Leonardo DRS (NASDAQ:DRS) Sets New 12-Month High Following Better-Than-Expected Earnings

Leonardo DRS, Inc. (NASDAQ:DRS)’s share price hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $32.06 and last traded at $32.06, with a volume of 100157 shares. The stock had previously closed at $28.40.

The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04. Leonardo DRS had a net margin of 6.23% and a return on equity of 9.82%. The firm had revenue of $812.00 million during the quarter, compared to analyst estimates of $775.44 million. During the same quarter in the prior year, the firm posted $0.20 earnings per share. Leonardo DRS’s quarterly revenue was up 15.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

DRS has been the topic of several analyst reports. Robert W. Baird lifted their price target on shares of Leonardo DRS from $30.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday. Truist Financial lifted 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. Bank of America lowered Leonardo DRS from a “buy” rating to a “neutral” rating and upped their price target for the company from $26.00 to $30.00 in a research note on Tuesday, September 24th. Finally, BTIG Research raised their price objective on Leonardo DRS from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.83.

Institutional Investors Weigh In On Leonardo DRS

Several institutional investors and hedge funds have recently modified their holdings of DRS. Vanguard Group Inc. grew its position in Leonardo DRS by 50.8% in the 4th quarter. Vanguard Group Inc. now owns 7,389,350 shares of the company’s stock valued at $148,083,000 after acquiring an additional 2,490,447 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in Leonardo DRS during the 2nd quarter worth approximately $16,916,000. Van ECK Associates Corp purchased a new stake in Leonardo DRS during the 2nd quarter worth approximately $11,093,000. Motley Fool Asset Management LLC lifted its holdings in Leonardo DRS by 289.3% during the 1st quarter. Motley Fool Asset Management LLC now owns 537,536 shares of the company’s stock worth $11,874,000 after buying an additional 399,456 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Leonardo DRS by 15.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,180,347 shares of the company’s stock valued at $48,165,000 after buying an additional 290,188 shares during the period. Hedge funds and other institutional investors own 18.76% of the company’s stock.

Leonardo DRS Trading Down 5.0 %

The company’s 50 day simple moving average is $28.44 and its 200 day simple moving average is $26.16. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.01 and a quick ratio of 1.60. The firm has a market cap of $7.93 billion, a price-to-earnings ratio of 40.64, a P/E/G ratio of 2.05 and a beta of 0.96.

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.