Principal Financial Group Inc. Lowers Stake in Parsons Co. (NYSE:PSN)

Principal Financial Group Inc. cut its holdings in Parsons Co. (NYSE:PSN) by 25.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 892,888 shares of the company’s stock after selling 300,055 shares during the quarter. Principal Financial Group Inc. owned about 0.84% of Parsons worth $82,368,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. State Street Corp increased its position in Parsons by 60.6% in the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after acquiring an additional 616,707 shares during the period. Geode Capital Management LLC grew its stake in shares of Parsons by 14.0% in the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after purchasing an additional 95,040 shares during the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of Parsons by 12.8% in the fourth quarter. Wedge Capital Management L L P NC now owns 680,311 shares of the company’s stock valued at $62,759,000 after purchasing an additional 77,358 shares during the period. Franklin Resources Inc. increased its holdings in shares of Parsons by 11.8% in the third quarter. Franklin Resources Inc. now owns 601,071 shares of the company’s stock valued at $64,813,000 after purchasing an additional 63,657 shares during the period. Finally, Van ECK Associates Corp raised its stake in shares of Parsons by 39.1% during the fourth quarter. Van ECK Associates Corp now owns 502,178 shares of the company’s stock worth $46,326,000 after purchasing an additional 141,282 shares during the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Down 11.6 %

PSN opened at $65.01 on Thursday. Parsons Co. has a one year low of $61.71 and a one year high of $114.68. The company has a market cap of $6.90 billion, a price-to-earnings ratio of 98.49, a PEG ratio of 1.11 and a beta of 0.73. The business’s fifty day moving average is $87.96 and its two-hundred day moving average is $95.86. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55.

Analyst Ratings Changes

PSN has been the topic of several recent research reports. Truist Financial dropped their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Raymond James lowered shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Robert W. Baird raised their price objective on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. TD Cowen dropped their target price on Parsons from $117.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Finally, Jefferies Financial Group reduced their price target on Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a report on Friday, January 24th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Parsons currently has an average rating of “Moderate Buy” and an average price target of $107.33.

Parsons Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.