Wealth Enhancement Advisory Services LLC Sells 15,018 Shares of Parsons Corporation $PSN

Wealth Enhancement Advisory Services LLC lowered its stake in Parsons Corporation (NYSE:PSN) by 27.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 39,268 shares of the company’s stock after selling 15,018 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Parsons were worth $2,587,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mather Group LLC. acquired a new stake in shares of Parsons during the third quarter worth $25,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Parsons during the third quarter worth about $40,000. Penserra Capital Management LLC bought a new position in Parsons during the third quarter worth about $59,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Parsons by 176.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company’s stock worth $59,000 after buying an additional 528 shares during the period. Finally, CI Investments Inc. grew its position in shares of Parsons by 32.5% during the 3rd quarter. CI Investments Inc. now owns 852 shares of the company’s stock worth $71,000 after buying an additional 209 shares during the period. 98.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PSN. Weiss Ratings reiterated a “hold (c)” rating on shares of Parsons in a research report on Friday, March 27th. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and lowered their target price for the company from $90.00 to $75.00 in a research note on Wednesday, December 10th. Barclays cut their target price on shares of Parsons from $78.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday. Truist Financial reissued a “buy” rating and set a $85.00 price target (down from $90.00) on shares of Parsons in a research report on Thursday, February 12th. Finally, Robert W. Baird decreased their price target on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a report on Monday, December 8th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.75.

Parsons Trading Up 1.7%

PSN opened at $55.11 on Thursday. The stock has a market capitalization of $5.83 billion, a P/E ratio of 25.05, a P/E/G ratio of 1.69 and a beta of 0.68. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.45. Parsons Corporation has a 12 month low of $49.38 and a 12 month high of $89.50. The firm’s fifty day simple moving average is $62.38 and its 200 day simple moving average is $71.83.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.06). The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.68 billion. Parsons had a return on equity of 11.81% and a net margin of 3.79%.Parsons’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter last year, the company posted $0.78 EPS. As a group, research analysts anticipate that Parsons Corporation will post 3.58 EPS for the current fiscal year.

Parsons Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.