Wrapmanager Inc. Decreases Stock Position in Parsons Co. (NYSE:PSN)

Wrapmanager Inc. decreased its position in shares of Parsons Co. (NYSE:PSN) by 2.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 6,584 shares of the company’s stock after selling 156 shares during the period. Wrapmanager Inc.’s holdings in Parsons were worth $413,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Parsons in the 3rd quarter worth about $27,952,000. Eagle Asset Management Inc. acquired a new stake in Parsons in the third quarter worth $9,943,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Parsons by 40.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 559,252 shares of the company’s stock valued at $30,395,000 after acquiring an additional 161,592 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Parsons by 3.3% during the third quarter. Vanguard Group Inc. now owns 4,119,811 shares of the company’s stock valued at $223,912,000 after acquiring an additional 131,617 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Parsons by 170.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 166,192 shares of the company’s stock worth $9,033,000 after acquiring an additional 104,765 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PSN shares. TD Cowen raised Parsons from a “hold” rating to a “buy” rating and raised their price target for the company from $77.00 to $90.00 in a report on Friday, May 3rd. Truist Financial upped their price target on shares of Parsons from $84.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. KeyCorp boosted their target price on shares of Parsons from $89.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Benchmark restated a “buy” rating and issued a $68.00 price target on shares of Parsons in a research report on Thursday, April 4th. Finally, Raymond James upgraded shares of Parsons from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $82.00 to $95.00 in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Parsons currently has an average rating of “Buy” and an average price target of $83.10.

Parsons Stock Performance

Shares of Parsons stock traded down $0.57 on Thursday, hitting $77.03. The stock had a trading volume of 880,420 shares, compared to its average volume of 884,727. Parsons Co. has a twelve month low of $42.79 and a twelve month high of $85.44. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. The stock has a market cap of $8.15 billion, a price-to-earnings ratio of 427.92, a price-to-earnings-growth ratio of 2.92 and a beta of 0.86. The business’s 50 day moving average is $80.69 and its two-hundred day moving average is $70.37.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.13. Parsons had a net margin of 0.49% and a return on equity of 11.27%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the firm posted $0.45 EPS. The firm’s revenue was up 36.4% on a year-over-year basis. Analysts forecast that Parsons Co. will post 2.57 EPS for the current 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.