Principal Financial Group Inc. Sells 53,968 Shares of Leonardo DRS, Inc. (NASDAQ:DRS)

Principal Financial Group Inc. cut its holdings in Leonardo DRS, Inc. (NASDAQ:DRS) by 39.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 81,511 shares of the company’s stock after selling 53,968 shares during the period. Principal Financial Group Inc.’s holdings in Leonardo DRS were worth $2,300,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of DRS. Covestor Ltd increased its position in shares of Leonardo DRS by 226.8% in the third quarter. Covestor Ltd now owns 1,814 shares of the company’s stock worth $51,000 after purchasing an additional 1,259 shares during the last quarter. KBC Group NV boosted its stake in shares of Leonardo DRS by 42.5% in the 3rd quarter. KBC Group NV now owns 2,585 shares of the company’s stock valued at $73,000 after purchasing an additional 771 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in Leonardo DRS in the 3rd quarter worth $109,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Leonardo DRS in the third quarter worth $113,000. Finally, New York State Teachers Retirement System boosted its position in Leonardo DRS by 6.9% during the third quarter. New York State Teachers Retirement System now owns 6,722 shares of the company’s stock valued at $190,000 after buying an additional 432 shares during the period. 18.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DRS has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price target on shares of Leonardo DRS from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Robert W. Baird lifted their price objective on Leonardo DRS from $30.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Bank of America cut Leonardo DRS from a “buy” rating to a “neutral” rating and raised their target price for the company from $26.00 to $30.00 in a research note on Tuesday, September 24th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.17.

Leonardo DRS Price Performance

DRS stock opened at $32.88 on Friday. The firm has a market capitalization of $8.69 billion, a price-to-earnings ratio of 44.43, a PEG ratio of 1.76 and a beta of 1.00. The firm has a 50 day moving average price of $33.72 and a 200-day moving average price of $29.72. Leonardo DRS, Inc. has a 52-week low of $18.60 and a 52-week high of $37.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.70 and a current ratio of 2.11.

Leonardo DRS (NASDAQ:DRS) last posted its earnings results on Wednesday, October 30th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.04. Leonardo DRS had a net margin of 6.23% and a return on equity of 9.71%. The business had revenue of $812.00 million for the quarter, compared to analysts’ expectations of $775.44 million. During the same quarter in the prior year, the business earned $0.20 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. Equities research analysts forecast that Leonardo DRS, Inc. will post 0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other Leonardo DRS news, CEO William Lynn III sold 45,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $34.07, for a total value 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. This represents a 16.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Pamela Morrow sold 11,100 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $34.81, for a total value of $386,391.00. Following the completion of the transaction, the senior vice president now directly owns 12,565 shares in the company, valued at approximately $437,387.65. This represents a 46.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,554 shares of company stock valued at $3,236,679. Insiders own 0.12% of the company’s stock.

Leonardo DRS 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.