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

Principal Financial Group Inc. decreased its stake in shares of Parsons Co. (NYSE:PSN) by 25.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 892,888 shares of the company’s stock after selling 300,055 shares during the quarter. Principal Financial Group Inc.’s holdings in Parsons were worth $82,368,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. State Street Corp increased its position in Parsons by 60.6% during the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock worth $169,429,000 after purchasing an additional 616,707 shares in the last quarter. FMR LLC grew its holdings in shares of Parsons by 391.4% during the third quarter. FMR LLC now owns 195,850 shares of the company’s stock worth $20,306,000 after buying an additional 155,991 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Parsons by 39.1% in the fourth quarter. Van ECK Associates Corp now owns 502,178 shares of the company’s stock valued at $46,326,000 after buying an additional 141,282 shares during the last quarter. Synergy Asset Management LLC purchased a new position in shares of Parsons during the fourth quarter valued at approximately $12,550,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Parsons by 110.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,420 shares of the company’s stock valued at $26,378,000 after buying an additional 133,310 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Trading Down 11.6 %

NYSE PSN opened at $65.01 on Thursday. The firm has a market capitalization 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 company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. Parsons Co. has a one year low of $61.71 and a one year high of $114.68. The company’s 50 day moving average price is $87.96 and its 200 day moving average price is $95.86.

Wall Street Analyst Weigh In

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

About Parsons

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.