Wrapmanager Inc. Cuts Position in Parsons Co. (NYSE:PSN)

Wrapmanager Inc. decreased its holdings in Parsons Co. (NYSE:PSN) by 40.5% in the third quarter, HoldingsChannel.com reports. The firm owned 2,386 shares of the company’s stock after selling 1,623 shares during the quarter. Wrapmanager Inc.’s holdings in Parsons were worth $247,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PSN. V Square Quantitative Management LLC acquired a new position in shares of Parsons during the 3rd quarter worth approximately $33,000. Tanglewood Legacy Advisors LLC purchased a new stake in Parsons in the 2nd quarter worth $44,000. Capital Performance Advisors LLP acquired a new position in Parsons during the third quarter worth $45,000. DekaBank Deutsche Girozentrale acquired a new position in Parsons during the third quarter worth $72,000. Finally, Blue Trust Inc. lifted its holdings in 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. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PSN shares. Truist Financial restated a “buy” rating and set a $108.00 price target (up previously from $100.00) on shares of Parsons in a research report on Thursday, August 1st. KeyCorp increased their target price on Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Benchmark raised their target price on Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Raymond James cut Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target for the company. in a research report on Wednesday, October 23rd. Finally, Robert W. Baird raised 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. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $104.88.

Parsons Stock Performance

NYSE PSN opened at $94.40 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The stock’s fifty day moving average is $104.78 and its two-hundred day moving average is $90.43. The firm has a market capitalization of $10.02 billion, a P/E ratio of 142.78, a price-to-earnings-growth ratio of 1.74 and a beta of 0.80. Parsons Co. has a fifty-two week low of $61.10 and a fifty-two week high of $114.68.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share 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 firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.63 billion. On average, research analysts anticipate that Parsons Co. will post 3.02 earnings per share for the current year.

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.