LPL Financial LLC increased its stake in Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 10.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 85,423 shares of the company's stock after buying an additional 7,956 shares during the period. LPL Financial LLC's holdings in Leonardo DRS were worth $2,760,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in Leonardo DRS by 2.7% during the third quarter. Geode Capital Management LLC now owns 1,915,376 shares of the company's stock valued at $54,061,000 after purchasing an additional 51,014 shares during the period. Franklin Resources Inc. lifted its stake in shares of Leonardo DRS by 16.6% during the 3rd quarter. Franklin Resources Inc. now owns 1,239,569 shares of the company's stock valued at $35,371,000 after buying an additional 176,326 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Leonardo DRS by 7.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,088,369 shares of the company's stock worth $35,165,000 after purchasing an additional 75,999 shares during the period. Teacher Retirement System of Texas lifted its stake in Leonardo DRS by 87.7% in the 4th quarter. Teacher Retirement System of Texas now owns 1,067,630 shares of the company's stock worth $34,495,000 after purchasing an additional 498,979 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in Leonardo DRS by 32.1% during the 4th quarter. Van ECK Associates Corp now owns 736,896 shares of the company's stock valued at $23,809,000 after buying an additional 179,224 shares in the last quarter. Institutional investors own 18.76% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts recently commented on DRS shares. Bank of America raised shares of Leonardo DRS from a "neutral" rating to a "buy" rating and set a $40.00 price target for the company in a report on Friday, March 7th. JPMorgan Chase & Co. raised their price target on Leonardo DRS from $32.00 to $33.00 and gave the stock a "neutral" rating in a research report on Friday, February 21st. Finally, Truist Financial increased 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 equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Leonardo DRS currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.83.
Check Out Our Latest Research Report on DRS
Insider Buying and Selling
In related news, CEO William Lynn III sold 45,000 shares of the business's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $35.25, for a total transaction of $1,586,250.00. Following the transaction, the chief executive officer now directly owns 189,937 shares in the company, valued at $6,695,279.25. The trade was a 19.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric Salzman sold 3,477 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $34.59, for a total value of $120,269.43. Following the completion of the sale, the director now owns 13,262 shares of the company's stock, valued at approximately $458,732.58. This trade represents a 20.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 144,360 shares of company stock worth $4,849,137 in the last three months. 0.12% of the stock is owned by insiders.
Leonardo DRS Stock Up 2.3 %
Shares of DRS traded up $0.81 during midday trading on Tuesday, reaching $36.31. 1,075,207 shares of the stock were exchanged, compared to its average volume of 663,286. The company has a current ratio of 2.11, a quick ratio of 1.70 and a debt-to-equity ratio of 0.14. The company's 50 day moving average is $32.09 and its two-hundred day moving average is $32.74. The company has a market capitalization of $9.63 billion, a P/E ratio of 45.96, a PEG ratio of 1.41 and a beta of 0.73. Leonardo DRS, Inc. has a 52 week low of $19.88 and a 52 week high of $37.99.
Leonardo DRS (NASDAQ:DRS - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.38 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $942.18 million. On average, sell-side analysts anticipate that Leonardo DRS, Inc. will post 1.04 earnings per share for the current year.
Leonardo DRS Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a $0.09 dividend. The ex-dividend date was Thursday, March 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.99%. Leonardo DRS's dividend payout ratio is presently 45.57%.
Leonardo DRS announced that its board has approved a share repurchase program on Thursday, February 20th that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are 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.
Further Reading
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