Leonardo DRS, Inc. (NASDAQ:DRS) Shares Acquired by Bank of America Corp DE

Bank of America Corp DE increased its position in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 142.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 522,888 shares of the company's stock after acquiring an additional 306,940 shares during the quarter. Bank of America Corp DE owned about 0.20% of Leonardo DRS worth $16,895,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of DRS. Steward Partners Investment Advisory LLC increased its stake in Leonardo DRS by 233.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,000 shares of the company's stock valued at $32,000 after purchasing an additional 700 shares in the last quarter. IFP Advisors Inc increased its stake in Leonardo DRS by 37.0% during the 4th quarter. IFP Advisors Inc now owns 1,944 shares of the company's stock valued at $63,000 after purchasing an additional 525 shares in the last quarter. KBC Group NV increased its stake in Leonardo DRS by 42.0% during the 4th quarter. KBC Group NV now owns 3,671 shares of the company's stock valued at $119,000 after purchasing an additional 1,086 shares in the last quarter. Longboard Asset Management LP acquired a new position in Leonardo DRS during the 4th quarter valued at approximately $212,000. Finally, Robeco Institutional Asset Management B.V. acquired a new position in Leonardo DRS during the 4th quarter valued at approximately $213,000. Institutional investors own 18.76% of the company's stock.

Leonardo DRS Stock Performance

Shares of DRS stock traded up $0.32 during trading hours on Friday, hitting $41.04. The company's stock had a trading volume of 949,846 shares, compared to its average volume of 718,056. The company has a 50 day moving average of $36.72 and a 200 day moving average of $34.64. The stock has a market cap of $10.92 billion, a PE ratio of 51.95, a price-to-earnings-growth ratio of 1.41 and a beta of 0.64. The company has a current ratio of 2.11, a quick ratio of 1.70 and a debt-to-equity ratio of 0.14. Leonardo DRS, Inc. has a 12-month low of $22.73 and a 12-month high of $43.40.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. Leonardo DRS had a net margin of 6.59% and a return on equity of 10.37%. The firm had revenue of $799.00 million for the quarter, compared to the consensus estimate of $736.72 million. During the same period in the prior year, the firm posted $0.14 earnings per share. The firm's quarterly revenue was up 16.1% compared to the same quarter last year. On average, sell-side analysts forecast that Leonardo DRS, Inc. will post 1.04 EPS for the current fiscal year.

Leonardo DRS Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date is Thursday, May 22nd. Leonardo DRS's dividend payout ratio (DPR) is presently 41.38%.

Leonardo DRS declared that its board has initiated a stock buyback plan on Thursday, February 20th that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

DRS has been the topic of a number of recent analyst reports. BTIG Research set a $49.00 price target on shares of Leonardo DRS and gave the company a "buy" rating in a research note on Monday, May 5th. Bank of America upgraded shares of Leonardo DRS from a "neutral" rating to a "buy" rating and set a $40.00 price target on the stock in a research note on Friday, March 7th. JPMorgan Chase & Co. upped their price target on shares of Leonardo DRS from $32.00 to $33.00 and gave the company a "neutral" rating in a research note on Friday, February 21st. Truist Financial upped their price objective on shares of Leonardo DRS from $37.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, April 17th. Finally, Morgan Stanley upped their price objective on shares of Leonardo DRS from $34.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Leonardo DRS presently has an average rating of "Moderate Buy" and an average price target of $41.00.

Insider Buying and Selling

In other Leonardo DRS news, CEO William Lynn III sold 45,000 shares of the stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $32.70, for a total transaction of $1,471,500.00. Following the transaction, the chief executive officer now directly owns 328,404 shares of the company's stock, valued at $10,738,810.80. This trade represents a 12.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO John Baylouny sold 3,529 shares of the stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $31.96, for a total transaction of $112,786.84. Following the transaction, the chief operating officer now directly owns 137,283 shares in the company, valued at approximately $4,387,564.68. The trade was a 2.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 92,354 shares of company stock valued at $3,019,773. Corporate insiders own 0.12% of the company's stock.

About Leonardo DRS

Leonardo DRS, Inc, together with its subsidiaries, provides defense electronic products and systems, and military support services. It operates through Advanced Sensing and Computing (ASC) segment, and Integrated Mission Systems (IMS) segments. The ASC segment designs, develops, and manufacture sensing and network computing technology that enables real-time situational awareness required for enhanced operational decision making and execution; and offers sensing capabilities span applications, such as missions requiring advanced detection, precision targeting and surveillance sensing, long range electro-optic/infrared, signals intelligence, and other intelligence systems including electronic warfare, ground vehicle sensing, active electronically scanned array tactical radars, dismounted soldier, and space sensing.