ProShare Advisors LLC Cuts Stock Position in Parsons Co. (NYSE:PSN)

ProShare Advisors LLC lessened its holdings in Parsons Co. (NYSE:PSN) by 25.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 5,532 shares of the company’s stock after selling 1,887 shares during the quarter. ProShare Advisors LLC’s holdings in Parsons were worth $453,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of PSN. Tanglewood Legacy Advisors LLC purchased a new position in shares of Parsons during the second quarter valued at about $44,000. TFO Wealth Partners LLC grew its position in shares of Parsons by 18,200.0% during the fourth quarter. TFO Wealth Partners LLC now owns 732 shares of the company’s stock valued at $46,000 after purchasing an additional 728 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Parsons during the first quarter valued at about $62,000. Blue Trust Inc. grew its position in shares of Parsons by 23.6% during the second quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock valued at $86,000 after purchasing an additional 199 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new position in shares of Parsons during the fourth quarter valued at about $91,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Up 1.1 %

Shares of NYSE PSN opened at $104.82 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.80 and a quick ratio of 1.80. The company has a market cap of $15.38 billion, a P/E ratio of 582.33, a PEG ratio of 2.18 and a beta of 0.80. Parsons Co. has a 1 year low of $53.56 and a 1 year high of $104.87. The firm has a 50-day simple moving average of $93.62 and a two-hundred day simple moving average of $84.10.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.18. The company had revenue of $1.67 billion during 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%. Research analysts anticipate that Parsons Co. will post 2.88 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PSN. Truist Financial restated a “buy” rating and set a $108.00 price objective (up previously from $100.00) on shares of Parsons in a research report on Thursday, August 1st. Stifel Nicolaus lifted their price target on Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. KeyCorp lifted 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 lifted their price target on Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Finally, Benchmark lifted their price target on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price 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.