Leonardo DRS, Inc. (NASDAQ:DRS) Announces Quarterly Dividend of $0.09

Key Points

• Leonardo DRS declared a quarterly dividend of $0.09 per share, payable November 25 to shareholders of record as of November 12. The annualized dividend is $0.36, representing a 0.9% yield.
• The company’s dividend appears well covered, with a current payout ratio of 28.8% and an expected future payout ratio of 24.7% based on projected earnings.
• Leonardo DRS beat quarterly earnings and revenue expectations, reporting $0.46 in EPS and $1.07 billion in revenue, with revenue up 11% year over year.

Leonardo DRS, Inc. (NASDAQ:DRS - Get Free Report) declared a quarterly dividend on Thursday, October 29th. Investors of record on Thursday, November 12th will be given a dividend of $0.09 per share on Wednesday, November 25th. This represents a $0.36 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, November 12th.

Leonardo DRS has a payout ratio of 28.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Leonardo DRS to earn $1.46 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 24.7%.

Leonardo DRS Stock Performance

DRS traded up $4.14 during midday trading on Thursday, reaching $39.64. The company's stock had a trading volume of 2,301,858 shares, compared to its average volume of 1,082,757. The company has a current ratio of 1.92, a quick ratio of 1.56 and a debt-to-equity ratio of 0.05. The company has a fifty day simple moving average of $36.83 and a 200 day simple moving average of $42.20. The stock has a market cap of $10.58 billion, a P/E ratio of 33.31, a PEG ratio of 2.08 and a beta of 0.32. Leonardo DRS has a twelve month low of $32.43 and a twelve month high of $50.59.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.11. Leonardo DRS had a net margin of 8.52% and a return on equity of 12.97%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company earned $0.29 earnings per share. The business's revenue was up 11.0% compared to the same quarter last year. Research analysts expect that Leonardo DRS will post 1.39 earnings per share for the current year.

Insider Activity

In related news, EVP Jason Rinsky sold 3,864 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $45.81, for a total value of $177,009.84. Following the sale, the executive vice president directly owned 23,581 shares in the company, valued at $1,080,245.61. This trade represents a 14.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Michael Dippold sold 20,317 shares of Leonardo DRS stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $37.18, for a total transaction of $755,386.06. Following the transaction, the chief financial officer directly owned 35,143 shares in the company, valued at $1,306,616.74. The trade was a 36.63% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Leonardo DRS

Several hedge funds have recently bought and sold shares of DRS. BlackRock Inc. acquired a new position in Leonardo DRS during the second quarter valued at approximately $212,883,000. Stephens Investment Management Group LLC boosted its stake in shares of Leonardo DRS by 107.6% during the first quarter. Stephens Investment Management Group LLC now owns 2,118,331 shares of the company's stock valued at $94,308,000 after purchasing an additional 1,098,108 shares in the last quarter. Bank of America Corp DE bought a new stake in Leonardo DRS during the 2nd quarter worth approximately $24,941,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Leonardo DRS in the second quarter worth $24,857,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Leonardo DRS by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 517,166 shares of the company's stock valued at $23,024,000 after buying an additional 15,349 shares during the period. 18.76% of the stock is currently owned by institutional investors and hedge funds.

About Leonardo DRS

Leonardo DRS, Inc is a defense technology company that develops and supplies advanced products and systems for the U.S. military and government customers, as well as allied nations. The company operates as a subsidiary of Leonardo S.p.A. and focuses on technologies used in land, sea, air and space-related defense applications.

Its offerings include sensing and surveillance systems, electro-optical and infrared technologies, radar and electronic warfare products, network computing and communications systems, counter-uncrewed aircraft systems, force protection equipment, and naval power and propulsion systems.

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