Private Advisor Group LLC Trims Stake in Parsons Co. (NYSE:PSN)

Private Advisor Group LLC cut its holdings in Parsons Co. (NYSE:PSN) by 2.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 4,705 shares of the company’s stock after selling 115 shares during the period. Private Advisor Group LLC’s holdings in Parsons were worth $488,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PSN. Vanguard Group Inc. boosted its position in Parsons by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock worth $376,997,000 after purchasing an additional 421,085 shares during the period. Earnest Partners LLC boosted its position in Parsons by 2.4% in the 2nd quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock valued at $177,413,000 after buying an additional 49,891 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Parsons by 61.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock valued at $116,471,000 after buying an additional 428,662 shares during the last quarter. Principal Financial Group Inc. boosted its position in Parsons by 0.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,009,826 shares of the company’s stock valued at $82,614,000 after buying an additional 4,686 shares during the last quarter. Finally, Wedge Capital Management L L P NC purchased a new position in Parsons in the 3rd quarter valued at about $62,514,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Price Performance

PSN opened at $109.61 on Tuesday. The company’s 50-day moving average price is $102.13 and its 200 day moving average price is $88.38. Parsons Co. has a fifty-two week low of $61.09 and a fifty-two week high of $112.19. The firm has a market cap of $11.64 billion, a price-to-earnings ratio of 166.08, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. The company has a quick ratio of 1.80, a current ratio of 1.55 and a debt-to-equity ratio of 0.47.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.73 by $0.07. Parsons had a net margin of 1.21% and a return on equity of 12.74%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.63 billion. As a group, sell-side analysts expect that Parsons Co. will post 2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Truist Financial reissued a “buy” rating and issued a $108.00 price objective (up from $100.00) on shares of Parsons in a research report on Thursday, August 1st. KeyCorp increased their price target on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Benchmark increased their price target 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. Robert W. Baird increased their price target on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Raymond James cut shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target on the stock. in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.11.

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.