Cannon Global Investment Management LLC Trims Holdings in Leonardo DRS, Inc. (NASDAQ:DRS)

Cannon Global Investment Management LLC cut its holdings in Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 63.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,000 shares of the company's stock after selling 20,800 shares during the quarter. Leonardo DRS makes up about 1.4% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 26th largest position. Cannon Global Investment Management LLC's holdings in Leonardo DRS were worth $306,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. New York State Common Retirement Fund boosted its position in Leonardo DRS by 38.8% during the 4th quarter. New York State Common Retirement Fund now owns 28,297 shares of the company's stock valued at $567,000 after acquiring an additional 7,904 shares in the last quarter. Victory Capital Management Inc. grew its position in Leonardo DRS by 5,608.1% during the 4th quarter. Victory Capital Management Inc. now owns 960,731 shares of the company's stock worth $19,253,000 after purchasing an additional 943,900 shares during the last quarter. Amalgamated Bank increased its stake in Leonardo DRS by 29.3% during the 4th quarter. Amalgamated Bank now owns 9,905 shares of the company's stock valued at $198,000 after purchasing an additional 2,247 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Leonardo DRS by 37.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 768,420 shares of the company's stock worth $15,399,000 after buying an additional 209,005 shares during the last quarter. Finally, Seven Grand Managers LLC acquired a new stake in shares of Leonardo DRS during the fourth quarter worth $1,403,000. 18.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Morgan Stanley began coverage on Leonardo DRS in a research report on Friday, May 24th. They issued an "equal weight" rating and a $26.00 target price on the stock. BTIG Research increased their price objective on shares of Leonardo DRS from $30.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. Truist Financial raised their target price on shares of Leonardo DRS from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, July 31st. Finally, Robert W. Baird upped their price target on shares of Leonardo DRS from $26.00 to $30.00 and gave the company an "outperform" rating in a report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.50.

Leonardo DRS Price Performance

DRS traded up $0.25 on Wednesday, reaching $27.75. 282,598 shares of the company's stock were exchanged, compared to its average volume of 629,561. Leonardo DRS, Inc. has a twelve month low of $15.81 and a twelve month high of $29.85. The stock has a market cap of $7.32 billion, a PE ratio of 39.29, a P/E/G ratio of 2.04 and a beta of 0.96. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.01 and a quick ratio of 1.60. The stock's fifty day moving average price is $27.29 and its 200-day moving average price is $24.26.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.04. Leonardo DRS had a return on equity of 9.48% and a net margin of 6.12%. The firm had revenue of $753.00 million for the quarter, compared to the consensus estimate of $680.38 million. During the same quarter last year, the business posted $0.15 earnings per share. The firm's revenue was up 19.9% compared to the same quarter last year. Sell-side analysts expect that Leonardo DRS, Inc. will post 0.86 EPS for the current 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.