Principal Financial Group Inc. Purchases 15,444 Shares of Parsons Corporation $PSN

Principal Financial Group Inc. boosted its position in Parsons Corporation (NYSE:PSN) by 1.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 843,863 shares of the company’s stock after buying an additional 15,444 shares during the quarter. Principal Financial Group Inc. owned approximately 0.79% of Parsons worth $69,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Channing Capital Management LLC raised its stake in shares of Parsons by 20.3% during the 2nd quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company’s stock valued at $91,671,000 after purchasing an additional 215,106 shares during the period. Hood River Capital Management LLC purchased a new position in Parsons during the 2nd quarter valued at about $11,153,000. Retirement Systems of Alabama increased its position in shares of Parsons by 63.3% during the third quarter. Retirement Systems of Alabama now owns 93,860 shares of the company’s stock valued at $7,783,000 after buying an additional 36,384 shares during the period. Wolverine Asset Management LLC purchased a new stake in shares of Parsons in the third quarter worth about $1,369,000. Finally, Blackston Financial Advisory Group LLC purchased a new stake in shares of Parsons in the second quarter worth about $310,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Up 0.0%

PSN opened at $68.36 on Wednesday. The business’s fifty day simple moving average is $68.98 and its 200 day simple moving average is $76.64. Parsons Corporation has a 52 week low of $54.56 and a 52 week high of $89.50. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.46. The stock has a market cap of $7.28 billion, a PE ratio of 31.36, a P/E/G ratio of 3.82 and a beta of 0.66.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.12. The firm had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Parsons had a return on equity of 11.98% and a net margin of 3.69%.The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 EPS. As a group, research analysts expect that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Robert W. Baird decreased their target price on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a report on Monday, December 8th. Weiss Ratings restated a “hold (c)” rating on shares of Parsons in a research report on Monday, December 29th. Citigroup increased their price objective on Parsons from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. UBS Group reduced their target price on Parsons from $107.00 to $104.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. Finally, Raymond James Financial lowered Parsons from a “strong-buy” rating to a “market perform” rating in a research note on Friday, December 5th. Twelve investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $85.54.

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.