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

Principal Financial Group Inc. decreased its holdings in Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 39.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,511 shares of the company's stock after selling 53,968 shares during the quarter. Principal Financial Group Inc.'s holdings in Leonardo DRS were worth $2,300,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Janus Henderson Group PLC grew its holdings in Leonardo DRS by 4.9% during the third quarter. Janus Henderson Group PLC now owns 291,871 shares of the company's stock valued at $8,236,000 after purchasing an additional 13,613 shares during the period. Franklin Resources Inc. lifted its position in shares of Leonardo DRS by 16.6% during the 3rd quarter. Franklin Resources Inc. now owns 1,239,569 shares of the company's stock valued at $35,371,000 after buying an additional 176,326 shares in the last quarter. Citigroup Inc. grew its stake in shares of Leonardo DRS by 46.2% during the 3rd quarter. Citigroup Inc. now owns 196,223 shares of the company's stock valued at $5,537,000 after acquiring an additional 62,042 shares during the period. Driehaus Capital Management LLC increased its holdings in Leonardo DRS by 4.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,281,546 shares of the company's stock worth $58,202,000 after acquiring an additional 102,198 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its stake in Leonardo DRS by 71.7% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 921,156 shares of the company's stock worth $25,995,000 after acquiring an additional 384,522 shares during the period. Institutional investors own 18.76% of the company's stock.

Leonardo DRS Price Performance

Shares of Leonardo DRS stock traded up $0.50 during trading on Friday, reaching $32.88. 389,416 shares of the stock traded hands, compared to its average volume of 399,808. 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 current ratio of 2.11 and a quick ratio of 1.70. The business has a fifty day simple moving average of $33.81 and a two-hundred day simple moving average of $29.78. The company has a market capitalization of $8.69 billion, a price-to-earnings ratio of 44.43, a P/E/G ratio of 1.76 and a beta of 1.00.

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

Insider Activity at Leonardo DRS

In related 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 transaction of $1,533,150.00. Following 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO John Baylouny sold 8,235 shares of the firm's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $34.50, for a total value of $284,107.50. Following the completion of the sale, the chief operating officer now owns 81,863 shares of the company's stock, valued at approximately $2,824,273.50. This represents a 9.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 94,554 shares of company stock valued at $3,236,679 over the last 90 days. 0.12% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DRS. Bank of America cut shares of Leonardo DRS from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $26.00 to $30.00 in a research note on Tuesday, September 24th. JPMorgan Chase & Co. raised their price target on Leonardo DRS from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Monday, November 4th. Finally, Robert W. Baird upped 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 equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $32.17.

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.