State Street Corp Sells 117,097 Shares of Leonardo DRS, Inc. (NASDAQ:DRS)

State Street Corp cut its stake in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 3.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,956,907 shares of the company's stock after selling 117,097 shares during the quarter. State Street Corp owned approximately 1.12% of Leonardo DRS worth $83,444,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of DRS. Comerica Bank boosted its holdings in Leonardo DRS by 23.7% in the first quarter. Comerica Bank now owns 2,750 shares of the company's stock worth $61,000 after acquiring an additional 527 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Leonardo DRS by 1,325.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,155 shares of the company's stock valued at $29,000 after purchasing an additional 1,074 shares during the period. Bank of New York Mellon Corp increased its stake in Leonardo DRS by 9.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 315,335 shares of the company's stock valued at $8,044,000 after purchasing an additional 27,245 shares in the last quarter. Verdence Capital Advisors LLC acquired a new position in Leonardo DRS during the second quarter worth $213,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Leonardo DRS by 36.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,674 shares of the company's stock worth $604,000 after buying an additional 6,335 shares during the last quarter. 18.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on DRS. Robert W. Baird boosted their target price on shares of Leonardo DRS from $30.00 to $40.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Bank of America lowered Leonardo DRS from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $26.00 to $30.00 in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. raised their target price on Leonardo DRS from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.17.

Insiders Place Their Bets

In related news, COO John Baylouny sold 8,235 shares of Leonardo DRS stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $34.50, for a total value of $284,107.50. Following the transaction, the chief operating officer now owns 81,863 shares in the company, valued at $2,824,273.50. This trade represents a 9.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael Dippold sold 25,880 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $34.08, for a total transaction of $881,990.40. Following the sale, the chief financial officer now owns 47,028 shares of the company's stock, valued at approximately $1,602,714.24. The trade was a 35.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 94,554 shares of company stock valued at $3,236,679 over the last 90 days. Insiders own 0.12% of the company's stock.

Leonardo DRS Price Performance

NASDAQ:DRS traded down $0.24 during mid-day trading on Tuesday, hitting $34.45. 483,610 shares of the stock traded hands, compared to its average volume of 620,593. Leonardo DRS, Inc. has a 12-month low of $18.60 and a 12-month high of $37.99. The company has a quick ratio of 1.70, a current ratio of 2.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $9.11 billion, a PE ratio of 46.88, a price-to-earnings-growth ratio of 1.76 and a beta of 0.97. The business's 50-day moving average price is $32.74 and its 200 day moving average price is $29.03.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.04. The firm had revenue of $812.00 million during the quarter, compared to the consensus estimate of $775.44 million. Leonardo DRS had a return on equity of 9.71% and a net margin of 6.23%. The company's revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the company posted $0.20 EPS. On average, analysts expect that Leonardo DRS, Inc. will post 0.92 EPS for the current fiscal year.

Leonardo DRS Company 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.