Lord Abbett & CO. LLC Has $12.58 Million Stake in Leonardo DRS, Inc. (NASDAQ:DRS)

Lord Abbett & CO. LLC reduced its holdings in shares of Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 13.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 445,628 shares of the company's stock after selling 69,447 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.17% of Leonardo DRS worth $12,576,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Franklin Resources Inc. grew its stake in Leonardo DRS by 16.6% in the 3rd quarter. Franklin Resources Inc. now owns 1,239,569 shares of the company's stock worth $35,371,000 after acquiring an additional 176,326 shares during the period. Geode Capital Management LLC raised its holdings in shares of Leonardo DRS by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,915,376 shares of the company's stock worth $54,061,000 after purchasing an additional 51,014 shares during the period. Barclays PLC raised its holdings in Leonardo DRS by 148.5% in the third quarter. Barclays PLC now owns 178,331 shares of the company's stock valued at $5,032,000 after buying an additional 106,565 shares during the period. Zacks Investment Management acquired a new stake in shares of Leonardo DRS in the third quarter worth $1,381,000. Finally, Point72 DIFC Ltd purchased a new stake in Leonardo DRS during the 3rd quarter worth $311,000. 18.76% of the stock is currently owned by institutional investors and hedge funds.

Leonardo DRS Price Performance

Shares of NASDAQ:DRS traded down $0.24 during trading on Tuesday, reaching $34.45. The company had a trading volume of 483,610 shares, compared to its average volume of 620,593. Leonardo DRS, Inc. has a twelve month low of $18.60 and a twelve month high of $37.99. The firm has a market capitalization of $9.11 billion, a PE ratio of 46.55, a price-to-earnings-growth ratio of 1.76 and a beta of 0.97. The firm's fifty day moving average is $32.82 and its 200 day moving average is $29.11. 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 - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.04. Leonardo DRS had a return on equity of 9.71% and a net margin of 6.23%. The firm had revenue of $812.00 million for the quarter, compared to analyst estimates of $775.44 million. During the same period in the previous year, the company earned $0.20 earnings per share. Leonardo DRS's revenue was up 15.5% compared to the same quarter last year. On average, equities analysts forecast that Leonardo DRS, Inc. will post 0.92 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insider Transactions at Leonardo DRS

In other news, CEO William Lynn III sold 45,000 shares of the business's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $34.07, for a total transaction of $1,533,150.00. Following the transaction, the chief executive officer now directly owns 234,937 shares in the company, valued at $8,004,303.59. The trade was a 16.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Sally Wallace sold 4,339 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $34.81, for a total value of $151,040.59. Following the sale, the executive vice president now owns 30,102 shares of the company's stock, valued at approximately $1,047,850.62. This represents a 12.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 94,554 shares of company stock valued at $3,236,679 over the last three months. Company insiders own 0.12% of the company's stock.

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.