US stock futures flounder amid tech weakness, Fed caution
Pamela Morrow, the Senior Vice President and Controller at Leonardo DRS, Inc. (NASDAQ:DRS), executed a significant stock sale as detailed in a recent SEC filing. On March 18, Morrow sold 8,854 shares of common stock at an average price of $32.84, totaling approximately $290,765. The stock has since risen to $34.97, reflecting the company’s strong 50.5% return over the past year.
The transactions were conducted under a Rule 10b5-1 trading plan, which Morrow adopted on August 29, 2024. This plan allows insiders to set up a predetermined schedule for selling stocks, providing an opportunity to avoid potential accusations of insider trading. According to InvestingPro data, Leonardo DRS maintains a "GOOD" financial health score, with particularly strong price momentum metrics.
In addition to the sale, Morrow engaged in several transactions on March 17, involving the acquisition and disposition of common stock. These included the exercise of performance restricted stock units and restricted stock units, both granted under the company’s 2022 Omnibus Equity Compensation Plan. These units vested on the same day, resulting in the acquisition of 20,037 shares without any direct monetary transaction.
Furthermore, Morrow disposed of 6,413 shares at $33.13 per share to cover tax withholding obligations, amounting to a total of $212,462.
Following these transactions, Morrow’s direct ownership of Leonardo DRS stock stands at 17,335 shares. With a market capitalization of $9.26 billion and current analyst consensus indicating potential upside, detailed valuation metrics and additional insights are available through InvestingPro’s comprehensive research reports.
In other recent news, Leonardo DRS has delivered its first Integrated Voice Communication Systems (IVCS) for the U.S. Navy’s Arleigh Burke DDG51-class destroyers. This delivery marks a significant milestone in the company’s support of the U.S. Navy, providing advanced ship-wide communication capabilities. Additionally, Leonardo DRS reported strong fourth-quarter results for 2024, surpassing both its own outlook and consensus expectations. Analyst Andre Madrid from BTIG raised the company’s stock target to $40 from $38, maintaining a Buy rating due to the company’s robust positioning in the defense industry.
The analyst emphasized Leonardo DRS’s involvement in critical priority programs and highlighted its record backlog of $8.5 billion as a key factor in revenue visibility. This backlog supports a projected organic growth range of 6-9%, indicating potential for further performance. The company’s role in the Columbia-class submarine program was noted as a contributor to its favorable industry standing. These developments reflect Leonardo DRS’s ongoing commitment to delivering secure naval communication solutions and its strategic positioning in the defense sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.