Van ECK Associates Corp Purchases 122,836 Shares of Leonardo DRS, Inc. (NASDAQ:DRS)

Van ECK Associates Corp boosted its position in shares of Leonardo DRS, Inc. (NASDAQ:DRS) by 28.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 557,672 shares of the company’s stock after buying an additional 122,836 shares during the period. Van ECK Associates Corp’s holdings in Leonardo DRS were worth $15,698,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Swiss National Bank raised its holdings in shares of Leonardo DRS by 50.5% during the 1st quarter. Swiss National Bank now owns 155,300 shares of the company’s stock worth $3,431,000 after acquiring an additional 52,100 shares in the last quarter. California State Teachers Retirement System raised its stake in Leonardo DRS by 33.9% during the first quarter. California State Teachers Retirement System now owns 77,704 shares of the company’s stock valued at $1,716,000 after purchasing an additional 19,673 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Leonardo DRS by 15.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,180,347 shares of the company’s stock valued at $48,165,000 after purchasing an additional 290,188 shares during the last quarter. Tidal Investments LLC purchased a new position in shares of Leonardo DRS in the 1st quarter worth $1,265,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Leonardo DRS by 32.1% in the 1st quarter. Russell Investments Group Ltd. now owns 188,737 shares of the company’s stock worth $4,169,000 after buying an additional 45,821 shares in the last quarter. Hedge funds and other institutional investors own 18.76% of the company’s stock.

Leonardo DRS Price Performance

Shares of DRS stock opened at $33.04 on Wednesday. The stock has a 50 day moving average price of $28.66 and a 200 day moving average price of $26.45. Leonardo DRS, Inc. has a 52-week low of $17.97 and a 52-week high of $33.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.70 and a current ratio of 2.11. The firm has a market capitalization of $8.74 billion, a P/E ratio of 44.65, a P/E/G ratio of 1.93 and a beta of 0.95.

Leonardo DRS (NASDAQ:DRS) last released its earnings results on Wednesday, October 30th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.04. The business had revenue of $812.00 million during the quarter, compared to the consensus estimate of $775.44 million. Leonardo DRS had a return on equity of 9.71% and a net margin of 6.23%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the company earned $0.20 earnings per share. As a group, sell-side analysts predict that Leonardo DRS, Inc. will post 0.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

DRS has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their price target on shares of Leonardo DRS from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Monday. Robert W. Baird lifted their target price on Leonardo DRS from $30.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Truist Financial boosted their target price on Leonardo DRS from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. BTIG Research raised their price target on Leonardo DRS from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Bank of America cut shares of Leonardo DRS from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $26.00 to $30.00 in a research report on Tuesday, September 24th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.17.

Leonardo DRS Company 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.