Assetmark Inc. Increases Stock Holdings in Parsons Co. (NYSE:PSN)

Assetmark Inc. lifted its stake in shares of Parsons Co. (NYSE:PSN) by 10.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,750 shares of the company’s stock after buying an additional 265 shares during the quarter. Assetmark Inc.’s holdings in Parsons were worth $285,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Tidal Investments LLC purchased a new stake in Parsons in the first quarter valued at approximately $853,000. Russell Investments Group Ltd. raised its position in Parsons by 17,130.4% in the 1st quarter. Russell Investments Group Ltd. now owns 9,649 shares of the company’s stock valued at $800,000 after purchasing an additional 9,593 shares during the last quarter. Peregrine Asset Advisers Inc. acquired a new stake in Parsons during the 2nd quarter worth $4,417,000. KP Management LLC grew its position in Parsons by 25.0% during the 2nd quarter. KP Management LLC now owns 25,000 shares of the company’s stock worth $2,045,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Parsons by 18.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock worth $123,685,000 after purchasing an additional 183,117 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Raymond James cut Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target on the stock. in a research report on Wednesday, October 23rd. Benchmark lifted their target price on Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. KeyCorp upped their price target on Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Truist Financial reiterated a “buy” rating and issued a $108.00 price objective (up from $100.00) on shares of Parsons in a research report on Thursday, August 1st. Finally, Robert W. Baird upped their price objective on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $104.88.

Parsons Trading Down 2.9 %

NYSE:PSN opened at $97.40 on Friday. The stock has a market capitalization of $10.34 billion, a price-to-earnings ratio of 147.58, a PEG ratio of 2.00 and a beta of 0.80. Parsons Co. has a 1 year low of $61.10 and a 1 year high of $114.68. The stock has a fifty day moving average price of $104.82 and a two-hundred day moving average price of $90.14. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55.

Parsons (NYSE:PSN) last announced 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. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. Parsons had a net margin of 1.21% and a return on equity of 12.74%. As a group, sell-side analysts anticipate that Parsons Co. will post 3.02 earnings per share 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.