Lord Abbett & CO. LLC Reduces Position in Leonardo DRS, Inc. (NASDAQ:DRS)

Lord Abbett & CO. LLC lessened its holdings in shares of Leonardo DRS, Inc. (NASDAQ:DRS) by 13.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 445,628 shares of the company’s stock after selling 69,447 shares during the period. Lord Abbett & CO. LLC owned 0.17% of Leonardo DRS worth $12,576,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC boosted its stake in Leonardo DRS by 4.7% in the second quarter. Driehaus Capital Management LLC now owns 2,281,546 shares of the company’s stock valued at $58,202,000 after acquiring an additional 102,198 shares in the last quarter. Geode Capital Management LLC grew its stake in Leonardo DRS by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,915,376 shares of the company’s stock worth $54,061,000 after buying an additional 51,014 shares during the last quarter. Franklin Resources Inc. increased its position in Leonardo DRS by 16.6% during the third quarter. Franklin Resources Inc. now owns 1,239,569 shares of the company’s stock worth $35,371,000 after buying an additional 176,326 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Leonardo DRS by 8.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,012,370 shares of the company’s stock valued at $28,569,000 after buying an additional 82,049 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Leonardo DRS by 71.7% in the third 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. Institutional investors and hedge funds own 18.76% of the company’s stock.

Leonardo DRS Stock Up 1.8 %

Shares of NASDAQ:DRS opened at $34.69 on Tuesday. The company has a market cap of $9.17 billion, a price-to-earnings ratio of 46.88, a PEG ratio of 1.76 and a beta of 0.97. Leonardo DRS, Inc. has a fifty-two week low of $18.60 and a fifty-two week high of $37.99. The firm’s 50-day simple moving average is $32.74 and its 200-day simple moving average is $29.03. The company has a quick ratio of 1.70, a current ratio of 2.11 and a debt-to-equity ratio of 0.14.

Leonardo DRS (NASDAQ:DRS) last released its earnings results on Wednesday, October 30th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 9.71% and a net margin of 6.23%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 EPS. As a group, equities research analysts predict that Leonardo DRS, Inc. will post 0.92 earnings per share for the current year.

Insiders Place Their Bets

In other Leonardo DRS news, CFO Michael Dippold sold 25,880 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $34.08, for a total value of $881,990.40. Following the sale, the chief financial officer now owns 47,028 shares of the company’s stock, valued at approximately $1,602,714.24. This represents a 35.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Pamela Morrow sold 11,100 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $34.81, for a total value of $386,391.00. Following the completion of the transaction, the senior vice president now owns 12,565 shares of the company’s stock, valued at approximately $437,387.65. This represents a 46.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,554 shares of company stock worth $3,236,679. 0.12% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Leonardo DRS from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Bank of America cut shares of Leonardo DRS from a “buy” rating to a “neutral” rating and upped their target price for the company from $26.00 to $30.00 in a report on Tuesday, September 24th. Finally, Robert W. Baird raised their price target on Leonardo DRS from $30.00 to $40.00 and gave the stock an “outperform” rating in a report 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 stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $32.17.

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.