Alliancebernstein L.P. Sells 271,541 Shares of Leonardo DRS, Inc. (NASDAQ:DRS)

Alliancebernstein L.P. reduced its position in Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 7.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,297,998 shares of the company's stock after selling 271,541 shares during the quarter. Alliancebernstein L.P. owned approximately 1.25% of Leonardo DRS worth $106,558,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its position in shares of Leonardo DRS by 8.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,012,370 shares of the company's stock worth $28,569,000 after buying an additional 82,049 shares during the period. Cerity Partners LLC increased its position in shares of Leonardo DRS by 1.1% during the 3rd quarter. Cerity Partners LLC now owns 34,051 shares of the company's stock worth $961,000 after purchasing an additional 354 shares in the last quarter. Edgestream Partners L.P. bought a new position in Leonardo DRS during the 3rd quarter valued at about $344,000. Point72 Hong Kong Ltd acquired a new position in Leonardo DRS in the third quarter valued at about $109,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Leonardo DRS during the third quarter worth about $113,000. Institutional investors and hedge funds own 18.76% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on DRS shares. JPMorgan Chase & Co. increased their price objective on shares of Leonardo DRS from $32.00 to $33.00 and gave the stock a "neutral" rating in a report on Friday, February 21st. Bank of America upgraded Leonardo DRS from a "neutral" rating to a "buy" rating and set a $40.00 price objective for the company in a research report on Friday, March 7th. Finally, Truist Financial raised their target price on shares of Leonardo DRS from $36.00 to $37.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $34.83.

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Leonardo DRS Stock Down 0.9 %

NASDAQ DRS traded down $0.28 on Monday, reaching $29.87. The company had a trading volume of 375,356 shares, compared to its average volume of 647,250. The company's fifty day moving average is $32.40 and its 200-day moving average is $32.47. Leonardo DRS, Inc. has a 1-year low of $19.88 and a 1-year high of $37.99. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of 37.96, a price-to-earnings-growth ratio of 1.41 and a beta of 0.73. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.70 and a current ratio of 2.11.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.38 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.02. Leonardo DRS had a return on equity of 10.37% and a net margin of 6.59%. The firm had revenue of $981.00 million during the quarter, compared to the consensus estimate of $942.18 million. On average, research analysts forecast that Leonardo DRS, Inc. will post 1.04 earnings per share for the current fiscal year.

Leonardo DRS Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date was Thursday, March 13th. Leonardo DRS's dividend payout ratio is currently 45.57%.

Leonardo DRS announced that its board has authorized a stock buyback program on Thursday, February 20th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the company to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Leonardo DRS

In other news, COO John Baylouny sold 3,529 shares of the company's stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $31.90, for a total value of $112,575.10. Following the sale, the chief operating officer now directly owns 78,334 shares of the company's stock, valued at approximately $2,498,854.60. This represents a 4.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Dippold sold 26,618 shares of the company's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $32.70, for a total transaction of $870,408.60. Following the completion of the transaction, the chief financial officer now owns 68,802 shares in the company, valued at approximately $2,249,825.40. This represents a 27.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,360 shares of company stock valued at $4,848,926. Insiders own 0.12% of the company's stock.

Leonardo DRS Company Profile

Leonardo DRS, Inc, together with its subsidiaries, provides defense electronic products and systems, and military support services. It operates through Advanced Sensing and Computing (ASC) segment, and Integrated Mission Systems (IMS) segments. The ASC segment designs, develops, and manufacture sensing and network computing technology that enables real-time situational awareness required for enhanced operational decision making and execution; and offers sensing capabilities span applications, such as missions requiring advanced detection, precision targeting and surveillance sensing, long range electro-optic/infrared, signals intelligence, and other intelligence systems including electronic warfare, ground vehicle sensing, active electronically scanned array tactical radars, dismounted soldier, and space sensing.