Essex Investment Management Co. LLC lowered its stake in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 31.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 257,807 shares of the company's stock after selling 117,435 shares during the period. Leonardo DRS accounts for 1.5% of Essex Investment Management Co. LLC's investment portfolio, making the stock its 10th biggest holding. Essex Investment Management Co. LLC owned approximately 0.10% of Leonardo DRS worth $8,330,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of DRS. Steward Partners Investment Advisory LLC increased its stake in shares of Leonardo DRS by 233.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,000 shares of the company's stock worth $32,000 after purchasing an additional 700 shares in the last quarter. Covestor Ltd grew its stake in Leonardo DRS by 226.8% in the 3rd quarter. Covestor Ltd now owns 1,814 shares of the company's stock valued at $51,000 after buying an additional 1,259 shares in the last quarter. IFP Advisors Inc raised its holdings in Leonardo DRS by 37.0% during the 4th quarter. IFP Advisors Inc now owns 1,944 shares of the company's stock valued at $63,000 after acquiring an additional 525 shares during the period. KBC Group NV lifted its position in shares of Leonardo DRS by 42.5% during the third quarter. KBC Group NV now owns 2,585 shares of the company's stock worth $73,000 after acquiring an additional 771 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of Leonardo DRS in the third quarter worth $109,000. Institutional investors own 18.76% of the company's stock.
Insider Activity at Leonardo DRS
In other news, COO John Baylouny sold 3,529 shares of the business's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $34.81, for a total value of $122,844.49. Following the completion of the sale, the chief operating officer now directly owns 74,805 shares in the company, valued at approximately $2,603,962.05. The trade was a 4.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William Lynn III sold 45,000 shares of the company's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $35.25, for a total transaction of $1,586,250.00. Following the completion of the sale, the chief executive officer now directly owns 189,937 shares of the company's stock, valued at $6,695,279.25. This trade represents a 19.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,535 shares of company stock valued at $1,941,939 over the last 90 days. 0.12% of the stock is owned by insiders.
Wall Street Analyst Weigh In
DRS has been the topic of a number of analyst reports. Bank of America upgraded Leonardo DRS from a "neutral" rating to a "buy" rating and set a $40.00 price objective on the stock in a research note on Friday, March 7th. JPMorgan Chase & Co. increased their price target 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. Finally, Truist Financial boosted their price objective 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 research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Leonardo DRS has an average rating of "Moderate Buy" and a consensus price target of $34.83.
Read Our Latest Report on DRS
Leonardo DRS Price Performance
Shares of NASDAQ:DRS traded up $0.13 on Thursday, hitting $31.35. The company's stock had a trading volume of 545,548 shares, compared to its average volume of 613,302. The company has a market capitalization of $8.31 billion, a PE ratio of 39.68, a PEG ratio of 1.41 and a beta of 0.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.11 and a quick ratio of 1.70. The company has a 50-day simple moving average of $32.90 and a 200 day simple moving average of $31.79. Leonardo DRS, Inc. has a 1 year low of $19.88 and a 1 year high of $37.99.
Leonardo DRS (NASDAQ:DRS - Get Free Report) last announced its earnings results on Thursday, February 20th. The company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.36 by $0.02. Leonardo DRS had a net margin of 6.59% and a return on equity of 10.37%. The business had revenue of $981.00 million for the quarter, compared to the consensus estimate of $942.18 million. Sell-side analysts forecast that Leonardo DRS, Inc. will post 1.04 EPS for the current fiscal year.
Leonardo DRS announced that its board has initiated a stock repurchase plan on Thursday, February 20th that allows the company to buyback $75.00 million in shares. This buyback authorization allows the company to repurchase up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.
Leonardo DRS Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a $0.09 dividend. The ex-dividend date is Thursday, March 13th. This represents a $0.36 annualized dividend and a yield of 1.15%. Leonardo DRS's dividend payout ratio (DPR) is presently 45.57%.
Leonardo DRS Company Profile
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Free Report)
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.
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