Canada Pension Plan Investment Board Has $6.38 Million Stock Position in Parsons Co. (NYSE:PSN)

Canada Pension Plan Investment Board lifted its stake in Parsons Co. (NYSE:PSN) by 269.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 78,000 shares of the company’s stock after buying an additional 56,900 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Parsons were worth $6,381,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Precision Wealth Strategies LLC acquired a new position in Parsons during the fourth quarter worth $211,000. Norges Bank bought a new position in Parsons during the 4th quarter valued at about $37,854,000. Nations Financial Group Inc. IA ADV acquired a new position in Parsons in the fourth quarter valued at about $502,000. TFO Wealth Partners LLC grew its stake in Parsons by 18,200.0% during the fourth quarter. TFO Wealth Partners LLC now owns 732 shares of the company’s stock worth $46,000 after buying an additional 728 shares during the last quarter. Finally, Axiom Investors LLC DE acquired a new stake in shares of Parsons during the fourth quarter worth approximately $10,309,000. Institutional investors own 98.02% of the company’s stock.

Parsons Trading Down 0.4 %

PSN opened at $100.97 on Wednesday. The firm has a 50 day simple moving average of $91.02 and a 200 day simple moving average of $83.31. The company has a market cap of $14.82 billion, a price-to-earnings ratio of 560.94, a price-to-earnings-growth ratio of 2.11 and a beta of 0.80. Parsons Co. has a fifty-two week low of $53.56 and a fifty-two week high of $101.69. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.80 and a quick ratio of 1.80.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.18. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.53 billion. Parsons had a return on equity of 12.09% and a net margin of 0.89%. On average, sell-side analysts anticipate that Parsons Co. will post 2.88 earnings per share for the current year.

Analysts Set New Price Targets

PSN has been the topic of a number of research analyst reports. KeyCorp increased their price target on Parsons from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Robert W. Baird raised their target price on Parsons from $89.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Truist Financial reiterated a “buy” rating and set a $108.00 price target (up previously from $100.00) on shares of Parsons in a research report on Thursday, August 1st. Stifel Nicolaus raised their price objective on shares of Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. Finally, Benchmark upped their target price on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Parsons has an average rating of “Buy” and a consensus price target of $94.67.

About Parsons

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.