Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in Parsons Co. (NYSE:PSN)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Parsons Co. (NYSE:PSN) by 10.1% in the fourth quarter, Holdings Channel reports. The firm owned 24,938 shares of the company’s stock after acquiring an additional 2,285 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Parsons were worth $2,301,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in PSN. Assetmark Inc. lifted its stake in Parsons by 10.7% in the third quarter. Assetmark Inc. now owns 2,750 shares of the company’s stock worth $285,000 after acquiring an additional 265 shares during the period. Sigma Planning Corp purchased a new stake in Parsons in the third quarter worth about $232,000. Oppenheimer & Co. Inc. raised its holdings in Parsons by 37.7% in the third quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company’s stock worth $2,490,000 after purchasing an additional 6,577 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Parsons by 3.2% in the third quarter. CIBC Asset Management Inc now owns 3,124 shares of the company’s stock worth $324,000 after purchasing an additional 96 shares in the last quarter. Finally, Mutual of America Capital Management LLC bought a new position in Parsons in the third quarter worth about $2,618,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Price Performance

Shares of NYSE:PSN opened at $58.29 on Monday. Parsons Co. has a twelve month low of $54.56 and a twelve month high of $114.68. The company’s 50 day moving average is $75.21 and its 200 day moving average is $91.53. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The company has a market cap of $6.22 billion, a PE ratio of 76.70, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Raymond James downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Benchmark reiterated a “buy” rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. Robert W. Baird reduced their target price on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Jefferies Financial Group reduced their target price on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a report on Friday, January 24th. Finally, Truist Financial cut their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $99.44.

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.