Creative Planning Purchases 1,109 Shares of Parsons Co. (NYSE:PSN)

Creative Planning grew its position in Parsons Co. (NYSE:PSN) by 15.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,490 shares of the company’s stock after acquiring an additional 1,109 shares during the period. Creative Planning’s holdings in Parsons were worth $880,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Parsons by 10.2% in the first quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock valued at $376,997,000 after acquiring 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. Principal Financial Group Inc. raised its stake in shares of Parsons by 0.5% in the second quarter. Principal Financial Group Inc. now owns 1,009,826 shares of the company’s stock valued at $82,614,000 after acquiring an additional 4,686 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Parsons by 22.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 694,704 shares of the company’s stock valued at $56,834,000 after acquiring an additional 128,061 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of Parsons in the third quarter valued at approximately $62,514,000. Institutional investors own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PSN shares. KeyCorp raised their price target on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday. Robert W. Baird raised their price target on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday. 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. Benchmark raised their price target on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Truist Financial reissued a “buy” rating and issued a $108.00 price target (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Parsons presently has an average rating of “Moderate Buy” and an average target price of $102.11.

Parsons Price Performance

PSN opened at $108.72 on Friday. The company has a fifty day moving average price of $101.84 and a two-hundred day moving average price of $88.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.80 and a current ratio of 1.80. Parsons Co. has a 52 week low of $60.38 and a 52 week high of $112.19. The firm has a market capitalization of $11.54 billion, a PE ratio of 164.73, a P/E/G ratio of 2.37 and a beta of 0.80.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. Parsons had a net margin of 1.21% and a return on equity of 12.88%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.63 billion. As a group, analysts anticipate that Parsons Co. will post 2.89 earnings per share for the current 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.