Bank of America Corp DE Has $21.94 Million Stock Position in Leonardo DRS, Inc. $DRS

Key Points

• Bank of America reduced its Leonardo DRS position by 16.6% in the first quarter, selling 98,271 shares and retaining 492,841 shares valued at approximately $21.94 million. Institutional investors collectively own 18.76% of the company.
• Analyst sentiment remains positive, with Leonardo DRS receiving a “Moderate Buy” consensus rating and an average price target of $53.60, compared with shares opening at $44.23.
• Leonardo DRS exceeded quarterly expectations, reporting $0.35 in earnings per share and $913 million in revenue, up 10.1% year over year. The company also declared a $0.09 quarterly dividend, equivalent to a 0.8% annual yield.

Bank of America Corp DE lowered its position in Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 16.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 492,841 shares of the company's stock after selling 98,271 shares during the quarter. Bank of America Corp DE owned approximately 0.18% of Leonardo DRS worth $21,941,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP increased its holdings in Leonardo DRS by 7,041.7% in the fourth quarter. Quarry LP now owns 857 shares of the company's stock worth $29,000 after buying an additional 845 shares during the last quarter. Leonteq Securities AG acquired a new stake in Leonardo DRS in the fourth quarter valued at approximately $34,000. Fifth Third Bancorp acquired a new stake in Leonardo DRS in the first quarter valued at approximately $41,000. SBI Securities Co. Ltd. grew its position in Leonardo DRS by 324.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,362 shares of the company's stock worth $46,000 after acquiring an additional 1,041 shares in the last quarter. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in Leonardo DRS in the fourth quarter worth approximately $46,000. 18.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Leonardo DRS from $48.00 to $53.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Truist Financial upgraded Leonardo DRS to a "strong-buy" rating in a report on Friday, May 1st. Weiss Ratings raised shares of Leonardo DRS from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Canaccord Genuity Group raised their price target on Leonardo DRS from $52.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen upgraded Leonardo DRS from a "hold" rating to a "buy" rating in a research note on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $53.60.

Leonardo DRS Stock Performance

Shares of NASDAQ DRS opened at $44.23 on Wednesday. The firm has a market capitalization of $11.80 billion, a price-to-earnings ratio of 37.17, a PEG ratio of 2.77 and a beta of 0.35. Leonardo DRS, Inc. has a one year low of $32.43 and a one year high of $50.59. The business has a fifty day simple moving average of $45.26 and a 200 day simple moving average of $44.21. The company has a current ratio of 1.92, a quick ratio of 1.56 and a debt-to-equity ratio of 0.05.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Leonardo DRS had a net margin of 8.52% and a return on equity of 12.97%. The firm had revenue of $913.00 million for the quarter, compared to the consensus estimate of $903.27 million. During the same quarter in the previous year, the company earned $0.23 earnings per share. The business's revenue was up 10.1% compared to the same quarter last year. Sell-side analysts expect that Leonardo DRS, Inc. will post 1.39 EPS for the current year.

Leonardo DRS Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Thursday, August 13th. Leonardo DRS's dividend payout ratio is currently 30.25%.

Insiders Place Their Bets

In other Leonardo DRS news, SVP Pamela Morrow sold 11,545 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $45.13, for a total transaction of $521,025.85. Following the completion of the transaction, the senior vice president directly owned 10,551 shares in the company, valued at $476,166.63. This represents a 52.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John Baylouny sold 36,471 shares of Leonardo DRS stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $45.67, for a total value of $1,665,630.57. Following the transaction, the chief executive officer directly owned 122,435 shares of the company's stock, valued at approximately $5,591,606.45. The trade was a 22.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 69,228 shares of company stock worth $3,171,794 in the last 90 days. 0.25% of the stock is owned by corporate insiders.

Leonardo DRS Company Profile

Leonardo DRS is a U.S.-based defense technology company and wholly owned subsidiary of Italy's Leonardo S.p.A. The firm specializes in developing and integrating mission-critical systems for military and government customers, with a primary focus on command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR). Its core offerings encompass advanced sensors, targeting systems, radars and electronic warfare solutions designed to enhance situational awareness and operational effectiveness across land, sea and air domains.

The company's portfolio includes naval combat management systems, unmanned vehicle sensors, power generation and distribution equipment, and training and simulation solutions.

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