Share Buyback Program Announced by Leonardo DRS (NASDAQ:DRS) Board of Directors

Leonardo DRS (NASDAQ:DRS) announced that its board has approved a share repurchase plan on Thursday, February 20th, RTT News reports. The company plans to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Leonardo DRS Trading Up 5.4 %

DRS traded up $1.61 during midday trading on Thursday, hitting $31.15. The company’s stock had a trading volume of 1,345,754 shares, compared to its average volume of 635,747. The company has a current ratio of 2.11, a quick ratio of 1.70 and a debt-to-equity ratio of 0.14. The firm has a market cap of $8.23 billion, a P/E ratio of 42.09, a PEG ratio of 1.30 and a beta of 1.01. The firm has a 50-day moving average price of $33.67 and a two-hundred day moving average price of $31.49. Leonardo DRS has a 52-week low of $19.88 and a 52-week high of $37.99.

Leonardo DRS (NASDAQ:DRS) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Leonardo DRS had a return on equity of 9.71% and a net margin of 6.23%. On average, research analysts anticipate that Leonardo DRS will post 0.92 earnings per share for the current year.

Leonardo DRS Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.16%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Truist Financial increased their price objective on Leonardo DRS from $36.00 to $37.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Robert W. Baird increased their price objective on Leonardo DRS from $30.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, JPMorgan Chase & Co. increased their price objective on Leonardo DRS from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

Insider Buying and Selling at Leonardo DRS

In other news, CEO William Lynn III sold 45,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $34.07, for a total transaction of $1,533,150.00. Following the completion of the sale, the chief executive officer now owns 234,937 shares in the company, valued at approximately $8,004,303.59. The trade was a 16.08 % decrease in their position. 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 the business’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $31.90, for a total value of $112,575.10. Following the sale, the chief operating officer now 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. Insiders sold 150,089 shares of company stock worth $5,178,619 in the last 90 days. 0.12% of the stock is owned by company insiders.

About Leonardo DRS

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.