New York State Common Retirement Fund Trims Position in Parsons Corporation $PSN

New York State Common Retirement Fund reduced its position in shares of Parsons Corporation (NYSE:PSN) by 88.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 475,120 shares of the company’s stock after selling 3,803,261 shares during the period. New York State Common Retirement Fund owned approximately 0.44% of Parsons worth $39,397,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Mather Group LLC. bought a new stake in Parsons in the 3rd quarter worth approximately $25,000. True Wealth Design LLC boosted its position in shares of Parsons by 63.9% during the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after purchasing an additional 189 shares in the last quarter. NewEdge Advisors LLC lifted its position in Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after acquiring an additional 264 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in Parsons by 176.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company’s stock valued at $59,000 after buying an additional 528 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its stake in Parsons by 433.9% during the 1st quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company’s stock valued at $75,000 after purchasing an additional 1,024 shares in the last quarter. 98.02% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PSN has been the topic of several research reports. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Thursday, November 20th. Stifel Nicolaus reduced their target price on Parsons from $94.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, December 23rd. Bank of America dropped their price target on Parsons from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, December 30th. UBS Group decreased their price objective on shares of Parsons from $107.00 to $104.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. Finally, KeyCorp lifted their price target on shares of Parsons from $76.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $85.54.

Parsons Trading Down 1.2%

Shares of Parsons stock opened at $70.07 on Friday. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $89.50. The firm has a market capitalization of $7.46 billion, a price-to-earnings ratio of 32.14, a PEG ratio of 3.97 and a beta of 0.67. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.46. The firm’s 50 day simple moving average is $69.59 and its two-hundred day simple moving average is $76.72.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, November 5th. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.12. Parsons had a return on equity of 11.98% and a net margin of 3.69%.The firm had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the previous year, the company posted $0.95 earnings per share. The company’s revenue was down 10.4% compared to the same quarter last year. Analysts predict that Parsons Corporation will post 3.58 EPS for the current year.

About Parsons

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.