Principal Financial Group Inc. Trims Stock Holdings in Leonardo DRS, Inc. (NASDAQ:DRS)

Principal Financial Group Inc. cut its holdings in shares of Leonardo DRS, Inc. (NASDAQ:DRS) by 39.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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.

A number of other institutional investors have also modified their holdings of DRS. ProShare Advisors LLC grew its holdings in shares of Leonardo DRS by 8.5% during the first quarter. ProShare Advisors LLC now owns 12,346 shares of the company’s stock worth $273,000 after buying an additional 972 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Leonardo DRS by 2.2% in the first quarter. Vanguard Group Inc. now owns 7,554,321 shares of the company’s stock valued at $166,875,000 after purchasing an additional 164,971 shares during the period. EntryPoint Capital LLC increased its holdings in shares of Leonardo DRS by 165.8% in the first quarter. EntryPoint Capital LLC now owns 1,656 shares of the company’s stock valued at $37,000 after purchasing an additional 1,033 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Leonardo DRS by 15.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,180,347 shares of the company’s stock worth $48,165,000 after purchasing an additional 290,188 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its holdings in shares of Leonardo DRS by 1.8% during the first quarter. Kennedy Capital Management LLC now owns 768,163 shares of the company’s stock worth $16,969,000 after purchasing an additional 13,830 shares during the period. 18.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DRS has been the subject of a number of recent analyst reports. Truist Financial raised their target price on Leonardo DRS from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Robert W. Baird increased their target price on shares of Leonardo DRS from $30.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Bank of America cut Leonardo DRS from a “buy” rating to a “neutral” rating and upped their price target for the stock from $26.00 to $30.00 in a report on Tuesday, September 24th. JPMorgan Chase & Co. lifted their price objective on Leonardo DRS from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Finally, BTIG Research upped their target price on Leonardo DRS from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.17.

Leonardo DRS Price Performance

Leonardo DRS stock opened at $36.25 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.70 and a current ratio of 2.11. The company has a market cap of $9.58 billion, a price-to-earnings ratio of 48.99, a PEG ratio of 2.17 and a beta of 0.95. Leonardo DRS, Inc. has a 1 year low of $17.97 and a 1 year high of $37.99. The firm has a 50 day moving average price of $30.70 and a 200 day moving average price of $27.66.

Leonardo DRS (NASDAQ:DRS) last posted 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 firm’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 earnings per share. Sell-side analysts predict that Leonardo DRS, Inc. will post 0.9 earnings per share for the current year.

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.