Arizona State Retirement System Reduces Position in Parsons Co. (NYSE:PSN)

Arizona State Retirement System reduced its stake in Parsons Co. (NYSE:PSN) by 1.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,729 shares of the company’s stock after selling 213 shares during the quarter. Arizona State Retirement System’s holdings in Parsons were worth $736,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Clarus Wealth Advisors acquired a new stake in Parsons during the fourth quarter worth approximately $213,000. Hengehold Capital Management LLC acquired a new stake in shares of Parsons during the fourth quarter worth $1,245,000. Blackston Financial Advisory Group LLC purchased a new stake in shares of Parsons in the fourth quarter valued at $205,000. Raymond James Financial Services Advisors Inc. increased its stake in Parsons by 7.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 4,733 shares of the company’s stock valued at $297,000 after purchasing an additional 327 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Parsons by 3.3% in the 3rd 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 during the period. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Stock Down 1.0 %

Shares of Parsons stock opened at $77.80 on Friday. Parsons Co. has a 1 year low of $42.22 and a 1 year high of $85.44. The company has a market cap of $8.23 billion, a P/E ratio of 54.79, a P/E/G ratio of 3.54 and a beta of 0.85. The company has a current ratio of 1.51, a quick ratio of 1.52 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $79.81 and a 200 day moving average price of $68.08.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.13. Parsons had a net margin of 2.96% and a return on equity of 10.32%. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. The firm’s revenue was up 36.4% compared to the same quarter last year. As a group, analysts expect that Parsons Co. will post 2.55 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PSN has been the topic of several research analyst reports. Robert W. Baird raised their target price on shares of Parsons from $75.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, February 15th. Benchmark reissued a “buy” rating and set a $68.00 price objective on shares of Parsons in a research note on Thursday, April 4th. The Goldman Sachs Group upped their price objective on Parsons from $73.00 to $81.00 and gave the stock a “neutral” rating in a report on Tuesday. KeyCorp boosted their price target on Parsons from $74.00 to $79.00 and gave the company an “overweight” rating in a research report on Thursday, February 15th. Finally, Truist Financial raised their price objective on Parsons from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Parsons presently has an average rating of “Moderate Buy” and an average price target of $77.78.

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.