VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Leonardo DRS, Inc. $DRS

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Leonardo DRS, Inc. (NASDAQ:DRS) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 46,350 shares of the company’s stock, valued at approximately $1,978,000.

A number of other institutional investors also recently modified their holdings of the stock. Quarry LP boosted its position in Leonardo DRS by 7,041.7% during the fourth quarter. Quarry LP now owns 857 shares of the company’s stock valued at $29,000 after purchasing an additional 845 shares during the last quarter. Global Retirement Partners LLC bought a new stake in shares of Leonardo DRS during the 2nd quarter worth $31,000. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Leonardo DRS in the second quarter valued at about $32,000. Leonteq Securities AG bought a new position in Leonardo DRS in the 4th quarter worth approximately $34,000. Finally, Fifth Third Bancorp acquired a new position in Leonardo DRS during the 1st quarter valued at $41,000. Institutional investors and hedge funds own 18.76% of the company’s stock.

Analyst Ratings Changes

DRS has been the subject of a number of research reports. Weiss Ratings upgraded Leonardo DRS from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. increased their price target on Leonardo DRS from $48.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.60.

Insider Activity at Leonardo DRS

In related news, CFO Michael Dippold sold 20,317 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $37.18, for a total transaction of $755,386.06. Following the completion of the sale, the chief financial officer directly owned 35,143 shares of the company’s stock, valued at approximately $1,306,616.74. This represents a 36.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jason Rinsky sold 3,865 shares of the firm’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $45.37, for a total transaction of $175,355.05. Following the sale, the executive vice president owned 27,445 shares in the company, valued at approximately $1,245,179.65. The trade was a 12.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 64,517 shares of company stock worth $2,773,382. 0.25% of the stock is owned by company insiders.

Leonardo DRS Trading Down 0.7%

Shares of NASDAQ DRS opened at $36.07 on Friday. Leonardo DRS, Inc. has a fifty-two week low of $32.43 and a fifty-two week high of $50.59. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.92 and a quick ratio of 1.56. The firm has a market capitalization of $9.63 billion, a P/E ratio of 30.31, a P/E/G ratio of 2.21 and a beta of 0.35. The company’s 50 day simple moving average is $42.75 and its 200 day simple moving average is $44.01.

Leonardo DRS (NASDAQ:DRS) last announced its quarterly earnings data on Friday, July 31st. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $913.00 million during the quarter, compared to analysts’ expectations of $903.27 million. Leonardo DRS had a return on equity of 12.97% and a net margin of 8.52%.The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.23 earnings per share. On average, analysts predict that Leonardo DRS, Inc. will post 1.39 EPS for the current year.

Leonardo DRS Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Thursday, August 13th. Leonardo DRS’s dividend payout ratio (DPR) is presently 30.25%.

About Leonardo DRS

Leonardo DRS, Inc is a defense technology company that develops and manufactures advanced products and systems for the U.S. Department of Defense, other government agencies and allied military customers. The company supports land, sea and air platforms as well as command, control, communications, computers, intelligence, surveillance and reconnaissance missions.

Its offerings include electro-optical and infrared sensing systems, network computing and communications equipment, electronic warfare technologies, power and propulsion systems, thermal management solutions, force protection products and advanced battle-management systems.