Parsons Co. (NYSE:PSN) Shares Sold by EdgeRock Capital LLC

EdgeRock Capital LLC decreased its holdings in Parsons Co. (NYSE:PSN) by 22.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,107 shares of the company’s stock after selling 3,000 shares during the quarter. Parsons comprises approximately 0.5% of EdgeRock Capital LLC’s portfolio, making the stock its 23rd biggest holding. EdgeRock Capital LLC’s holdings in Parsons were worth $663,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Parsons during the 3rd quarter worth approximately $27,952,000. Eagle Asset Management Inc. purchased a new stake in Parsons during the third quarter worth $9,943,000. Charles Schwab Investment Management Inc. grew its holdings in Parsons by 40.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 559,252 shares of the company’s stock valued at $30,395,000 after purchasing an additional 161,592 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Parsons by 3.3% in the third quarter. Vanguard Group Inc. now owns 4,119,811 shares of the company’s stock valued at $223,912,000 after buying an additional 131,617 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in shares of Parsons by 170.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 166,192 shares of the company’s stock worth $9,033,000 after buying an additional 104,765 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSN has been the subject of a number of recent research reports. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and raised their price objective for the stock from $77.00 to $90.00 in a research note on Friday. Raymond James upgraded Parsons from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $82.00 to $95.00 in a research report on Wednesday, May 1st. Robert W. Baird lifted their price objective on Parsons from $85.00 to $89.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. KeyCorp boosted their target price on shares of Parsons from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Finally, Benchmark reiterated a “buy” rating and set a $68.00 price target on shares of Parsons in a report on Thursday, April 4th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $83.10.

Parsons Trading Down 1.7 %

PSN stock traded down $1.32 on Tuesday, hitting $78.28. 595,641 shares of the company were exchanged, compared to its average volume of 886,583. Parsons Co. has a twelve month low of $42.79 and a twelve month high of $85.44. The business’s fifty day moving average is $80.83 and its two-hundred day moving average is $70.27. The stock has a market capitalization of $8.28 billion, a price-to-earnings ratio of 434.91, a price-to-earnings-growth ratio of 2.92 and a beta of 0.86. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.79.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.13. Parsons had a net margin of 0.49% and a return on equity of 11.27%. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the firm earned $0.45 earnings per share. Parsons’s revenue for the quarter was up 36.4% on a year-over-year basis. As a group, research analysts forecast that Parsons Co. will post 2.57 earnings per share for the current year.

Parsons Company 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.