Parsons Co. (NYSE:PSN) Position Increased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its stake in shares of Parsons Co. (NYSE:PSN) by 61.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,123,366 shares of the company’s stock after buying an additional 428,662 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.06% of Parsons worth $116,471,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in shares of Parsons during the third quarter valued at approximately $33,000. Tanglewood Legacy Advisors LLC bought a new stake in Parsons during the 2nd quarter valued at $44,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Parsons during the 1st quarter worth $62,000. Blue Trust Inc. grew its stake in shares of Parsons by 23.6% in the second 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. Finally, EntryPoint Capital LLC increased its holdings in shares of Parsons by 17.2% during the first quarter. EntryPoint Capital LLC now owns 1,334 shares of the company’s stock valued at $111,000 after purchasing an additional 196 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSN has been the subject of several research analyst reports. KeyCorp upped their price objective on shares of Parsons from $99.00 to $116.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Robert W. Baird upped their price target on shares of Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Stifel Nicolaus raised their price objective on shares of Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Benchmark upped their target price on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Truist Financial reaffirmed a “buy” rating and set a $108.00 price target (up from $100.00) on shares of Parsons in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $96.78.

Parsons Price Performance

NYSE PSN opened at $107.98 on Monday. Parsons Co. has a 1 year low of $55.22 and a 1 year high of $109.55. The business’s fifty day moving average is $99.30 and its two-hundred day moving average is $86.36. The stock has a market capitalization of $15.85 billion, a P/E ratio of 599.89, a P/E/G ratio of 2.33 and a beta of 0.80. 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 (NYSE:PSN) last announced its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.18. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.53 billion. Parsons had a return on equity of 12.09% and a net margin of 0.89%. On average, research analysts forecast that Parsons Co. will post 2.88 earnings per share for the current fiscal year.

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.