Principal Financial Group Inc. Cuts Stake in Leonardo DRS, Inc. (NASDAQ:DRS)

Principal Financial Group Inc. decreased its holdings in Leonardo DRS, Inc. (NASDAQ:DRS - Free Report) by 39.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its stake 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 worth $29,000 after purchasing an additional 1,074 shares in the last quarter. EntryPoint Capital LLC boosted its stake in Leonardo DRS by 165.8% during the first quarter. EntryPoint Capital LLC now owns 1,656 shares of the company's stock valued at $37,000 after buying an additional 1,033 shares during the last quarter. Comerica Bank increased its stake in Leonardo DRS by 23.7% in the 1st quarter. Comerica Bank now owns 2,750 shares of the company's stock worth $61,000 after acquiring an additional 527 shares during the last quarter. New York State Teachers Retirement System raised its holdings in shares of Leonardo DRS by 6.9% during the 3rd quarter. New York State Teachers Retirement System now owns 6,722 shares of the company's stock worth $190,000 after acquiring an additional 432 shares in the last quarter. Finally, Algert Global LLC bought a new position in shares of Leonardo DRS during the 2nd quarter valued at approximately $202,000. Hedge funds and other institutional investors own 18.76% of the company's stock.

Leonardo DRS Trading Up 1.5 %

Shares of DRS traded up $0.55 during mid-day trading on Friday, reaching $36.25. 475,667 shares of the company's stock traded hands, compared to its average volume of 673,308. 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 stock's 50-day moving average is $30.70 and its two-hundred day moving average is $27.66. Leonardo DRS, Inc. has a 12 month low of $17.97 and a 12 month high of $37.99. The stock has a market cap of $9.58 billion, a P/E ratio of 48.99, a P/E/G ratio of 2.21 and a beta of 0.95.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.20 by $0.04. The company had revenue of $812.00 million for 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%. Leonardo DRS's quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 EPS. Research analysts forecast that Leonardo DRS, Inc. will post 0.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

DRS has been the topic of several research reports. Robert W. Baird boosted their price target 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. Truist Financial upped their target price on shares of Leonardo DRS from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, July 31st. BTIG Research lifted their price target on Leonardo DRS from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. upped their price objective on Leonardo DRS from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Monday, November 4th. Finally, Bank of America cut Leonardo DRS from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $26.00 to $30.00 in a report on Tuesday, September 24th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $32.17.

About Leonardo DRS

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.