Prestige Wealth Management Group LLC Takes $532,000 Position in Parsons Co. (NYSE:PSN)

Prestige Wealth Management Group LLC purchased a new stake in Parsons Co. (NYSE:PSN) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 5,135 shares of the company’s stock, valued at approximately $532,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PSN. State Street Corp lifted its holdings in Parsons by 60.6% during the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock worth $169,429,000 after buying an additional 616,707 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of Parsons during the third quarter worth $62,514,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Parsons by 61.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock valued at $116,471,000 after acquiring an additional 428,662 shares during the period. Driehaus Capital Management LLC bought a new position in Parsons in the second quarter valued at about $29,302,000. Finally, Appian Way Asset Management LP increased its position in Parsons by 649.9% in the second quarter. Appian Way Asset Management LP now owns 394,855 shares of the company’s stock worth $32,303,000 after purchasing an additional 342,200 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Trading Down 1.3 %

Shares of NYSE PSN opened at $96.78 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. Parsons Co. has a twelve month low of $61.10 and a twelve month high of $114.68. The company’s fifty day moving average is $103.95 and its 200-day moving average is $92.47. The stock has a market cap of $10.28 billion, a price-to-earnings ratio of 146.64, a P/E/G ratio of 1.75 and a beta of 0.74.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.07. The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Parsons had a return on equity of 12.74% and a net margin of 1.21%. Equities research analysts predict that Parsons Co. will post 3.02 EPS for the current year.

Wall Street Analysts Forecast Growth

PSN has been the topic of a number of research reports. Robert W. Baird upped their target price on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. KeyCorp raised their price objective on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Raymond James cut 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 report on Wednesday, October 23rd. Finally, Truist Financial reduced their price target on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Parsons currently has a consensus rating of “Moderate Buy” and a consensus target price of $105.13.

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.