abrdn plc Sells 114,391 Shares of Parsons Co. (NYSE:PSN)

abrdn plc lowered its position in Parsons Co. (NYSE:PSN) by 26.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 325,661 shares of the company’s stock after selling 114,391 shares during the period. abrdn plc’s holdings in Parsons were worth $33,765,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Semanteon Capital Management LP acquired a new position in Parsons in the third quarter valued at about $1,250,000. Greenspring Advisors LLC bought a new position in shares of Parsons during the 3rd quarter valued at about $207,000. State of Alaska Department of Revenue acquired a new position in shares of Parsons in the 3rd quarter valued at approximately $561,000. DekaBank Deutsche Girozentrale bought a new stake in Parsons during the 3rd quarter worth approximately $72,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Parsons by 63.2% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,707 shares of the company’s stock worth $592,000 after buying an additional 2,209 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Price Performance

NYSE:PSN opened at $110.00 on Thursday. The stock’s 50-day simple moving average is $101.29 and its 200 day simple moving average is $87.68. Parsons Co. has a 52-week low of $56.04 and a 52-week high of $112.19. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.80 and a current ratio of 1.80. The company has a market cap of $16.14 billion, a P/E ratio of 611.11, a P/E/G ratio of 2.24 and a beta of 0.80.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share 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 firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.53 billion. As a group, sell-side analysts forecast that Parsons Co. will post 2.89 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Robert W. Baird upped 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. Raymond James lowered shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price for the company. in a research note on Wednesday, October 23rd. KeyCorp lifted their price target on Parsons from $99.00 to $116.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Benchmark upped their price objective 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 reissued a “buy” rating and issued a $108.00 target price (up previously from $100.00) on shares of Parsons in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $99.00.

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.