Principal Financial Group Inc. Decreases Holdings in Parsons Corporation $PSN

Principal Financial Group Inc. lowered its position in Parsons Corporation (NYSE:PSN) by 2.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 713,809 shares of the company’s stock after selling 14,977 shares during the period. Principal Financial Group Inc. owned approximately 0.67% of Parsons worth $38,667,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Artisan Partners Limited Partnership raised its holdings in Parsons by 6.2% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,159 shares of the company’s stock worth $153,088,000 after purchasing an additional 145,238 shares during the last quarter. Swedbank AB grew its holdings in Parsons by 126.8% in the first quarter. Swedbank AB now owns 2,387,643 shares of the company’s stock valued at $129,339,000 after purchasing an additional 1,335,102 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Parsons by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,712,937 shares of the company’s stock valued at $105,863,000 after buying an additional 30,351 shares in the last quarter. Channing Capital Management LLC increased its position in shares of Parsons by 16.8% in the fourth quarter. Channing Capital Management LLC now owns 1,484,039 shares of the company’s stock valued at $91,714,000 after buying an additional 213,312 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Parsons by 151.5% during the 2nd quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock worth $75,173,000 after buying an additional 639,481 shares during the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Trading Down 3.0%

Shares of Parsons stock opened at $56.15 on Friday. Parsons Corporation has a fifty-two week low of $46.88 and a fifty-two week high of $89.50. The business’s fifty day moving average is $54.66 and its two-hundred day moving average is $58.88. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. The firm has a market cap of $6.01 billion, a PE ratio of 26.87, a P/E/G ratio of 1.77 and a beta of 0.66.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.09. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the business earned $0.60 earnings per share. The business’s revenue for the quarter was down 4.1% on a year-over-year basis. Analysts anticipate that Parsons Corporation will post 2.97 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PSN. Citigroup increased their price objective on shares of Parsons from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 1st. Jefferies Financial Group reaffirmed a “hold” rating on shares of Parsons in a report on Wednesday, July 8th. Robert W. Baird reiterated a “neutral” rating and issued a $60.00 price target on shares of Parsons in a research report on Monday, April 13th. KeyCorp cut shares of Parsons from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 14th. Finally, Truist Financial cut their price objective on Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $75.82.

Insider Activity

In related news, Director Mark Keith Holdsworth purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average price of $51.27 per share, with a total value of $512,700.00. Following the completion of the transaction, the director owned 39,918 shares of the company’s stock, valued at approximately $2,046,595.86. This trade represents a 33.42% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Carey A. Smith purchased 12,500 shares of the business’s stock in a transaction on Friday, May 8th. The shares were bought at an average cost of $49.97 per share, for a total transaction of $624,625.00. Following the purchase, the chief executive officer owned 575,376 shares of the company’s stock, valued at $28,751,538.72. This trade represents a 2.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 32,500 shares of company stock valued at $1,637,325 in the last 90 days. 1.31% of the stock is currently owned by insiders.

Parsons Company Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.