Principal Financial Group Inc. Acquires 183,117 Shares of Parsons Co. (NYSE:PSN)

Principal Financial Group Inc. lifted its holdings in shares of Parsons Co. (NYSE:PSN - Free Report) by 18.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,192,943 shares of the company's stock after purchasing an additional 183,117 shares during the period. Principal Financial Group Inc. owned 0.81% of Parsons worth $123,685,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of PSN. Janney Montgomery Scott LLC acquired a new position in shares of Parsons during the first quarter worth $1,451,000. SG Americas Securities LLC lifted its holdings in shares of Parsons by 872.4% during the first quarter. SG Americas Securities LLC now owns 39,586 shares of the company's stock worth $3,284,000 after purchasing an additional 35,515 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of Parsons during the first quarter worth $1,064,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Parsons during the first quarter worth $448,000. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. lifted its holdings in shares of Parsons by 2.8% during the first quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 115,911 shares of the company's stock worth $9,615,000 after purchasing an additional 3,154 shares during the period. Institutional investors and hedge funds own 98.02% of the company's stock.

Parsons Stock Up 2.2 %

PSN traded up $2.42 during midday trading on Friday, hitting $112.69. The company had a trading volume of 771,869 shares, compared to its average volume of 891,366. Parsons Co. has a 52 week low of $61.10 and a 52 week high of $114.68. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $11.97 billion, a price-to-earnings ratio of 170.75, a PEG ratio of 2.28 and a beta of 0.80. The stock's 50 day moving average price is $103.45 and its 200 day moving average price is $89.17.

Parsons (NYSE:PSN - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.73 by $0.07. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. Parsons had a net margin of 1.21% and a return on equity of 12.74%. On average, research analysts anticipate that Parsons Co. will post 3.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PSN shares. Truist Financial restated a "buy" rating and issued a $108.00 target price (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Robert W. Baird boosted their target price on shares of Parsons from $103.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. Benchmark boosted their target price on shares of Parsons from $68.00 to $101.00 and gave the company a "buy" rating in a report on Thursday, August 1st. KeyCorp boosted their target price on shares of Parsons from $116.00 to $122.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. Finally, Raymond James lowered shares of Parsons from a "strong-buy" rating to an "outperform" rating and set a $115.00 target price on the stock. in a report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $102.11.

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.