Corebridge Financial Inc. Sells 2,763 Shares of Leonardo DRS, Inc. (NASDAQ:DRS)

Corebridge Financial Inc. cut its holdings in shares of Leonardo DRS, Inc. (NASDAQ:DRS) by 7.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,603 shares of the company’s stock after selling 2,763 shares during the period. Corebridge Financial Inc.’s holdings in Leonardo DRS were worth $1,183,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas increased its position in shares of Leonardo DRS by 87.7% during the fourth quarter. Teacher Retirement System of Texas now owns 1,067,630 shares of the company’s stock worth $34,495,000 after acquiring an additional 498,979 shares in the last quarter. Vanguard Group Inc. increased its holdings in Leonardo DRS by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 7,934,919 shares of the company’s stock worth $256,377,000 after purchasing an additional 263,002 shares in the last quarter. Van ECK Associates Corp increased its holdings in Leonardo DRS by 32.1% during the 4th quarter. Van ECK Associates Corp now owns 736,896 shares of the company’s stock worth $23,809,000 after purchasing an additional 179,224 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Leonardo DRS by 16.6% in the 3rd quarter. Franklin Resources Inc. now owns 1,239,569 shares of the company’s stock valued at $35,371,000 after purchasing an additional 176,326 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Leonardo DRS in the fourth quarter valued at about $4,304,000. 18.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Leonardo DRS

In other 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO John Baylouny sold 3,529 shares of Leonardo DRS stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $31.90, for a total transaction of $112,575.10. Following the sale, the chief operating officer now directly owns 78,334 shares of the company’s stock, valued at $2,498,854.60. The trade was a 4.31 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 144,360 shares of company stock worth $4,848,926. Insiders own 0.12% of the company’s stock.

Leonardo DRS Stock Down 7.8 %

DRS stock opened at $30.15 on Friday. The company has a market cap of $7.99 billion, a price-to-earnings ratio of 38.16, a P/E/G ratio of 1.41 and a beta of 0.98. Leonardo DRS, Inc. has a twelve month low of $19.88 and a twelve month high of $37.99. The business has a 50 day moving average price of $32.40 and a two-hundred day moving average price of $32.40. 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 (NASDAQ:DRS) last released its earnings results on Thursday, February 20th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Leonardo DRS had a net margin of 6.59% and a return on equity of 10.37%. The business had revenue of $981.00 million during the quarter, compared to analysts’ expectations of $942.18 million. Analysts anticipate that Leonardo DRS, Inc. will post 1.04 EPS for the current fiscal year.

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

Leonardo DRS Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a $0.09 dividend. The ex-dividend date was Thursday, March 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.19%. Leonardo DRS’s payout ratio is 45.57%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Leonardo DRS from $32.00 to $33.00 and gave the stock a “neutral” rating in a report on Friday, February 21st. Bank of America raised shares of Leonardo DRS from a “neutral” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Friday, March 7th. Finally, Truist Financial boosted their price objective on shares of Leonardo DRS from $36.00 to $37.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Leonardo DRS has an average rating of “Moderate Buy” and a consensus 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.