Appian Way Asset Management LP Reduces Stock Holdings in Parsons Co. (NYSE:PSN)

Appian Way Asset Management LP decreased its holdings in shares of Parsons Co. (NYSE:PSN) by 44.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 220,307 shares of the company’s stock after selling 174,548 shares during the period. Parsons accounts for 5.1% of Appian Way Asset Management LP’s portfolio, making the stock its 7th largest position. Appian Way Asset Management LP owned approximately 0.21% of Parsons worth $22,841,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PSN. V Square Quantitative Management LLC bought a new position in Parsons in the 3rd quarter worth about $33,000. Capital Performance Advisors LLP purchased a new stake in shares of Parsons during the third quarter valued at approximately $45,000. Tanglewood Legacy Advisors LLC bought a new stake in shares of Parsons during the second quarter valued at approximately $44,000. DekaBank Deutsche Girozentrale purchased a new position in Parsons in the 3rd quarter worth approximately $72,000. Finally, Blue Trust Inc. lifted its position in Parsons by 23.6% in 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 in the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Price Performance

Shares of Parsons stock opened at $95.98 on Friday. The firm has a market cap of $10.19 billion, a PE ratio of 145.43, a PEG ratio of 1.71 and a beta of 0.80. The stock has a 50 day moving average of $104.61 and a 200 day moving average of $91.41. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Parsons Co. has a 12 month low of $61.10 and a 12 month high of $114.68.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1.63 billion. On average, research analysts expect that Parsons Co. will post 3.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PSN shares. Robert W. Baird boosted their price objective on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Raymond James lowered shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price for the company. in a report on Wednesday, October 23rd. Truist Financial dropped their price target on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Finally, KeyCorp raised their price objective on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $105.13.

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.