JPMorgan Chase & Co. Boosts Stock Holdings in Leonardo DRS, Inc. (NASDAQ:DRS)

JPMorgan Chase & Co. lifted its position in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 261.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 621,506 shares of the company's stock after acquiring an additional 449,642 shares during the period. JPMorgan Chase & Co. owned approximately 0.24% of Leonardo DRS worth $20,081,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in DRS. CIBC Asset Management Inc raised its position in Leonardo DRS by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 8,060 shares of the company's stock valued at $260,000 after purchasing an additional 405 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Leonardo DRS by 37.0% during the fourth 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 last quarter. Stephens Inc. AR lifted its holdings in shares of Leonardo DRS by 5.2% during the fourth quarter. Stephens Inc. AR now owns 13,308 shares of the company's stock worth $430,000 after purchasing an additional 652 shares during the period. Steward Partners Investment Advisory LLC raised its position in Leonardo DRS by 233.3% during the 4th 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 during the last quarter. Finally, KBC Group NV lifted its holdings in Leonardo DRS by 42.0% during the 4th quarter. KBC Group NV now owns 3,671 shares of the company's stock worth $119,000 after buying an additional 1,086 shares during the period. Institutional investors and hedge funds own 18.76% of the company's stock.

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Analyst Ratings Changes

A number of research analysts have recently issued reports on DRS shares. Truist Financial boosted their price target on shares of Leonardo DRS from $36.00 to $37.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. raised their target price on Leonardo DRS from $32.00 to $33.00 and gave the stock a "neutral" rating in a research note on Friday, February 21st. Finally, Bank of America raised shares of 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. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $34.83.

Leonardo DRS Stock Down 0.4 %

Shares of NASDAQ:DRS traded down $0.15 during midday trading on Wednesday, hitting $36.16. 75,911 shares of the company's stock were exchanged, compared to its average volume of 661,546. Leonardo DRS, Inc. has a 12 month low of $19.88 and a 12 month high of $37.99. The company has a market cap of $9.62 billion, a PE ratio of 45.82, 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 current ratio of 2.11 and a quick ratio of 1.70. The stock has a 50 day moving average price of $32.13 and a 200-day moving average price of $32.76.

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

Leonardo DRS Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $0.36 dividend on an annualized basis and a yield of 1.00%. Leonardo DRS's payout ratio is 45.57%.

Leonardo DRS declared that its board has initiated a share repurchase program on Thursday, February 20th that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In related news, COO John Baylouny sold 3,529 shares of the business's stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $31.96, for a total transaction of $112,786.84. Following the completion of the transaction, the chief operating officer now directly owns 137,283 shares in the company, valued at $4,387,564.68. The trade was a 2.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eric Salzman sold 3,477 shares of the business's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $34.59, for a total value of $120,269.43. Following the transaction, the director now directly owns 13,262 shares of the company's stock, valued at $458,732.58. The trade was a 20.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 144,360 shares of company stock worth $4,849,137 over the last 90 days. Corporate insiders own 0.12% of the company's stock.

About Leonardo DRS

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.