Leonardo DRS, Inc. (NASDAQ:DRS) Shares Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas lifted its stake in shares of Leonardo DRS, Inc. (NASDAQ:DRS) by 87.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,067,630 shares of the company’s stock after buying an additional 498,979 shares during the quarter. Teacher Retirement System of Texas’ holdings in Leonardo DRS were worth $34,495,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in DRS. Victory Capital Management Inc. grew its position in shares of Leonardo DRS by 1,133.6% during the third quarter. Victory Capital Management Inc. now owns 116,438 shares of the company’s stock worth $3,286,000 after buying an additional 106,999 shares in the last quarter. KBC Group NV grew its position in shares of Leonardo DRS by 42.5% during the third quarter. KBC Group NV now owns 2,585 shares of the company’s stock worth $73,000 after buying an additional 771 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Leonardo DRS during the third quarter worth approximately $216,000. Quest Partners LLC acquired a new stake in shares of Leonardo DRS during the third quarter worth approximately $449,000. Finally, Jennison Associates LLC acquired a new stake in shares of Leonardo DRS during the third quarter worth approximately $703,000. Institutional investors and hedge funds own 18.76% of the company’s stock.

Wall Street Analysts Forecast Growth

DRS has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price objective on shares of Leonardo DRS from $32.00 to $33.00 and gave the stock a “neutral” rating in a report on Friday, February 21st. Truist Financial lifted their price objective on shares of Leonardo DRS from $36.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, 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 report on Friday, March 7th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Leonardo DRS has a consensus rating of “Moderate Buy” and a consensus target price of $34.83.

Insider Buying and Selling

In related news, CEO William Lynn III sold 45,000 shares of Leonardo DRS stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $35.25, for a total value of $1,586,250.00. Following the transaction, the chief executive officer now owns 189,937 shares of the company’s stock, valued at approximately $6,695,279.25. This trade represents a 19.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael Dippold sold 26,618 shares of Leonardo DRS stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $32.70, for a total value of $870,408.60. Following the completion of the transaction, the chief financial officer now directly owns 68,802 shares in the company, valued at $2,249,825.40. This represents a 27.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 144,360 shares of company stock valued at $4,848,926 over the last three months. Company insiders own 0.12% of the company’s stock.

Leonardo DRS Price Performance

Shares of NASDAQ DRS opened at $33.69 on Friday. Leonardo DRS, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $37.99. The firm’s 50-day simple moving average is $32.93 and its 200 day simple moving average is $31.97. 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 stock has a market cap of $8.93 billion, a P/E ratio of 42.65, a P/E/G ratio of 1.41 and a beta of 0.98.

Leonardo DRS (NASDAQ:DRS) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Leonardo DRS had a net margin of 6.59% and a return on equity of 10.37%. The business had revenue of $981.00 million for the quarter, compared to analysts’ expectations of $942.18 million. Equities analysts expect that Leonardo DRS, Inc. will post 1.04 EPS for the current year.

Leonardo DRS Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend is Thursday, March 13th. Leonardo DRS’s payout ratio is currently 45.57%.

Leonardo DRS declared that its Board of Directors has authorized a share buyback program on Thursday, February 20th that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 0.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Leonardo DRS 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.