GEM Asset Management LLC Decreases Stock Position in Parsons Co. (NYSE:PSN)

GEM Asset Management LLC cut its position in Parsons Co. (NYSE:PSN) by 50.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 8,500 shares of the company’s stock after selling 8,500 shares during the quarter. GEM Asset Management LLC’s holdings in Parsons were worth $902,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tanglewood Legacy Advisors LLC purchased a new position in shares of Parsons in the second quarter valued at $44,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Parsons during the 1st quarter valued at $62,000. Blue Trust Inc. boosted its stake in Parsons by 23.6% during the 2nd quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock valued at $86,000 after acquiring an additional 199 shares during the last quarter. EntryPoint Capital LLC boosted its stake in Parsons by 17.2% during the 1st quarter. EntryPoint Capital LLC now owns 1,334 shares of the company’s stock valued at $111,000 after acquiring an additional 196 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in Parsons during the 4th quarter valued at $91,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Stock Performance

Shares of Parsons stock traded down $2.17 during trading hours on Thursday, reaching $105.04. The company’s stock had a trading volume of 236,631 shares, compared to its average volume of 898,172. The company’s 50 day simple moving average is $96.82 and its 200 day simple moving average is $85.11. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.80 and a current ratio of 1.80. Parsons Co. has a one year low of $55.22 and a one year high of $107.67. The stock has a market cap of $15.41 billion, a P/E ratio of 586.28, a price-to-earnings-growth ratio of 2.28 and a beta of 0.80.

Parsons (NYSE:PSN) last released its quarterly earnings data 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. Parsons had a net margin of 0.89% and a return on equity of 12.09%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.53 billion. As a group, analysts expect that Parsons Co. will post 2.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Robert W. Baird increased their price objective on shares of Parsons from $89.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Stifel Nicolaus increased their price objective on shares of Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Benchmark increased their price objective on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Truist Financial reiterated a “buy” rating and set a $108.00 price objective (up from $100.00) on shares of Parsons in a research note on Thursday, August 1st. Finally, KeyCorp increased their price objective on shares of Parsons from $99.00 to $116.00 and gave the company an “overweight” rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Parsons presently has a consensus rating of “Buy” and an average price target of $96.78.

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.