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

Corebridge Financial Inc. cut its holdings in Leonardo DRS, Inc. (NASDAQ:DRS) by 7.0% during the 4th quarter, according to its most recent disclosure with the SEC. 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 SEC.

Other hedge funds have also bought and sold shares of the company. CIBC Asset Management Inc increased its stake in Leonardo DRS by 5.3% during the 4th quarter. CIBC Asset Management Inc now owns 8,060 shares of the company’s stock worth $260,000 after acquiring an additional 405 shares during the period. IFP Advisors Inc increased its position in shares of Leonardo DRS by 37.0% in the fourth quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock worth $63,000 after purchasing an additional 525 shares during the period. Stephens Inc. AR raised its stake in Leonardo DRS by 5.2% in the fourth quarter. Stephens Inc. AR now owns 13,308 shares of the company’s stock valued at $430,000 after purchasing an additional 652 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its position in Leonardo DRS by 233.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,000 shares of the company’s stock worth $32,000 after purchasing an additional 700 shares during the period. Finally, KBC Group NV grew its stake in Leonardo DRS by 42.0% during the fourth quarter. KBC Group NV now owns 3,671 shares of the company’s stock worth $119,000 after buying an additional 1,086 shares in the last quarter. 18.76% of the stock is owned by institutional investors.

Leonardo DRS Stock Performance

Shares of Leonardo DRS stock opened at $30.15 on Friday. The company’s 50 day moving average price is $32.40 and its two-hundred day moving average price is $32.40. The firm has a market capitalization of $7.99 billion, a P/E ratio of 38.16, a P/E/G ratio of 1.41 and a beta of 0.98. 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 fifty-two week low of $19.88 and a fifty-two week high of $37.99.

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

Leonardo DRS declared that its Board of Directors has initiated a share buyback program on Thursday, February 20th that permits the company to repurchase $75.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Leonardo DRS Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors 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 yield of 1.19%. Leonardo DRS’s dividend payout ratio (DPR) is presently 45.57%.

Insider Buying and Selling

In other news, COO John Baylouny sold 3,529 shares of the firm’s 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 completion of the transaction, the chief operating officer now directly owns 78,334 shares in the company, valued at $2,498,854.60. This trade represents a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sally Wallace sold 8,353 shares of Leonardo DRS stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $32.84, for a total value of $274,312.52. Following the completion of the transaction, the executive vice president now directly owns 55,160 shares in the company, valued at approximately $1,811,454.40. This represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 144,360 shares of company stock worth $4,848,926 in the last ninety days. Company insiders own 0.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DRS. JPMorgan Chase & Co. boosted their target price on shares of Leonardo DRS from $32.00 to $33.00 and gave the company a “neutral” rating in a research report on Friday, February 21st. Bank of America raised 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 boosted their price target on Leonardo DRS from $36.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Leonardo DRS currently has an average rating of “Moderate Buy” and a consensus target price 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.