Parsons Co. (NYSE:PSN) Shares Sold by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. reduced its stake in Parsons Co. (NYSE:PSN) by 6.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,216 shares of the company’s stock after selling 160 shares during the period. Salem Investment Counselors Inc.’s holdings in Parsons were worth $204,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PSN. State Street Corp increased its holdings in Parsons by 60.6% in the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after purchasing an additional 616,707 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of Parsons during the third quarter valued at about $62,514,000. Allspring Global Investments Holdings LLC grew its stake in shares of Parsons by 61.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock valued at $116,471,000 after acquiring an additional 428,662 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of Parsons during the second quarter valued at about $29,302,000. Finally, Appian Way Asset Management LP grew its stake in shares of Parsons by 649.9% during the second quarter. Appian Way Asset Management LP now owns 394,855 shares of the company’s stock valued at $32,303,000 after acquiring an additional 342,200 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Up 1.0 %

Shares of Parsons stock opened at $94.41 on Wednesday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. The business has a 50-day moving average price of $97.10 and a 200 day moving average price of $95.46. Parsons Co. has a fifty-two week low of $64.33 and a fifty-two week high of $114.68. The firm has a market cap of $10.03 billion, a P/E ratio of 143.05, a P/E/G ratio of 1.72 and a beta of 0.74.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.07. Parsons had a return on equity of 12.74% and a net margin of 1.21%. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. On average, sell-side analysts forecast that Parsons Co. will post 3.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. KeyCorp lowered their target price on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. The Goldman Sachs Group upgraded Parsons from a “neutral” rating to a “buy” rating and raised their target price for the company from $103.00 to $111.00 in a research note on Thursday, December 12th. Robert W. Baird boosted their price objective on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Finally, Truist Financial lowered their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a report on Friday, November 22nd. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $108.25.

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.