PNC Financial Services Group Inc. Has $224,000 Stock Position in Parsons Co. (NYSE:PSN)

PNC Financial Services Group Inc. reduced its stake in shares of Parsons Co. (NYSE:PSN) by 20.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,567 shares of the company’s stock after selling 904 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Parsons were worth $224,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Private Advisor Group LLC increased its position in shares of Parsons by 3.7% during the fourth quarter. Private Advisor Group LLC now owns 4,857 shares of the company’s stock valued at $305,000 after purchasing an additional 174 shares during the period. Jennison Associates LLC raised its stake in shares of Parsons by 1.6% in the 4th quarter. Jennison Associates LLC now owns 15,151 shares of the company’s stock valued at $950,000 after buying an additional 239 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Parsons by 7.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 4,733 shares of the company’s stock worth $297,000 after acquiring an additional 327 shares during the period. New York State Teachers Retirement System boosted its position in shares of Parsons by 24.0% during the 4th quarter. New York State Teachers Retirement System now owns 3,699 shares of the company’s stock valued at $232,000 after acquiring an additional 715 shares in the last quarter. Finally, TFO Wealth Partners LLC raised its position in Parsons by 18,200.0% in the fourth quarter. TFO Wealth Partners LLC now owns 732 shares of the company’s stock worth $46,000 after purchasing an additional 728 shares in the last quarter. 98.02% of the stock is owned by institutional investors.

Parsons Stock Performance

Parsons stock opened at $79.98 on Wednesday. Parsons Co. has a 1 year low of $46.85 and a 1 year high of $85.44. The company’s 50-day moving average is $77.75 and its two-hundred day moving average is $74.77. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56. The company has a market cap of $11.74 billion, a PE ratio of 444.36, a PEG ratio of 2.40 and a beta of 0.81.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Parsons had a net margin of 0.49% and a return on equity of 11.27%. Equities analysts anticipate that Parsons Co. will post 2.64 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSN. The Goldman Sachs Group upped their price objective on Parsons from $73.00 to $81.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. TD Cowen upgraded shares of Parsons from a “hold” rating to a “buy” rating and boosted their target price for the company from $77.00 to $90.00 in a research note on Friday, May 3rd. Stifel Nicolaus lifted their price target on shares of Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a report on Tuesday, June 25th. Raymond James raised shares of Parsons from an “outperform” rating to a “strong-buy” rating and upped their price objective for the stock from $82.00 to $95.00 in a research note on Wednesday, May 1st. Finally, KeyCorp lifted their target price on shares of Parsons from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $85.50.

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.