abrdn plc Sells 114,391 Shares of Parsons Co. (NYSE:PSN)

abrdn plc cut its stake in shares of Parsons Co. (NYSE:PSN) by 26.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 325,661 shares of the company’s stock after selling 114,391 shares during the quarter. abrdn plc owned approximately 0.22% of Parsons worth $33,765,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Parsons by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock valued at $376,997,000 after purchasing an additional 421,085 shares during the last quarter. Earnest Partners LLC raised its stake in shares of Parsons by 2.4% in the second quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock valued at $177,413,000 after acquiring an additional 49,891 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Parsons by 61.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock worth $116,471,000 after acquiring an additional 428,662 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Parsons by 0.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,009,826 shares of the company’s stock worth $82,614,000 after acquiring an additional 4,686 shares in the last quarter. Finally, Wedge Capital Management L L P NC bought a new stake in Parsons during the 3rd quarter worth approximately $62,514,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Up 4.7 %

Shares of NYSE:PSN opened at $110.00 on Thursday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.80 and a quick ratio of 1.80. The stock has a market cap of $16.14 billion, a price-to-earnings ratio of 611.11, a P/E/G ratio of 2.24 and a beta of 0.80. The company has a 50 day moving average of $101.29 and a 200-day moving average of $87.68. Parsons Co. has a one year low of $56.04 and a one year high of $112.19.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, July 31st. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.18. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.53 billion. Parsons had a net margin of 0.89% and a return on equity of 12.09%. On average, sell-side analysts forecast that Parsons Co. will post 2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Robert W. Baird boosted their price objective on Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Benchmark increased their price objective on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Truist Financial reaffirmed a “buy” rating and issued a $108.00 target price (up from $100.00) on shares of Parsons in a research note on Thursday, August 1st. KeyCorp increased their price target on shares of Parsons from $99.00 to $116.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Finally, Raymond James lowered shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target for the company. in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $99.00.

Parsons 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.