systems has reported strong earnings results, with non-GAAP EPS of $4.14 exceeding expectations and revenue rising 15.9% year over year to approximately $2.29 billion. The company's record backlog provides substantial visibility for future revenue growth, although delivery capacity remains a constraint.