Victory Capital Management Inc. Sells 57,370 Shares of Leonardo DRS, Inc. (NASDAQ:DRS)

Victory Capital Management Inc. reduced its stake in Leonardo DRS, Inc. (NASDAQ:DRS) by 49.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 59,068 shares of the company’s stock after selling 57,370 shares during the quarter. Victory Capital Management Inc.’s holdings in Leonardo DRS were worth $1,908,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of Leonardo DRS by 2.7% during the third quarter. Geode Capital Management LLC now owns 1,915,376 shares of the company’s stock valued at $54,061,000 after purchasing an additional 51,014 shares in the last quarter. Franklin Resources Inc. boosted its stake in Leonardo DRS by 16.6% during the third quarter. Franklin Resources Inc. now owns 1,239,569 shares of the company’s stock valued at $35,371,000 after buying an additional 176,326 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Leonardo DRS by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,088,369 shares of the company’s stock valued at $35,165,000 after buying an additional 75,999 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Leonardo DRS by 71.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 921,156 shares of the company’s stock worth $25,995,000 after acquiring an additional 384,522 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in Leonardo DRS by 32.1% in the 4th quarter. Van ECK Associates Corp now owns 736,896 shares of the company’s stock worth $23,809,000 after acquiring an additional 179,224 shares during the last quarter. Hedge funds and other institutional investors own 18.76% of the company’s stock.

Leonardo DRS Trading Up 2.8 %

DRS stock opened at $33.13 on Tuesday. Leonardo DRS, Inc. has a twelve month low of $19.88 and a twelve month high of $37.99. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of 41.94, a price-to-earnings-growth ratio of 1.41 and a beta of 0.98. 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 firm’s fifty day simple moving average is $32.87 and its two-hundred day simple moving average is $31.90.

Leonardo DRS (NASDAQ:DRS) last released its quarterly earnings results 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 net margin of 6.59% and a return on equity of 10.37%. The firm had revenue of $981.00 million during the quarter, compared to analysts’ expectations of $942.18 million. As a group, analysts anticipate that Leonardo DRS, Inc. will post 1.04 earnings per share for the current year.

Leonardo DRS Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be issued a $0.09 dividend. The ex-dividend date is Thursday, March 13th. This represents a $0.36 annualized dividend and a dividend yield of 1.09%. Leonardo DRS’s payout ratio is 45.57%.

Leonardo DRS declared that its Board of Directors has approved a stock repurchase plan on Thursday, February 20th that permits the company to buyback $75.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

DRS has been the subject of a number of research reports. Bank of America upgraded Leonardo DRS from a “neutral” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Friday, March 7th. Truist Financial increased their price objective on shares of Leonardo DRS from $36.00 to $37.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. boosted their target price 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. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.83.

Insider Transactions at Leonardo DRS

In related news, COO John Baylouny sold 3,529 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $31.90, for a total value of $112,575.10. Following the transaction, the chief operating officer now owns 78,334 shares of the company’s stock, valued at $2,498,854.60. This represents a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric Salzman sold 3,477 shares of Leonardo DRS stock in a transaction on Tuesday, February 11th. The shares were 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 of the company’s stock, 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 have sold 55,535 shares of company stock worth $1,941,939. 0.12% of the stock is currently owned by company insiders.

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.