Parsons Corporation $PSN Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Parsons Corporation (NYSE:PSN) by 2.1% during the first quarter, HoldingsChannel.com reports. The firm owned 713,809 shares of the company’s stock after selling 14,977 shares during the quarter. Principal Financial Group Inc.’s holdings in Parsons were worth $38,667,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. NewEdge Advisors LLC increased its position in Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock worth $57,000 after purchasing an additional 264 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Parsons by 433.9% in the first quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company’s stock worth $75,000 after acquiring an additional 1,024 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Parsons in the second quarter worth $228,000. Prudential Financial Inc. raised its stake in shares of Parsons by 40.9% in the 2nd quarter. Prudential Financial Inc. now owns 5,945 shares of the company’s stock valued at $427,000 after acquiring an additional 1,725 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Parsons by 176.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company’s stock valued at $59,000 after acquiring an additional 528 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Stock Down 3.0%

PSN stock opened at $56.15 on Friday. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.55. The firm has a 50 day simple moving average of $54.66 and a 200-day simple moving average of $58.88. The company has a market capitalization of $6.01 billion, a P/E ratio of 26.87, a PEG ratio of 1.77 and a beta of 0.66. Parsons Corporation has a twelve month low of $46.88 and a twelve month high of $89.50.

Parsons (NYSE:PSN) last posted 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. The firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.50 billion. Parsons had a net margin of 3.62% and a return on equity of 11.52%. The firm’s revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 EPS. On average, equities research analysts predict that Parsons Corporation will post 2.97 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. BNP Paribas Exane set a $65.00 price target on shares of Parsons and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Truist Financial decreased their target price on Parsons from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Barclays dropped their target price on Parsons from $78.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. Citigroup boosted their price target on Parsons from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 1st. Finally, KeyCorp downgraded shares of Parsons from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 14th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $75.82.

Insider Transactions at Parsons

In related news, Director George L. Ball purchased 10,000 shares of Parsons stock in a transaction dated Wednesday, May 13th. The shares were acquired at an average price of $50.00 per share, with a total value of $500,000.00. Following the completion of the transaction, the director owned 150,383 shares of the company’s stock, valued at approximately $7,519,150. This trade represents a 7.12% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Carey A. Smith purchased 12,500 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average price of $49.97 per share, with a total value of $624,625.00. Following the completion of the purchase, the chief executive officer directly owned 575,376 shares of the company’s stock, valued at approximately $28,751,538.72. This represents a 2.22% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 32,500 shares of company stock valued at $1,637,325. Insiders own 1.31% of the company’s stock.

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.