Leonardo DRS (NASDAQ:DRS) Price Target Cut to $48.00 by Analysts at JPMorgan Chase & Co.

Leonardo DRS (NASDAQ:DRS) had its price target reduced by JPMorgan Chase & Co. from $53.00 to $48.00 in a research note issued to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other brokerages have also recently commented on DRS. Morgan Stanley lifted their price target on Leonardo DRS from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, November 2nd. Oppenheimer initiated coverage on Leonardo DRS in a report on Thursday, October 22nd. They issued an “outperform” rating and a $45.00 price objective on the stock. Guggenheim initiated coverage on Leonardo DRS in a report on Monday, September 14th. They issued a “buy” rating and a $51.00 price objective on the stock. BTIG Research restated a “buy” rating and issued a $50.00 price objective on shares of Leonardo DRS in a research note on Monday, November 2nd. Finally, Weiss Ratings raised Leonardo DRS from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, November 4th. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Leonardo DRS presently has an average rating of “Buy” and a consensus price target of $50.88.

Leonardo DRS Stock Up 0.3%

NASDAQ:DRS opened at $36.64 on Wednesday. The company has a current ratio of 1.88, a quick ratio of 1.56 and a debt-to-equity ratio of 0.06. Leonardo DRS has a twelve month low of $32.39 and a twelve month high of $50.59. The company has a market cap of $9.77 billion, a PE ratio of 24.52, a P/E/G ratio of 1.95 and a beta of 0.37. The company’s 50 day moving average is $36.27 and its two-hundred day moving average is $41.95.

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

Leonardo DRS Dividend Announcement

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

Insider Buying and Selling at Leonardo DRS

In other Leonardo DRS news, CFO Michael Dippold sold 20,317 shares of Leonardo DRS stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $37.18, for a total transaction of $755,386.06. Following the completion of the transaction, the chief financial officer owned 35,143 shares in the company, valued at approximately $1,306,616.74. This trade represents a 36.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Leonardo DRS in the 2nd quarter valued at $212,883,000. Ieq Capital LLC purchased a new stake in Leonardo DRS during the second quarter worth $8,705,000. PDT Partners LLC purchased a new stake in Leonardo DRS during the second quarter worth $3,153,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Leonardo DRS during the second quarter valued at $24,857,000. Finally, Legal & General Group Plc acquired a new stake in Leonardo DRS during the second quarter valued at $2,687,000. Hedge funds and other institutional investors own 18.76% of the company’s stock.

Leonardo DRS News Summary

Investors following DRS have been watching these news items:

• Positive Sentiment: Leonardo DRS won a three-year NAVAIR contract for low-rate production of its DAIRCM aircraft-survivability system. The system is intended to protect military crews in contested environments, including aboard the Marine Corps’ UH-1Y and AH-1Z helicopters. The award adds production work and supports the company’s defense-business outlook; no contract value was specified. Leonardo DRS Awarded NAVAIR Contract to Produce DAIRCM Aircraft Survivability System
• Neutral Sentiment: Coverage also highlighted Leonardo DRS’s support for the Army’s DUTCH thermal infrared-sensing effort. The available report provides limited detail on the scope or financial impact, so the near-term stock effect is unclear. Leonardo DRS Aids Army’s DUTCH Thermal IR Sensing
• Negative Sentiment: JPMorgan cut its price target to $48 from $53 and maintained a neutral rating. Although the revised target remains above the cited share price, the reduction may weigh on sentiment. JPMorgan price-target update

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.