Oppenheimer Asset Management Inc. Raises Position in Parsons Co. (NYSE:PSN)

Oppenheimer Asset Management Inc. raised its holdings in shares of Parsons Co. (NYSE:PSN) by 2.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 32,544 shares of the company’s stock after acquiring an additional 867 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Parsons were worth $2,662,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Tanglewood Legacy Advisors LLC bought a new stake in shares of Parsons during the 2nd quarter valued at $44,000. TFO Wealth Partners LLC raised its position in shares of Parsons by 18,200.0% during the 4th quarter. TFO Wealth Partners LLC now owns 732 shares of the company’s stock valued at $46,000 after purchasing an additional 728 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Parsons during the 1st quarter valued at $62,000. Blue Trust Inc. raised its position in shares of Parsons by 23.6% during the 2nd quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock valued at $86,000 after purchasing an additional 199 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in shares of Parsons during the 4th quarter valued at $91,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Up 0.4 %

Shares of NYSE PSN opened at $98.13 on Wednesday. The firm’s 50-day moving average price is $88.94 and its 200-day moving average price is $82.70. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $10.42 billion, a price-to-earnings ratio of 545.20, a P/E/G ratio of 2.06 and a beta of 0.80. Parsons Co. has a 12-month low of $53.56 and a 12-month high of $100.08.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.18. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Parsons had a net margin of 0.89% and a return on equity of 12.09%. On average, equities research analysts anticipate that Parsons Co. will post 2.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PSN shares. Benchmark raised their price objective on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. KeyCorp lifted their price target on shares of Parsons from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Robert W. Baird lifted their price target on shares of Parsons from $89.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. 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. Finally, Truist Financial reiterated a “buy” rating and issued a $108.00 price target (up from $100.00) on shares of Parsons in a report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $94.67.

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.