Principal Financial Group Inc. Sells 41,866 Shares of Parsons Corporation (NYSE:PSN)

Principal Financial Group Inc. lessened its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 4.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 851,022 shares of the company's stock after selling 41,866 shares during the quarter. Principal Financial Group Inc. owned 0.80% of Parsons worth $50,389,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. CIBC Private Wealth Group LLC acquired a new position in Parsons in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in Parsons during the 4th quarter worth about $25,000. Huntington National Bank increased its position in Parsons by 28,900.0% in the 4th quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after acquiring an additional 289 shares in the last quarter. Quarry LP acquired a new stake in Parsons in the 4th quarter valued at about $30,000. Finally, Headlands Technologies LLC bought a new position in shares of Parsons in the fourth quarter worth about $34,000. 98.02% of the stock is currently owned by institutional investors.

Parsons Trading Down 0.5%

PSN stock traded down $0.34 during midday trading on Monday, hitting $74.47. 799,908 shares of the company's stock were exchanged, compared to its average volume of 1,203,282. Parsons Corporation has a one year low of $54.56 and a one year high of $114.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.29 and a current ratio of 1.29. The company has a market cap of $7.96 billion, a PE ratio of 31.42, a price-to-earnings-growth ratio of 4.38 and a beta of 0.55. The stock's fifty day moving average price is $67.75 and its 200-day moving average price is $71.03.

Parsons announced that its Board of Directors has initiated a stock buyback program on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PSN. Baird R W cut shares of Parsons from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. KeyCorp lowered their price objective on Parsons from $76.00 to $73.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Jefferies Financial Group upped their target price on shares of Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a research report on Wednesday, July 2nd. Robert W. Baird cut shares of Parsons from an "outperform" rating to a "neutral" rating and lowered their price target for the stock from $72.00 to $69.00 in a research report on Thursday, May 1st. Finally, Bank of America cut their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Tuesday, June 3rd. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $86.80.

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.