LPL Financial LLC Grows Stock Position in Leonardo DRS, Inc. (NASDAQ:DRS)

Key Points

• LPL Financial LLC increased its stake in Leonardo DRS by 59% in the first quarter, owning approximately $4.47 million worth of shares, amidst broader institutional interest in the company.
• Leonardo DRS reported a quarterly revenue of $829 million, exceeding estimates and representing a 10.1% year-over-year growth, along with an earnings per share (EPS) of $0.23.
• The company recently announced a quarterly dividend of $0.09, equating to an annualized dividend yield of 0.9%, with an ex-dividend date set for August 20th.

LPL Financial LLC grew its position in Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 59.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 135,813 shares of the company's stock after acquiring an additional 50,390 shares during the quarter. LPL Financial LLC owned about 0.05% of Leonardo DRS worth $4,466,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in DRS. Nisa Investment Advisors LLC lifted its position in shares of Leonardo DRS by 92.3% in the first quarter. Nisa Investment Advisors LLC now owns 1,273 shares of the company's stock valued at $42,000 after acquiring an additional 611 shares in the last quarter. JTC Employer Solutions Trustee Ltd purchased a new position in Leonardo DRS during the first quarter worth approximately $46,000. Virtus Fund Advisers LLC purchased a new position in Leonardo DRS during the fourth quarter worth approximately $116,000. CWM LLC lifted its position in Leonardo DRS by 147.1% during the first quarter. CWM LLC now owns 5,518 shares of the company's stock worth $181,000 after buying an additional 3,285 shares in the last quarter. Finally, Mariner LLC purchased a new position in Leonardo DRS during the fourth quarter worth approximately $222,000. Hedge funds and other institutional investors own 18.76% of the company's stock.

Insider Buying and Selling at Leonardo DRS

In other news, Director David W. Carey sold 6,438 shares of Leonardo DRS stock in a transaction on Friday, June 13th. The stock was sold at an average price of $45.94, for a total value of $295,761.72. Following the completion of the sale, the director directly owned 23,882 shares of the company's stock, valued at approximately $1,097,139.08. The trade was a 21.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

DRS has been the topic of a number of analyst reports. The Goldman Sachs Group initiated coverage on Leonardo DRS in a research report on Monday, June 30th. They set a "buy" rating and a $49.00 price objective on the stock. Canaccord Genuity Group initiated coverage on Leonardo DRS in a research report on Monday. They set a "buy" rating and a $50.00 price objective on the stock. Truist Financial lifted their price objective on Leonardo DRS from $45.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Wall Street Zen downgraded Leonardo DRS from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, JPMorgan Chase & Co. lifted their price objective on Leonardo DRS from $33.00 to $48.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Leonardo DRS has a consensus rating of "Moderate Buy" and a consensus target price of $46.75.

Leonardo DRS Price Performance

NASDAQ:DRS opened at $41.74 on Friday. Leonardo DRS, Inc. has a 52 week low of $26.00 and a 52 week high of $49.31. The company has a quick ratio of 1.70, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $11.11 billion, a P/E ratio of 44.88, a P/E/G ratio of 2.36 and a beta of 0.65. The stock's fifty day moving average is $45.00 and its two-hundred day moving average is $38.80.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.23 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. Leonardo DRS had a return on equity of 11.02% and a net margin of 7.31%. The company had revenue of $829.00 million for the quarter, compared to the consensus estimate of $824.50 million. During the same quarter in the previous year, the business earned $0.18 earnings per share. The company's revenue for the quarter was up 10.1% on a year-over-year basis. Equities analysts expect that Leonardo DRS, Inc. will post 1.04 EPS for the current year.

Leonardo DRS Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.9%. Leonardo DRS's payout ratio is presently 38.71%.

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.

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