Engineers Gate Manager LP Acquires New Shares in Leonardo DRS, Inc. $DRS

Key Points

• Engineers Gate Manager LP acquired 31,090 shares of Leonardo DRS during the second quarter, valued at approximately $1.33 million. Institutional investors collectively own 18.76% of the company.
• Analyst sentiment is positive, with a consensus “Buy” rating and an average price target of $53.17; Guggenheim initiated coverage with a $51 target.
• Leonardo DRS exceeded quarterly expectations, reporting $0.35 in EPS versus $0.27 expected and revenue of $913 million, up 10.1% year over year. The company also pays a quarterly dividend of $0.09, implying a 1.0% annualized yield.

Engineers Gate Manager LP acquired a new position in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 31,090 shares of the company's stock, valued at approximately $1,327,000.

Several other large investors have also recently bought and sold shares of DRS. Erste Asset Management GmbH raised its holdings in Leonardo DRS by 503.6% in the 4th quarter. Erste Asset Management GmbH now owns 142,750 shares of the company's stock valued at $4,872,000 after buying an additional 119,100 shares during the last quarter. Swedbank AB grew its holdings in Leonardo DRS by 1,026.0% during the 4th quarter. Swedbank AB now owns 96,205 shares of the company's stock worth $3,280,000 after acquiring an additional 87,661 shares during the last quarter. BlackRock Inc. acquired a new position in Leonardo DRS in the 2nd quarter valued at approximately $212,883,000. AXQ Capital LP raised its stake in shares of Leonardo DRS by 301.6% during the fourth quarter. AXQ Capital LP now owns 44,872 shares of the company's stock valued at $1,530,000 after acquiring an additional 33,699 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Leonardo DRS during the fourth quarter valued at $37,481,000. 18.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. 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. JPMorgan Chase & Co. raised their target price on Leonardo DRS from $48.00 to $53.00 and gave the stock a "neutral" rating in a research report on Friday, July 31st. Finally, Guggenheim began coverage on Leonardo DRS in a report on Monday. They set a "buy" rating and a $51.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $53.17.

Insider Buying and Selling

In other Leonardo DRS news, EVP Jason Rinsky sold 3,864 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $45.81, for a total value of $177,009.84. Following the transaction, the executive vice president directly owned 23,581 shares of the company's stock, valued at approximately $1,080,245.61. The trade was a 14.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Michael Dippold sold 20,317 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $37.18, for a total value of $755,386.06. Following the transaction, the chief financial officer owned 35,143 shares in the company, valued at $1,306,616.74. The trade was a 36.63% 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 28,046 shares of company stock valued at $1,107,751. 0.25% of the stock is currently owned by corporate insiders.

Leonardo DRS Price Performance

Shares of NASDAQ DRS opened at $37.06 on Friday. The company has a market capitalization of $9.89 billion, a PE ratio of 31.14, a P/E/G ratio of 2.29 and a beta of 0.35. The company has a quick ratio of 1.56, a current ratio of 1.92 and a debt-to-equity ratio of 0.05. Leonardo DRS, Inc. has a twelve month low of $32.43 and a twelve month high of $50.59. The firm has a fifty day simple moving average of $42.08 and a 200 day simple moving average of $43.87.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The company reported $0.35 EPS for the quarter, beating 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 business had revenue of $913.00 million for the quarter, compared to analysts' expectations of $903.27 million. During the same quarter in the prior year, the firm posted $0.23 earnings per share. The business's quarterly revenue was up 10.1% compared to the same quarter last year. On average, sell-side analysts forecast that Leonardo DRS, Inc. will post 1.37 EPS for the current year.

Leonardo DRS Announces Dividend

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

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.

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.