Ingalls & Snyder LLC Acquires New Holdings in Parsons Co. (NYSE:PSN)

Ingalls & Snyder LLC bought a new position in shares of Parsons Co. (NYSE:PSN) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,324 shares of the company’s stock, valued at approximately $241,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fisher Asset Management LLC increased its position in Parsons by 2.1% in the 3rd quarter. Fisher Asset Management LLC now owns 4,364 shares of the company’s stock worth $452,000 after buying an additional 90 shares during the period. CIBC Asset Management Inc grew its stake in shares of 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 acquiring an additional 96 shares during the last quarter. Chartwell Investment Partners LLC increased its position in Parsons by 0.8% during the third quarter. Chartwell Investment Partners LLC now owns 14,536 shares of the company’s stock worth $1,507,000 after acquiring an additional 117 shares during the period. AE Wealth Management LLC raised its stake in Parsons by 2.7% during the 2nd quarter. AE Wealth Management LLC now owns 5,763 shares of the company’s stock valued at $471,000 after purchasing an additional 150 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings 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 purchasing an additional 199 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Wall Street Analyst Weigh In

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

Parsons Trading Down 1.3 %

Shares of PSN opened at $94.75 on Wednesday. The stock has a 50 day simple moving average of $104.38 and a 200-day simple moving average of $91.88. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The stock has a market cap of $10.06 billion, a PE ratio of 143.56, a PEG ratio of 1.71 and a beta of 0.74. Parsons Co. has a 1 year low of $61.10 and a 1 year high of $114.68.

Parsons (NYSE:PSN) last issued its quarterly earnings data 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 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 analysts’ expectations of $1.63 billion. On average, sell-side analysts predict that Parsons Co. will post 3.02 EPS for the current fiscal 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.