Teacher Retirement System of Texas grew its position in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 87.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,067,630 shares of the company's stock after buying an additional 498,979 shares during the quarter. Teacher Retirement System of Texas owned 0.40% of Leonardo DRS worth $34,495,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jacobs Levy Equity Management Inc. grew its holdings in Leonardo DRS by 71.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 921,156 shares of the company's stock valued at $25,995,000 after purchasing an additional 384,522 shares during the period. Van ECK Associates Corp raised its stake in Leonardo DRS by 32.1% in the fourth quarter. Van ECK Associates Corp now owns 736,896 shares of the company's stock valued at $23,809,000 after purchasing an additional 179,224 shares in the last quarter. Franklin Resources Inc. grew its position in Leonardo DRS by 16.6% in the third quarter. Franklin Resources Inc. now owns 1,239,569 shares of the company's stock worth $35,371,000 after acquiring an additional 176,326 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Leonardo DRS in the 4th quarter worth about $4,304,000. Finally, Madison Investment Advisors LLC bought a new position in Leonardo DRS during the fourth quarter valued at approximately $3,791,000. Hedge funds and other institutional investors own 18.76% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the company. Bank of America raised Leonardo DRS from a "neutral" rating to a "buy" rating and set a $40.00 price objective for the company in a research note on Friday, March 7th. JPMorgan Chase & Co. boosted their price objective on shares of Leonardo DRS from $32.00 to $33.00 and gave the company a "neutral" rating in a research report on Friday, February 21st. Finally, Truist Financial lifted 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 analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.83.
Read Our Latest Stock Analysis on DRS
Insider Activity at Leonardo DRS
In related news, SVP Pamela Morrow sold 8,854 shares of the stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $32.84, for a total transaction of $290,765.36. Following the sale, the senior vice president now directly owns 17,335 shares of the company's stock, valued at approximately $569,281.40. This represents a 33.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sally Wallace sold 8,353 shares of the firm's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $32.84, for a total transaction of $274,312.52. Following the sale, the executive vice president now owns 55,160 shares of the company's stock, valued at approximately $1,811,454.40. This represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 144,360 shares of company stock valued at $4,848,926 in the last 90 days. Corporate insiders own 0.12% of the company's stock.
Leonardo DRS Stock Up 1.2 %
Shares of DRS stock traded up $0.40 during mid-day trading on Tuesday, reaching $34.35. 562,336 shares of the company's stock traded hands, compared to its average volume of 621,791. The company's 50-day moving average price is $32.94 and its 200-day moving average price is $32.11. The company has a market cap of $9.11 billion, a P/E ratio of 43.48, a P/E/G ratio of 1.41 and a beta of 0.98. The company has a quick ratio of 1.70, a current ratio of 2.11 and a debt-to-equity ratio of 0.14. Leonardo DRS, Inc. has a 12 month low of $19.88 and a 12 month high of $37.99.
Leonardo DRS (NASDAQ:DRS - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.38 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $942.18 million. On average, equities analysts expect that Leonardo DRS, Inc. will post 1.04 earnings per share for the current fiscal year.
Leonardo DRS Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be paid a $0.09 dividend. The ex-dividend date is Thursday, March 13th. This represents a $0.36 annualized dividend and a dividend yield of 1.05%. Leonardo DRS's payout ratio is currently 45.57%.
Leonardo DRS announced that its Board of Directors has approved a stock repurchase plan on Thursday, February 20th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 0.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.
About Leonardo DRS
(
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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