Balyasny Asset Management L.P. Acquires New Position in Leonardo DRS, Inc. (NASDAQ:DRS)

Balyasny Asset Management L.P. purchased a new stake in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 42,720 shares of the company's stock, valued at approximately $1,380,000.

Several other institutional investors and hedge funds have also recently modified their holdings of DRS. Barclays PLC increased its holdings in shares of Leonardo DRS by 148.5% during the third quarter. Barclays PLC now owns 178,331 shares of the company's stock valued at $5,032,000 after acquiring an additional 106,565 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Leonardo DRS by 133.1% during the third quarter. JPMorgan Chase & Co. now owns 171,864 shares of the company's stock valued at $4,850,000 after acquiring an additional 98,141 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of Leonardo DRS during the fourth quarter valued at $415,000. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Leonardo DRS by 52.3% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 19,962 shares of the company's stock valued at $645,000 after acquiring an additional 6,853 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of Leonardo DRS by 42.0% during the fourth quarter. KBC Group NV now owns 3,671 shares of the company's stock valued at $119,000 after acquiring an additional 1,086 shares in the last quarter. 18.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

DRS has been the subject of several analyst reports. Bank of America upgraded 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. lifted their price objective on Leonardo DRS from $32.00 to $33.00 and gave the stock a "neutral" rating in a report on Friday, February 21st. Morgan Stanley boosted their target price on Leonardo DRS from $34.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Truist Financial boosted their target price on Leonardo DRS from $37.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Finally, BTIG Research set a $49.00 target price on Leonardo DRS and gave the stock a "buy" rating in a research report on Monday, May 5th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $41.00.

Leonardo DRS Stock Performance

NASDAQ:DRS traded up $0.33 during mid-day trading on Monday, reaching $42.00. The company's stock had a trading volume of 864,101 shares, compared to its average volume of 713,846. Leonardo DRS, Inc. has a 12-month low of $22.73 and a 12-month high of $43.40. The firm's fifty day moving average price is $36.04 and its two-hundred day moving average price is $34.43. 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 stock has a market cap of $11.17 billion, a P/E ratio of 53.16, a PEG ratio of 1.41 and a beta of 0.64.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The business had revenue of $799.00 million during the quarter, compared to analyst estimates of $736.72 million. Leonardo DRS had a return on equity of 10.37% and a net margin of 6.59%. Leonardo DRS's revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.14 EPS. On average, equities analysts forecast that Leonardo DRS, Inc. will post 1.04 EPS for the current fiscal year.

Leonardo DRS Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.86%. Leonardo DRS's dividend payout ratio is currently 41.38%.

Leonardo DRS declared that its Board of Directors has initiated a share buyback plan on Thursday, February 20th that authorizes the company to buyback $75.00 million in shares. This buyback authorization authorizes the company to purchase 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.

Insider Buying and Selling at Leonardo DRS

In other Leonardo DRS news, EVP Sally Wallace sold 8,353 shares of the business's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $32.84, for a total transaction of $274,312.52. Following the completion of the sale, the executive vice president now directly owns 55,160 shares in the company, valued at $1,811,454.40. The trade was a 13.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William Lynn III sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $32.70, for a total value of $1,471,500.00. Following the transaction, the chief executive officer now owns 328,404 shares of the company's stock, valued at approximately $10,738,810.80. This trade represents a 12.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 92,354 shares of company stock worth $3,019,773 in the last three months. 0.34% of the stock is currently owned by company insiders.

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.