Silvercrest Asset Management Group LLC Lowers Stock Position in Leonardo DRS, Inc. (NASDAQ:DRS)

Silvercrest Asset Management Group LLC cut its stake in shares of Leonardo DRS, Inc. (NASDAQ:DRS) by 45.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,252,850 shares of the company’s stock after selling 1,028,117 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Leonardo DRS were worth $40,480,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DRS. FMR LLC grew its position in Leonardo DRS by 183.2% in the 4th quarter. FMR LLC now owns 3,457,612 shares of the company’s stock valued at $111,715,000 after buying an additional 2,236,661 shares during the last quarter. Norges Bank purchased a new position in Leonardo DRS in the 4th quarter valued at $24,920,000. Teacher Retirement System of Texas grew its position in Leonardo DRS by 87.7% in the 4th quarter. Teacher Retirement System of Texas now owns 1,067,630 shares of the company’s stock valued at $34,495,000 after buying an additional 498,979 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Leonardo DRS by 261.6% in the fourth quarter. JPMorgan Chase & Co. now owns 621,506 shares of the company’s stock valued at $20,081,000 after acquiring an additional 449,642 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Leonardo DRS by 142.1% in the fourth quarter. Bank of America Corp DE now owns 522,888 shares of the company’s stock valued at $16,895,000 after acquiring an additional 306,940 shares during the period. 18.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on DRS. Truist Financial raised their target price on Leonardo DRS from $37.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, April 17th. Morgan Stanley raised their target price on Leonardo DRS from $34.00 to $44.00 and gave the company an “equal weight” rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. raised their target price on Leonardo DRS from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Friday, February 21st. Bank of America raised Leonardo DRS from a “neutral” rating to a “buy” rating and set a $40.00 target price for the company in a report on Friday, March 7th. Finally, BTIG Research set a $49.00 target price on Leonardo DRS and gave the company a “buy” rating in a 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. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

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 transaction of $112,786.84. Following the completion of the sale, the chief operating officer now owns 137,283 shares in the company, valued at approximately $4,387,564.68. This trade represents a 2.51% decrease in their position. The transaction 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 sale, the chief financial officer now owns 68,802 shares of the company’s stock, valued at approximately $2,249,825.40. This represents a 27.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold 92,354 shares of company stock valued at $3,019,773 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Leonardo DRS Trading Up 1.7%

NASDAQ:DRS opened at $41.67 on Friday. The company has a market capitalization of $11.09 billion, a PE ratio of 52.75, a price-to-earnings-growth ratio of 1.41 and a beta of 0.64. The company has a quick ratio of 1.70, a current ratio of 2.11 and a debt-to-equity ratio of 0.14. Leonardo DRS, Inc. has a 52-week low of $22.73 and a 52-week high of $43.20. The stock has a fifty day simple moving average of $35.82 and a 200-day simple moving average of $34.30.

Leonardo DRS (NASDAQ:DRS) last released 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 during the quarter, compared to the consensus estimate of $736.72 million. Leonardo DRS had a return on equity of 10.37% and a net margin of 6.59%. The business’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.14 EPS. On average, equities research analysts expect that Leonardo DRS, Inc. will post 1.04 earnings per share for the current fiscal year.

Leonardo DRS Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Thursday, May 22nd. Leonardo DRS’s dividend payout ratio (DPR) is presently 41.38%.

Leonardo DRS announced that its board has approved a share repurchase program on Thursday, February 20th that authorizes the company to buyback $75.00 million in shares. This buyback authorization authorizes the company to buy up to 0.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

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.