Seaside Wealth Management Inc. Makes New Investment in Parsons Co. (NYSE:PSN)

Seaside Wealth Management Inc. purchased a new stake in Parsons Co. (NYSE:PSN) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 14,943 shares of the company’s stock, valued at approximately $1,240,000. Parsons accounts for approximately 0.5% of Seaside Wealth Management Inc.’s portfolio, making the stock its 17th biggest position.

Several other large investors have also recently modified their holdings of PSN. Norges Bank acquired a new stake in Parsons during the 4th quarter valued at approximately $37,854,000. Hennessy Advisors Inc. bought a new position in Parsons during the fourth quarter worth $24,062,000. SW Investment Management LLC acquired a new position in Parsons in the fourth quarter valued at $20,381,000. Axiom Investors LLC DE acquired a new position in Parsons in the fourth quarter valued at $10,309,000. Finally, Vanguard Group Inc. boosted its position in Parsons by 3.3% during the third quarter. Vanguard Group Inc. now owns 4,119,811 shares of the company’s stock valued at $223,912,000 after acquiring an additional 131,617 shares during the last quarter. Institutional investors own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Parsons from $73.00 to $81.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Stifel Nicolaus raised their price objective on shares of Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Truist Financial boosted their target price on shares of Parsons from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Benchmark reissued a “buy” rating and set a $68.00 target price on shares of Parsons in a research note on Thursday, April 4th. Finally, Robert W. Baird lifted their price target on shares of Parsons from $85.00 to $89.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $85.50.

Parsons Trading Up 0.4 %

PSN opened at $82.11 on Monday. The firm has a market capitalization of $12.05 billion, a PE ratio of 454.50, a P/E/G ratio of 2.40 and a beta of 0.84. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.79. Parsons Co. has a fifty-two week low of $46.85 and a fifty-two week high of $85.44. The company’s 50-day moving average is $77.69 and its 200 day moving average is $74.52.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.57 by $0.04. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.37 billion. Parsons had a return on equity of 11.27% and a net margin of 0.49%. As a group, research analysts predict that Parsons Co. will post 2.64 earnings per share for the current fiscal year.

Parsons Company 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.