Cibc World Markets Corp Invests $223,000 in Leonardo DRS, Inc. (NASDAQ:DRS)

Cibc World Markets Corp acquired a new stake in shares of Leonardo DRS, Inc. (NASDAQ:DRS) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,889 shares of the company’s stock, valued at approximately $223,000.

Several other hedge funds also recently added to or reduced their stakes in DRS. Connor Clark & Lunn Investment Management Ltd. bought a new position in Leonardo DRS during the 3rd quarter worth approximately $402,000. Intech Investment Management LLC acquired a new position in Leonardo DRS in the third quarter worth $407,000. Charles Schwab Investment Management Inc. increased its stake in Leonardo DRS by 8.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,012,370 shares of the company’s stock valued at $28,569,000 after purchasing an additional 82,049 shares during the last quarter. Citigroup Inc. raised its holdings in shares of Leonardo DRS by 46.2% during the third quarter. Citigroup Inc. now owns 196,223 shares of the company’s stock worth $5,537,000 after purchasing an additional 62,042 shares during the period. Finally, Cerity Partners LLC lifted its position in shares of Leonardo DRS by 1.1% in the 3rd quarter. Cerity Partners LLC now owns 34,051 shares of the company’s stock worth $961,000 after buying an additional 354 shares during the last quarter. 18.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Michael Dippold sold 26,618 shares of the company’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $32.70, for a total value of $870,408.60. Following the completion of the sale, the chief financial officer now owns 68,802 shares in the company, valued at $2,249,825.40. This represents a 27.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO William Lynn III sold 45,000 shares of the firm’s 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 transaction, the chief executive officer now directly owns 189,937 shares of the company’s stock, valued at $6,695,279.25. This represents a 19.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,360 shares of company stock valued at $4,848,926 over the last 90 days. 0.12% of the stock is currently owned by company insiders.

Leonardo DRS Price Performance

Shares of NASDAQ:DRS opened at $33.85 on Thursday. The firm’s 50 day moving average is $32.91 and its two-hundred day moving average is $32.17. The firm has a market capitalization of $8.98 billion, a P/E ratio of 42.85, a PEG ratio of 1.41 and a beta of 0.98. The company has a current ratio of 2.11, a quick ratio of 1.70 and a debt-to-equity ratio of 0.14. Leonardo DRS, Inc. has a 52 week low of $19.88 and a 52 week high of $37.99.

Leonardo DRS (NASDAQ:DRS) last posted its earnings results on Thursday, February 20th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Leonardo DRS had a return on equity of 10.37% and a net margin of 6.59%. The firm had revenue of $981.00 million for the quarter, compared to analysts’ expectations of $942.18 million. Analysts anticipate that Leonardo DRS, Inc. will post 1.04 earnings per share for the current year.

Leonardo DRS declared that its board has authorized a stock buyback plan on Thursday, February 20th that allows the company to buyback $75.00 million in shares. This buyback authorization allows the company to buy up to 0.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Leonardo DRS Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Thursday, March 13th. Leonardo DRS’s dividend payout ratio is currently 45.57%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of Leonardo DRS from $36.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Bank of America upgraded Leonardo DRS from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Friday, March 7th. Finally, JPMorgan Chase & Co. boosted their price objective on Leonardo DRS from $32.00 to $33.00 and gave the company a “neutral” rating in a research report on Friday, February 21st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Leonardo DRS has a consensus rating of “Moderate Buy” and a consensus price target of $34.83.

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.