Millennium Management LLC Raises Stake in Leonardo DRS, Inc. (NASDAQ:DRS)

Millennium Management LLC boosted its holdings in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 7.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 286,672 shares of the company's stock after buying an additional 20,550 shares during the period. Millennium Management LLC owned about 0.11% of Leonardo DRS worth $9,262,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Leonardo DRS by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,895 shares of the company's stock valued at $1,354,000 after buying an additional 1,597 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new stake in Leonardo DRS during the 4th quarter worth about $440,000. Deutsche Bank AG grew its holdings in Leonardo DRS by 114.6% during the 4th quarter. Deutsche Bank AG now owns 93,773 shares of the company's stock worth $3,030,000 after acquiring an additional 50,083 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in Leonardo DRS by 23.5% during the 4th quarter. Cubist Systematic Strategies LLC now owns 55,926 shares of the company's stock worth $1,807,000 after acquiring an additional 10,652 shares during the last quarter. Finally, Brevan Howard Capital Management LP bought a new stake in Leonardo DRS during the 4th quarter worth about $503,000. Institutional investors and hedge funds own 18.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on DRS shares. BTIG Research set a $49.00 price target on shares of Leonardo DRS and gave the stock a "buy" rating in a research report on Monday, May 5th. JPMorgan Chase & Co. lifted their price target on shares of Leonardo DRS from $32.00 to $33.00 and gave the stock a "neutral" rating in a research report on Friday, February 21st. Bank of America upgraded shares of Leonardo DRS from a "neutral" rating to a "buy" rating and set a $40.00 price objective for the company in a report on Friday, March 7th. Truist Financial boosted 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 boosted 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 MarketBeat.com, Leonardo DRS presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

Insider Activity at Leonardo DRS

In other news, COO John Baylouny sold 3,529 shares of the firm's stock in a transaction that occurred on Tuesday, April 8th. The shares were sold at an average price of $31.96, for a total value of $112,786.84. Following the completion of the transaction, the chief operating officer now directly owns 137,283 shares in the company, valued at approximately $4,387,564.68. This trade represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Lynn III sold 45,000 shares of the business's stock in a transaction that occurred 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 approximately $10,738,810.80. This represents a 12.05% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 92,354 shares of company stock worth $3,019,773. Company insiders own 0.34% of the company's stock.

Leonardo DRS Trading Down 0.4%

NASDAQ DRS traded down $0.17 during trading hours on Wednesday, reaching $42.33. The company's stock had a trading volume of 776,358 shares, compared to its average volume of 721,067. The firm has a fifty day simple moving average of $37.02 and a 200-day simple moving average of $34.71. The stock has a market cap of $11.26 billion, a P/E ratio of 53.58, a P/E/G ratio of 1.41 and a beta of 0.64. Leonardo DRS, Inc. has a 52 week low of $22.73 and a 52 week high of $43.40. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.11 and a quick ratio of 1.70.

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

Leonardo DRS Dividend Announcement

The business 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 $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend is Thursday, May 22nd. Leonardo DRS's dividend payout ratio (DPR) is currently 41.38%.

Leonardo DRS declared that its Board of Directors has approved a stock repurchase plan on Thursday, February 20th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the company to reacquire up to 0.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

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.