Bank of New York Mellon Corp Makes New $21.44 Million Investment in Leonardo DRS, Inc. $DRS

Key Points

• Bank of New York Mellon initiated a $21.44 million position in Leonardo DRS, purchasing 502,399 shares, while institutional investors collectively owned 18.76% of the company at quarter-end.
• Analyst sentiment improved, with an average rating of “Moderate Buy” and an average price target of $53.60; JPMorgan and Canaccord both raised their targets.
• Leonardo DRS exceeded quarterly expectations, reporting $0.35 in EPS and $913 million in revenue, up 10.1% year over year. The company also paid a quarterly dividend of $0.09 per share, equivalent to a 0.9% annualized yield.

Bank of New York Mellon Corp bought a new position in Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 502,399 shares of the company's stock, valued at approximately $21,437,000. Bank of New York Mellon Corp owned about 0.19% of Leonardo DRS at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DRS. Focus Partners Advisor Solutions LLC bought a new stake in shares of Leonardo DRS during the 2nd quarter valued at $527,000. GSA Capital Partners LLP bought a new position in Leonardo DRS in the 2nd quarter worth approximately $605,000. Oppenheimer Asset Management Inc. purchased a new stake in Leonardo DRS during the 2nd quarter valued at approximately $386,000. Tema ETFs LLC raised its position in shares of Leonardo DRS by 140.0% during the second quarter. Tema ETFs LLC now owns 1,776 shares of the company's stock valued at $76,000 after buying an additional 1,036 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Leonardo DRS by 49.8% during the second quarter. GAMMA Investing LLC now owns 1,904 shares of the company's stock valued at $81,000 after buying an additional 633 shares during the last quarter. Hedge funds and other institutional investors own 18.76% of the company's stock.

Analysts Set New Price Targets

DRS has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their target price on shares of Leonardo DRS from $48.00 to $53.00 and gave the company a "neutral" rating in a research note on Friday, July 31st. Canaccord Genuity Group boosted their price target on shares of Leonardo DRS from $52.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Weiss Ratings upgraded Leonardo DRS from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen raised 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 assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $53.60.

Insiders Place Their Bets

In other news, EVP Jason Rinsky sold 3,865 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $46.87, for a total value of $181,152.55. Following the transaction, the executive vice president directly owned 31,310 shares in the company, valued at approximately $1,467,499.70. This represents a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sally Wallace sold 1,300 shares of the company's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $50.00, for a total transaction of $65,000.00. Following the completion of the transaction, the executive vice president owned 57,053 shares in the company, valued at approximately $2,852,650. The trade was a 2.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 57,683 shares of company stock worth $2,650,769. Insiders own 0.25% of the company's stock.

Leonardo DRS Stock Performance

Shares of NASDAQ:DRS opened at $38.54 on Monday. 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, Inc. has a 12 month low of $32.43 and a 12 month high of $50.59. The company has a market capitalization of $10.29 billion, a price-to-earnings ratio of 32.39, a PEG ratio of 2.35 and a beta of 0.35. The firm's 50-day moving average is $44.10 and its 200 day moving average is $44.20.

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

Leonardo DRS Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, August 13th. Leonardo DRS's dividend payout ratio is 30.25%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source