Leonardo DRS (NASDAQ:DRS) Stock Price Crosses Above 50-Day Moving Average – Here’s What Happened

Leonardo DRS, Inc. (NASDAQ:DRS) passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $36.32 and traded as high as $36.45. Leonardo DRS shares last traded at $36.41, with a volume of 2,001,181 shares changing hands.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Zacks Research upgraded shares of Leonardo DRS from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 30th. Morgan Stanley lifted their price objective on shares of Leonardo DRS from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Monday, November 2nd. Oppenheimer assumed coverage on shares of Leonardo DRS in a report on Thursday, October 22nd. They issued an “outperform” rating and a $45.00 price objective for the company. Weiss Ratings upgraded shares of Leonardo DRS from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, November 4th. Finally, Guggenheim assumed coverage on shares of Leonardo DRS in a research note on Monday, September 14th. They set a “buy” rating and a $51.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $51.50.

Leonardo DRS Stock Performance

The company has a market capitalization of $9.71 billion, a price-to-earnings ratio of 26.77, a price-to-earnings-growth ratio of 1.90 and a beta of 0.37. The firm has a fifty day simple moving average of $36.32 and a 200 day simple moving average of $42.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.88 and a quick ratio of 1.56.

Leonardo DRS (NASDAQ:DRS) last announced its earnings results on Thursday, October 29th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.11. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.03 billion. Leonardo DRS had a return on equity of 14.33% and a net margin of 9.40%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 EPS. On average, analysts anticipate that Leonardo DRS, Inc. will post 1.52 earnings per share for the current fiscal year.

Leonardo DRS Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Thursday, November 12th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $0.36 dividend on an annualized basis and a yield of 1.0%. Leonardo DRS’s dividend payout ratio (DPR) is currently 26.47%.

Insider Buying and Selling

In other Leonardo DRS news, CFO Michael Dippold sold 14,317 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $37.91, for a total transaction of $542,757.47. Following the completion of the transaction, the chief financial officer directly owned 20,826 shares in the company, valued at approximately $789,513.66. This represents a 40.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.25% of the company’s stock.

Institutional Trading of Leonardo DRS

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Leonardo DRS during the second quarter worth about $212,883,000. Bank of America Corp DE purchased a new position in Leonardo DRS in the 2nd quarter valued at about $24,941,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Leonardo DRS in the 2nd quarter valued at about $24,857,000. Bank of New York Mellon Corp boosted its holdings in Leonardo DRS by 3.1% in the 1st quarter. Bank of New York Mellon Corp now owns 517,166 shares of the company’s stock worth $23,024,000 after buying an additional 15,349 shares during the last quarter. Finally, Ieq Capital LLC acquired a new stake in Leonardo DRS in the 2nd quarter worth about $8,705,000. Institutional investors and hedge funds own 18.76% of the company’s stock.

Leonardo DRS Company Profile

Leonardo DRS, Inc is a U.S.-based defense technology company and a subsidiary of the Italian aerospace and defense group Leonardo S.p.A. It develops and supplies advanced products and services for the U.S. military and other government and commercial customers.

The company’s offerings include naval power and propulsion systems, combat and mission systems, electro-optical and infrared sensors, electronic warfare and communications equipment, and computing and networking technologies. Its products support operations across maritime, land, air and space domains.

Leonardo DRS traces its roots to DRS Technologies, founded in 1969.