On September 2, 2023, it was reported that American Century Companies Inc. increased its ownership in Leonardo DRS, Inc. by 16.8% during the first quarter of the year. According to the company’s filing with the Securities and Exchange Commission, American Century Companies Inc. now owns 1,435,395 shares of Leonardo DRS, worth $18,617,000 after purchasing an additional 206,847 shares.
Leonardo DRS is a provider of defense electronic products, systems, and military support services. The company operates through two segments: Advanced Sensing and Computing (ASC) and Integrated Mission Systems (IMS). The ASC segment focuses on designing and developing sensing and network computing technology that enables real-time situational awareness for enhanced operational decision making and execution. This includes a wide range of applications such as advanced detection, precision targeting and surveillance sensing, signals intelligence, and electronic warfare.
The recent earnings report from Leonardo DRS showed promising results for the company. In the second quarter of this year, the company reported earnings per share (EPS) of $0.15 which exceeded analysts’ consensus estimates of $0.11 by $0.04. Additionally, Leonardo DRS achieved a net margin of 14.75% and a return on equity of 8.20%. The firm’s revenue for the quarter reached $628 million compared to a consensus estimate of $630.51 million, showing a minimal decrease from the same period last year.
Looking ahead to the rest of the year, research analysts predict that Leonardo DRS will post earnings per share of around $0.68 for the current year based on their analysis.
This increase in stake by American Century Companies Inc., combined with Leonardo DRS’s positive earnings report demonstrate confidence in the company’s future prospects within the defense industry sector.
In summary,&American Century Companies Inc.’s recent increase in stake reflects their belief in the potential of Leonardo DRS, Inc. and its advanced defense electronic products and systems. With consistently strong earnings results and a diverse range of sensing capabilities, Leonardo DRS is well-positioned to continue providing essential services to military operations around the world.
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Leonardo DRS Shows Steady Growth and Attracts Prominent Institutional Investors
September 2, 2023 – Shares of Leonardo DRS (NASDAQ: DRS) opened at $17.12 on Friday, marking a period of steady growth for the company. The company’s fifty-day moving average price is $16.89, while its 200-day moving average price stands at $15.27. With a market capitalization of $4.49 billion, Leonardo DRS has swiftly emerged as an influential player in the industry.
In recent times, there has been increased interest from institutional investors and hedge funds in acquiring stakes in Leonardo DRS. Lazard Asset Management LLC, Belpointe Asset Management LLC, Fortis Capital Advisors LLC, Zurcher Kantonalbank Zurich Cantonalbank and Kestra Advisory Services LLC are among the prominent names that have invested in the company during the fourth quarter.
Lazard Asset Management LLC procured a stake worth $63,000 while Belpointe Asset Management LLC invested $65,000. Similarly, Fortis Capital Advisors LLC acquired shares valued at $65,000 and Zurcher Kantonalbank Zurich Cantonalbank purchased a stake worth $120,000. Finally, Kestra Advisory Services LLC invested an amount of $136,000 into Leonardo DRS.
The involvement of these esteemed financial firms significantly adds to the credibility and promising future prospects of Leonardo DRS as it continues to expand its presence within the market.
Setting new benchmarks for itself within the industry is not a recent trend for Leonardo DRS; rather it has enjoyed consistent growth over the past year with its shares experiencing a low point of $9.11 and reaching an impressive high of $17.96.
It is important to note that institutional investors and hedge funds currently own 18.76% of the company’s stock – another testament to their confidence in Leonardo DRS’ potential.
Analysts believe that this upward trajectory will continue unabated as Truist Financial recently increased its price projection for Leonardo DRS from $19.00 to $21.00. This comes alongside their “buy” rating, which further solidifies the growing optimism surrounding the company’s performance.
With five equities research analysts now having rated the stock as a “buy,” it is evident that market experts perceive Leonardo DRS as a lucrative investment opportunity. The average target price of $18.50, as derived from data collected by Bloomberg; reaffirms this sentiment and highlights the potential for significant returns.
Investors and stakeholders keenly await further developments from Leonardo DRS, as its remarkable growth trajectory continues to captivate market observers. As it expands its operations and explores new avenues for expansion, Leonardo DRS’ ability to attract leading investors is expected to persist, bolstering confidence in its long-term prospects within the industry.
Disclaimer: Our analysis reports are based on data gathered from various sources, including Bloomberg, and represent our unbiased assessment of Leonardo DRS’ performance and prospects in the market. We encourage investors to conduct their own research before making any investment decisions.