Parsons Co. (NYSE:PSN) Shares Bought by Covestor Ltd

Covestor Ltd grew its position in shares of Parsons Co. (NYSE:PSN) by 109.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,604 shares of the company’s stock after buying an additional 840 shares during the quarter. Covestor Ltd’s holdings in Parsons were worth $133,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Acadian Asset Management LLC raised its holdings in Parsons by 123.4% during the first quarter. Acadian Asset Management LLC now owns 5,884 shares of the company’s stock worth $488,000 after purchasing an additional 3,250 shares in the last quarter. Vanguard Group Inc. increased its position in Parsons by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock worth $376,997,000 after purchasing an additional 421,085 shares during the period. Blair William & Co. IL raised its stake in shares of Parsons by 8.8% during the 1st quarter. Blair William & Co. IL now owns 16,978 shares of the company’s stock worth $1,408,000 after buying an additional 1,373 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Parsons by 2.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 13,992 shares of the company’s stock valued at $1,161,000 after buying an additional 311 shares during the period. Finally, Roanoke Asset Management Corp NY purchased a new stake in shares of Parsons in the first quarter valued at approximately $2,047,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PSN shares. Stifel Nicolaus increased their price objective on Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Raymond James upgraded shares of Parsons from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $82.00 to $95.00 in a research note on Wednesday, May 1st. Truist Financial upped their target price on shares of Parsons from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. TD Cowen upgraded shares of Parsons from a “hold” rating to a “buy” rating and lifted their price target for the company from $77.00 to $90.00 in a research report on Friday, May 3rd. Finally, Robert W. Baird upped their price target on Parsons from $85.00 to $89.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Parsons currently has an average rating of “Buy” and a consensus target price of $85.50.

Parsons Price Performance

NYSE:PSN traded down $0.84 during trading hours on Wednesday, reaching $78.42. 137,878 shares of the company traded hands, compared to its average volume of 854,742. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.79. The firm’s 50-day moving average is $77.92 and its 200-day moving average is $76.49. The stock has a market cap of $11.51 billion, a P/E ratio of 439.28, a P/E/G ratio of 2.33 and a beta of 0.81. Parsons Co. has a 1-year low of $46.97 and a 1-year high of $85.44.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.04. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.37 billion. Parsons had a return on equity of 11.27% and a net margin of 0.49%. Equities research analysts expect that Parsons Co. will post 2.61 earnings per share for the current fiscal 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.