Rhumbline Advisers Sells 16,478 Shares of Parsons Co. (NYSE:PSN)

Rhumbline Advisers reduced its holdings in shares of Parsons Co. (NYSE:PSN) by 24.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 50,012 shares of the company’s stock after selling 16,478 shares during the quarter. Rhumbline Advisers’ holdings in Parsons were worth $4,091,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PSN. Private Advisor Group LLC increased its holdings in Parsons by 3.7% in the 4th quarter. Private Advisor Group LLC now owns 4,857 shares of the company’s stock worth $305,000 after purchasing an additional 174 shares in the last quarter. EntryPoint Capital LLC increased its holdings in Parsons by 17.2% in the 1st quarter. EntryPoint Capital LLC now owns 1,334 shares of the company’s stock worth $111,000 after purchasing an additional 196 shares in the last quarter. Blue Trust Inc. increased its holdings in Parsons by 23.6% in the 2nd quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock worth $86,000 after purchasing an additional 199 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Parsons by 2.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 13,992 shares of the company’s stock worth $1,161,000 after purchasing an additional 311 shares in the last quarter. Finally, Petra Financial Advisors Inc. increased its holdings in Parsons by 4.1% in the 2nd quarter. Petra Financial Advisors Inc. now owns 9,142 shares of the company’s stock worth $748,000 after purchasing an additional 357 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on PSN. Benchmark upped their target price on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. KeyCorp upped their target price on Parsons from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Truist Financial reissued a “buy” rating and issued a $108.00 price target (up previously from $100.00) on shares of Parsons in a research note on Thursday, August 1st. Stifel Nicolaus increased their price target on Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Finally, Robert W. Baird increased their price target on Parsons from $89.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $94.67.

Parsons Trading Down 0.4 %

NYSE PSN opened at $97.80 on Tuesday. The business has a 50 day simple moving average of $88.54 and a 200 day simple moving average of $82.58. Parsons Co. has a one year low of $53.56 and a one year high of $100.08. The stock has a market capitalization of $10.38 billion, a P/E ratio of 543.36, a P/E/G ratio of 2.06 and a beta of 0.80. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.80 and a quick ratio of 1.80.

Parsons (NYSE:PSN) last released its earnings results on Wednesday, July 31st. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.59 by $0.18. Parsons had a return on equity of 12.09% and a net margin of 0.89%. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Research analysts expect that Parsons Co. will post 2.88 earnings per share 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.