Principal Financial Group Inc. Sells 300,055 Shares of Parsons Co. (NYSE:PSN)

Principal Financial Group Inc. reduced its position in Parsons Co. (NYSE:PSN - Free Report) by 25.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. State of New Jersey Common Pension Fund D boosted its stake in Parsons by 6.1% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 22,232 shares of the company's stock valued at $2,051,000 after buying an additional 1,279 shares during the period. Csenge Advisory Group raised its holdings in shares of Parsons by 42.4% in the 4th quarter. Csenge Advisory Group now owns 4,902 shares of the company's stock valued at $452,000 after acquiring an additional 1,459 shares in the last quarter. Principal Securities Inc. bought a new stake in shares of Parsons during the 4th quarter valued at about $33,000. Congress Asset Management Co. purchased a new position in shares of Parsons during the fourth quarter worth about $8,361,000. Finally, Blue Trust Inc. increased its position in shares of Parsons by 117.6% in the fourth quarter. Blue Trust Inc. now owns 2,265 shares of the company's stock worth $209,000 after purchasing an additional 1,224 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PSN. Robert W. Baird dropped their target price on shares of Parsons from $125.00 to $78.00 and set an "outperform" rating for the company in a research report on Thursday. Jefferies Financial Group dropped their price objective on shares of Parsons from $110.00 to $100.00 and set a "buy" rating for the company in a report on Friday, January 24th. KeyCorp reduced their target price on Parsons from $122.00 to $102.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. Truist Financial dropped their price target on 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 cut Parsons from a "buy" rating to a "hold" rating and set a $105.00 price objective for the company. in a report on Friday. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.11.

Parsons Trading Down 4.4 %

PSN stock traded down $2.71 during midday trading on Friday, hitting $59.25. The company had a trading volume of 1,682,400 shares, compared to its average volume of 1,550,996. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Parsons Co. has a 52 week low of $57.86 and a 52 week high of $114.68. The stock has a market cap of $6.29 billion, a price-to-earnings ratio of 77.94, a PEG ratio of 0.98 and a beta of 0.73. The stock's 50 day moving average price is $86.65 and its 200 day moving average price is $95.41.

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.