Price T Rowe Associates Inc. MD Sells 1,122,829 Shares of Leonardo DRS, Inc. (NASDAQ:DRS)

Price T Rowe Associates Inc. MD cut its stake in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 57.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 836,293 shares of the company's stock after selling 1,122,829 shares during the period. Price T Rowe Associates Inc. MD owned 0.32% of Leonardo DRS worth $27,022,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC raised its stake in Leonardo DRS by 233.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,000 shares of the company's stock valued at $32,000 after purchasing an additional 700 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Leonardo DRS by 37.0% during the 4th quarter. IFP Advisors Inc now owns 1,944 shares of the company's stock worth $63,000 after acquiring an additional 525 shares in the last quarter. KBC Group NV increased its stake in Leonardo DRS by 42.0% in the fourth quarter. KBC Group NV now owns 3,671 shares of the company's stock valued at $119,000 after acquiring an additional 1,086 shares during the last quarter. Longboard Asset Management LP acquired a new position in shares of Leonardo DRS during the 4th quarter worth $212,000. Finally, Robeco Institutional Asset Management B.V. bought a new position in Leonardo DRS in the fourth quarter valued at about $213,000. Institutional investors own 18.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Bank of America raised shares of Leonardo DRS from a "neutral" rating to a "buy" rating and set a $40.00 price objective for the company in a research note on Friday, March 7th. JPMorgan Chase & Co. increased their target price on Leonardo DRS from $32.00 to $33.00 and gave the company a "neutral" rating in a research report on Friday, February 21st. Finally, Truist Financial upped their price objective on Leonardo DRS from $37.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, April 17th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $35.33.

Insider Transactions at Leonardo DRS

In other news, Director Eric Salzman sold 3,477 shares of Leonardo DRS stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $34.59, for a total transaction of $120,269.43. Following the completion of the transaction, the director now directly owns 13,262 shares in the company, valued at $458,732.58. This trade represents a 20.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO John Baylouny sold 3,529 shares of the business's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $34.81, for a total transaction of $122,844.49. Following the sale, the chief operating officer now directly owns 74,805 shares of the company's stock, valued at approximately $2,603,962.05. The trade was a 4.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 99,360 shares of company stock valued at $3,262,887 in the last quarter. 0.12% of the stock is currently owned by company insiders.

Leonardo DRS Trading Up 0.1 %

Shares of DRS traded up $0.06 during mid-day trading on Tuesday, reaching $41.83. 255,958 shares of the company were exchanged, compared to its average volume of 687,686. The business has a 50 day simple moving average of $33.89 and a two-hundred day simple moving average of $33.58. Leonardo DRS, Inc. has a 52 week low of $21.35 and a 52 week high of $42.62. The stock has a market capitalization of $11.13 billion, a PE ratio of 53.01, a PEG ratio of 1.41 and a beta of 0.64. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.70 and a current ratio of 2.11.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last released its earnings results 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 analyst estimates of $736.72 million. Leonardo DRS had a net margin of 6.59% and a return on equity of 10.37%. Leonardo DRS's revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.14 earnings per share. On average, 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 will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Thursday, May 22nd. Leonardo DRS's payout ratio is 41.38%.

Leonardo DRS announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 20th that allows the company to buyback $75.00 million in shares. This buyback authorization allows the company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

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.