Mackenzie Financial Corp Buys New Stake in Leonardo DRS, Inc. (NASDAQ:DRS)

Mackenzie Financial Corp purchased a new position in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,649 shares of the company's stock, valued at approximately $570,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Leonardo DRS by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 7,934,919 shares of the company's stock worth $256,377,000 after buying an additional 263,002 shares during the period. FMR LLC boosted its position in shares of Leonardo DRS by 183.2% in the fourth quarter. FMR LLC now owns 3,457,612 shares of the company's stock worth $111,715,000 after buying an additional 2,236,661 shares during the period. First Trust Advisors LP boosted its position in shares of Leonardo DRS by 21.2% in the fourth quarter. First Trust Advisors LP now owns 1,594,092 shares of the company's stock worth $51,505,000 after buying an additional 278,541 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Leonardo DRS by 13.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,432,110 shares of the company's stock worth $46,274,000 after buying an additional 166,936 shares during the period. Finally, Franklin Resources Inc. boosted its position in shares of Leonardo DRS by 5.0% in the fourth quarter. Franklin Resources Inc. now owns 1,301,964 shares of the company's stock worth $42,066,000 after buying an additional 62,395 shares during the period. 18.76% of the stock is currently owned by institutional investors and hedge funds.

Leonardo DRS Stock Performance

NASDAQ:DRS traded down $0.02 during trading hours on Friday, reaching $44.38. 564,222 shares of the stock were exchanged, compared to its average volume of 736,669. The company has a quick ratio of 1.70, a current ratio of 2.11 and a debt-to-equity ratio of 0.14. The firm has a 50 day simple moving average of $38.63 and a 200-day simple moving average of $35.18. Leonardo DRS, Inc. has a 52 week low of $22.73 and a 52 week high of $45.45. The stock has a market capitalization of $11.81 billion, a P/E ratio of 56.18, a P/E/G ratio of 1.41 and a beta of 0.63.

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

Leonardo DRS Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date was Thursday, May 22nd. Leonardo DRS's dividend payout ratio is presently 41.38%.

Leonardo DRS announced that its Board of Directors has authorized a share repurchase program 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 stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, EVP Sally Wallace sold 8,353 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $32.84, for a total transaction of $274,312.52. Following the sale, the executive vice president now directly owns 55,160 shares in the company, valued at approximately $1,811,454.40. This represents a 13.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Pamela Morrow sold 8,854 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $32.84, for a total value of $290,765.36. Following the sale, the senior vice president now owns 17,335 shares in the company, valued at $569,281.40. The trade was a 33.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 92,354 shares of company stock valued at $3,019,773 in the last quarter. Insiders own 0.34% of the company's stock.

Leonardo DRS Company Profile

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.