Principal Financial Group Inc. Has $2.30 Million Holdings in Leonardo DRS, Inc. (NASDAQ:DRS)

Principal Financial Group Inc. trimmed its position in shares of Leonardo DRS, Inc. (NASDAQ:DRS) 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 period. Principal Financial Group Inc.’s holdings in Leonardo DRS were worth $2,300,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DRS. Dimensional Fund Advisors LP bought a new stake in Leonardo DRS in the 2nd quarter valued at $16,916,000. Jacobs Levy Equity Management Inc. lifted its position in shares of Leonardo DRS by 71.7% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 921,156 shares of the company’s stock valued at $25,995,000 after acquiring an additional 384,522 shares during the period. Franklin Resources Inc. grew its holdings 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 worth $35,371,000 after purchasing an additional 176,326 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Leonardo DRS by 28.2% in the third quarter. Van ECK Associates Corp now owns 557,672 shares of the company’s stock worth $15,698,000 after purchasing an additional 122,836 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Leonardo DRS by 1,133.6% in the third quarter. Victory Capital Management Inc. now owns 116,438 shares of the company’s stock valued at $3,286,000 after purchasing an additional 106,999 shares in the last quarter. 18.76% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Sally Wallace sold 4,339 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 30,102 shares in the company, valued at approximately $1,047,850.62. This represents a 12.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $1,533,150.00. Following the completion of the sale, the chief executive officer now owns 234,937 shares in the company, valued at approximately $8,004,303.59. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 94,554 shares of company stock worth $3,236,679 over the last three months. 0.12% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

Leonardo DRS Stock Performance

NASDAQ:DRS opened at $32.88 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 capitalization of $8.69 billion, a PE ratio of 44.43, a P/E/G ratio of 1.76 and a beta of 1.00. The company has a 50 day simple moving average of $33.72 and a two-hundred day simple moving average of $29.72. Leonardo DRS, Inc. has a fifty-two week low of $18.60 and a fifty-two week high of $37.99.

Leonardo DRS (NASDAQ:DRS) last released its quarterly earnings data 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. The company had revenue of $812.00 million for the quarter, compared to analysts’ expectations of $775.44 million. Leonardo DRS had a net margin of 6.23% and a return on equity of 9.71%. The business’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.20 EPS. Research analysts anticipate that Leonardo DRS, Inc. will post 0.92 earnings per share for the current year.

Leonardo DRS 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.