Allianz Asset Management GmbH Sells 7,264 Shares of Parsons Corporation (NYSE:PSN)

Key Points

• Allianz Asset Management GmbH reduced its stake in Parsons Corporation by 25.3%, ending the first quarter with 21,427 shares valued at approximately $1.27 million.
• Parsons Corporation's stock is currently rated as a "Moderate Buy" by analysts, with an average price target of $86.20.
• Several institutional investors have shown increased interest in Parsons, with hedge funds and other institutions owning 98.02% of the company’s stock.

Allianz Asset Management GmbH trimmed its position in Parsons Corporation (NYSE:PSN - Free Report) by 25.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,427 shares of the company's stock after selling 7,264 shares during the quarter. Allianz Asset Management GmbH's holdings in Parsons were worth $1,269,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Parsons by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company's stock worth $422,093,000 after acquiring an additional 59,545 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Parsons by 14.2% in the fourth quarter. Invesco Ltd. now owns 2,056,390 shares of the company's stock valued at $189,702,000 after purchasing an additional 255,810 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Parsons by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,189,811 shares of the company's stock worth $109,762,000 after purchasing an additional 26,230 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in Parsons by 5.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,069,175 shares of the company's stock valued at $98,631,000 after purchasing an additional 52,522 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Parsons by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 778,892 shares of the company's stock valued at $71,875,000 after purchasing an additional 6,084 shares in the last quarter. 98.02% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Jefferies Financial Group boosted their target price on shares of Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a report on Wednesday, July 2nd. Stifel Nicolaus started coverage on Parsons in a research note on Tuesday, June 24th. They set a "buy" rating and a $81.00 price objective on the stock. Truist Financial raised their price objective on Parsons from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Robert W. Baird cut Parsons from an "outperform" rating to a "neutral" rating and dropped their target price for the stock from $72.00 to $69.00 in a report on Thursday, May 1st. Finally, Raymond James Financial upgraded Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price target on the stock in a report on Tuesday, July 8th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $86.20.

Parsons Trading Down 0.6%

Shares of NYSE:PSN traded down $0.44 on Friday, hitting $73.76. 845,488 shares of the company's stock were exchanged, compared to its average volume of 899,794. The stock has a market capitalization of $7.88 billion, a price-to-earnings ratio of 31.12, a price-to-earnings-growth ratio of 4.56 and a beta of 0.58. Parsons Corporation has a 12 month low of $54.56 and a 12 month high of $114.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.29. The business's 50 day simple moving average is $71.30 and its two-hundred day simple moving average is $69.05.

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.