Leonardo DRS (NASDAQ:DRS) Given New $48.00 Price Target at JPMorgan Chase & Co.

Leonardo DRS (NASDAQ:DRS - Get Free Report) had its target price hoisted by research analysts at JPMorgan Chase & Co. from $33.00 to $48.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 8.50% from the stock's current price.

Several other equities analysts also recently weighed in on the stock. Morgan Stanley raised their price target on shares of Leonardo DRS from $34.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. BTIG Research set a $49.00 price target on shares of Leonardo DRS and gave the stock a "buy" rating in a research note on Monday, May 5th. Bank of America raised 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. Finally, Truist Financial raised their price target on shares of Leonardo DRS from $37.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Leonardo DRS has a consensus rating of "Moderate Buy" and a consensus target price of $43.50.

Leonardo DRS Price Performance

DRS traded down $1.07 during midday trading on Monday, hitting $44.24. 1,511,175 shares of the company traded hands, compared to its average volume of 755,274. The company has a current ratio of 2.02, a quick ratio of 1.64 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $11.77 billion, a price-to-earnings ratio of 50.85, a PEG ratio of 2.63 and a beta of 0.63. Leonardo DRS has a 52-week low of $22.73 and a 52-week high of $46.96. The business has a 50 day simple moving average of $40.61 and a two-hundred day simple moving average of $35.70.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.03. The business had revenue of $799.00 million for the quarter, compared to the consensus estimate of $736.72 million. Leonardo DRS had a net margin of 7.00% and a return on equity of 10.63%. The company's revenue was up 16.1% compared to the same quarter last year. During the same period last year, the firm posted $0.14 earnings per share. On average, equities analysts forecast that Leonardo DRS will post 1.04 earnings per share for the current fiscal year.

Leonardo DRS announced that its board has initiated a stock buyback program on Thursday, February 20th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the company to purchase up to 0.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Leonardo DRS news, Director David W. Carey sold 6,438 shares of Leonardo DRS stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $45.94, for a total transaction of $295,761.72. Following the completion of the sale, the director now directly owns 23,882 shares in the company, valued at $1,097,139.08. This trade represents a 21.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO John Baylouny sold 3,529 shares of Leonardo DRS stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $31.96, for a total transaction of $112,786.84. Following the sale, the chief operating officer now owns 137,283 shares of the company's stock, valued at approximately $4,387,564.68. This represents a 2.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On Leonardo DRS

A number of institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC increased its position in shares of Leonardo DRS by 4.0% during the first quarter. Hsbc Holdings PLC now owns 9,191 shares of the company's stock valued at $298,000 after acquiring an additional 357 shares during the last quarter. Cerity Partners LLC increased its position in shares of Leonardo DRS by 1.1% during the fourth quarter. Cerity Partners LLC now owns 34,410 shares of the company's stock valued at $1,112,000 after acquiring an additional 359 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Leonardo DRS by 2.1% in the fourth quarter. Bank of Montreal Can now owns 18,380 shares of the company's stock valued at $594,000 after purchasing an additional 379 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Leonardo DRS by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 8,060 shares of the company's stock valued at $260,000 after purchasing an additional 405 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its holdings in shares of Leonardo DRS by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,702 shares of the company's stock valued at $249,000 after purchasing an additional 489 shares in the last quarter. 18.76% of the stock is currently owned by institutional investors and hedge funds.

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.