Leonardo DRS (NASDAQ:DRS) Shares Down 3.9% - Here's What Happened

Leonardo DRS, Inc. (NASDAQ:DRS - Get Free Report) was down 3.9% during mid-day trading on Tuesday . The company traded as low as $42.18 and last traded at $42.99. Approximately 265,468 shares changed hands during trading, a decline of 65% from the average daily volume of 752,655 shares. The stock had previously closed at $44.73.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Truist Financial boosted their price target on Leonardo DRS from $37.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. JPMorgan Chase & Co. increased their target price on Leonardo DRS from $33.00 to $48.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Morgan Stanley lifted 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. Bank of America upgraded shares of Leonardo DRS from a "neutral" rating to a "buy" rating and set a $40.00 price objective on the stock in a research note on Friday, March 7th. Finally, BTIG Research set a $49.00 target price on shares of Leonardo DRS and gave the stock a "buy" rating in a research report on Monday, May 5th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $43.50.

Leonardo DRS Stock Down 3.6%

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.02 and a quick ratio of 1.64. The stock's fifty day simple moving average is $41.18 and its two-hundred day simple moving average is $35.89. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of 49.56, a PEG ratio of 2.60 and a beta of 0.63.

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 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 return on equity of 10.63% and a net margin of 7.00%. The business's revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the business posted $0.14 EPS. On average, sell-side analysts predict that Leonardo DRS, Inc. will post 1.04 earnings per share for the current fiscal year.

Leonardo DRS Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were paid a $0.09 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $0.36 annualized dividend and a dividend yield of 0.83%. Leonardo DRS's payout ratio is 41.38%.

Insider Transactions at Leonardo DRS

In related news, COO John Baylouny sold 3,529 shares of Leonardo DRS stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $31.96, for a total value of $112,786.84. Following the transaction, the chief operating officer now owns 137,283 shares of the company's stock, valued at approximately $4,387,564.68. This trade represents a 2.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David W. Carey sold 6,438 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $45.94, for a total transaction of $295,761.72. Following the completion of the transaction, the director now owns 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 disclosure for this sale can be found here. Company insiders own 0.12% of the company's stock.

Institutional Trading of Leonardo DRS

Several institutional investors have recently made changes to their positions in DRS. Steward Partners Investment Advisory LLC grew its holdings in shares of 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 acquiring an additional 700 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in 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 purchasing an additional 611 shares in the last quarter. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of Leonardo DRS during the 1st quarter worth about $46,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Leonardo DRS during the 1st quarter valued at about $50,000. Finally, Twin Tree Management LP acquired a new stake in Leonardo DRS in the first quarter valued at approximately $58,000. 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.