Bank of America Corp DE Takes Position in Leonardo DRS, Inc. $DRS

Key Points

• Bank of America acquired 584,518 shares of Leonardo DRS during the second quarter, valued at approximately $24.9 million and representing about 0.22% of the company. Institutional investors now own 18.76% of the stock.
• Leonardo DRS exceeded quarterly expectations, reporting EPS of $0.35 versus the $0.27 consensus and revenue of $913 million, up 10.1% year over year. The company also pays a $0.09 quarterly dividend, yielding about 1.0% annually.
• Analyst sentiment remains positive, with the stock carrying an average “Buy” rating and a consensus price target of $53.17; Guggenheim initiated coverage with a $51 target, while JPMorgan raised its target to $53.

Bank of America Corp DE acquired a new stake in Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 584,518 shares of the company's stock, valued at approximately $24,941,000. Bank of America Corp DE owned approximately 0.22% of Leonardo DRS as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of DRS. BlackRock Inc. acquired a new position in Leonardo DRS in the 2nd quarter valued at approximately $212,883,000. Stephens Investment Management Group LLC raised its holdings in Leonardo DRS by 107.6% during the 1st quarter. Stephens Investment Management Group LLC now owns 2,118,331 shares of the company's stock worth $94,308,000 after purchasing an additional 1,098,108 shares during the last quarter. Norges Bank bought a new position in shares of Leonardo DRS in the 4th quarter worth about $37,481,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Leonardo DRS in the second quarter valued at approximately $24,857,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Leonardo DRS by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 517,166 shares of the company's stock worth $23,024,000 after buying an additional 15,349 shares in the last quarter. 18.76% of the stock is currently owned by institutional investors.

Leonardo DRS Stock Up 0.7%

Shares of NASDAQ:DRS opened at $37.41 on Thursday. Leonardo DRS, Inc. has a 1 year low of $32.43 and a 1 year high of $50.59. The company has a market capitalization of $9.98 billion, a PE ratio of 31.44, a price-to-earnings-growth ratio of 2.29 and a beta of 0.35. The business has a fifty day moving average price of $41.56 and a two-hundred day moving average price of $43.63. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.92 and a quick ratio of 1.56.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $913.00 million during the quarter, compared to the consensus estimate of $903.27 million. Leonardo DRS had a net margin of 8.52% and a return on equity of 12.97%. The firm's quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.23 earnings per share. Analysts forecast that Leonardo DRS, Inc. will post 1.37 earnings per share for the current year.

Leonardo DRS Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were paid a $0.09 dividend. The ex-dividend date was Thursday, August 13th. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. Leonardo DRS's payout ratio is presently 30.25%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Guggenheim started coverage on shares of Leonardo DRS in a research report on Monday, September 14th. They set a "buy" rating and a $51.00 target price on the stock. JPMorgan Chase & Co. increased their price target on Leonardo DRS from $48.00 to $53.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Finally, Weiss Ratings raised shares of Leonardo DRS from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $53.17.

Insider Buying and Selling at Leonardo DRS

In other news, CFO Michael Dippold sold 20,317 shares of Leonardo DRS stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $37.18, for a total value of $755,386.06. Following the completion of the transaction, the chief financial officer owned 35,143 shares in the company, valued at $1,306,616.74. This trade represents a 36.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jason Rinsky sold 3,865 shares of the company's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $45.37, for a total transaction of $175,355.05. Following the sale, the executive vice president owned 27,445 shares in the company, valued at $1,245,179.65. The trade was a 12.34% 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 have sold a total of 28,046 shares of company stock valued at $1,107,751 in the last quarter. 0.25% of the stock is owned by corporate insiders.

About Leonardo DRS

Leonardo DRS, Inc is a defense technology company that develops and manufactures advanced products and systems for the U.S. Department of Defense, other government agencies and allied military customers. The company supports land, sea and air platforms as well as command, control, communications, computers, intelligence, surveillance and reconnaissance missions.

Its offerings include electro-optical and infrared sensing systems, network computing and communications equipment, electronic warfare technologies, power and propulsion systems, thermal management solutions, force protection products and advanced battle-management systems.

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