Resona Asset Management Co. Ltd. Invests $464,000 in Leonardo DRS, Inc. (NASDAQ:DRS)

Resona Asset Management Co. Ltd. purchased a new stake in shares of Leonardo DRS, Inc. (NASDAQ:DRS) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 14,362 shares of the company’s stock, valued at approximately $464,000.

Several other large investors have also recently bought and sold shares of the business. Steward Partners Investment Advisory LLC lifted its position in Leonardo DRS by 233.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,000 shares of the company’s stock worth $32,000 after buying an additional 700 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Leonardo DRS by 37.0% during the fourth 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 boosted its position in Leonardo DRS by 42.0% during the fourth quarter. KBC Group NV now owns 3,671 shares of the company’s stock valued at $119,000 after purchasing an additional 1,086 shares during the last quarter. Longboard Asset Management LP purchased a new position in Leonardo DRS in the fourth quarter valued at about $212,000. Finally, Robeco Institutional Asset Management B.V. acquired a new position in Leonardo DRS in the 4th quarter worth about $213,000. 18.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO William Lynn III sold 45,000 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $35.25, for a total value of $1,586,250.00. Following the completion of the sale, the chief executive officer now owns 189,937 shares in the company, valued at approximately $6,695,279.25. This trade represents a 19.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric Salzman sold 3,477 shares of Leonardo DRS stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $34.59, for a total value of $120,269.43. Following the sale, the director now directly owns 13,262 shares in the company, valued at approximately $458,732.58. This trade represents a 20.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 144,360 shares of company stock valued at $4,849,137. 0.12% of the stock is owned by company insiders.

Leonardo DRS Stock Performance

Shares of DRS opened at $35.10 on Friday. The company has a market capitalization of $9.31 billion, a PE ratio of 44.43, a price-to-earnings-growth ratio of 1.41 and a beta of 0.73. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.11 and a quick ratio of 1.70. Leonardo DRS, Inc. has a one year low of $19.88 and a one year high of $37.99. The company’s fifty day moving average price is $32.10 and its 200 day moving average price is $32.65.

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

Leonardo DRS declared that its Board of Directors has approved a stock repurchase program on Thursday, February 20th that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the company to purchase up to 0.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Leonardo DRS Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were given a $0.09 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $0.36 annualized dividend and a dividend yield of 1.03%. Leonardo DRS’s dividend payout ratio is 45.57%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target 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 upgraded Leonardo DRS from a “neutral” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Friday, March 7th. Finally, Truist Financial upped their price target on Leonardo DRS from $36.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Two equities 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.com, the company currently has an average rating of “Moderate Buy” and an average price target of $34.83.

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.