Sequoia Financial Advisors LLC Acquires 2,246 Shares of Parsons Co. (NYSE:PSN)

Sequoia Financial Advisors LLC grew its holdings in Parsons Co. (NYSE:PSN) by 53.1% during the 4th quarter, Holdings Channel reports. The fund owned 6,479 shares of the company’s stock after buying an additional 2,246 shares during the period. Sequoia Financial Advisors LLC’s holdings in Parsons were worth $406,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Parsons by 3.3% during the third quarter. Vanguard Group Inc. now owns 4,119,811 shares of the company’s stock valued at $223,912,000 after acquiring an additional 131,617 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Parsons by 56.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 3,931,806 shares of the company’s stock valued at $158,924,000 after buying an additional 1,420,028 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Parsons by 1.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,219,541 shares of the company’s stock valued at $54,561,000 after buying an additional 20,663 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Parsons by 62.3% in the 1st quarter. New York State Common Retirement Fund now owns 955,855 shares of the company’s stock valued at $42,765,000 after purchasing an additional 366,816 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Parsons by 9.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 927,251 shares of the company’s stock valued at $58,148,000 after purchasing an additional 77,010 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PSN. Robert W. Baird boosted their price target on shares of Parsons from $75.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, February 15th. Truist Financial boosted their target price on shares of Parsons from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. The Goldman Sachs Group upped their price objective on shares of Parsons from $73.00 to $81.00 and gave the company a “neutral” rating in a report on Tuesday. KeyCorp upped their price objective on shares of Parsons from $74.00 to $79.00 and gave the company an “overweight” rating in a report on Thursday, February 15th. Finally, Benchmark reissued a “buy” rating and set a $68.00 price target on shares of Parsons in a report on Thursday, April 4th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.78.

Parsons Stock Performance

NYSE:PSN opened at $78.56 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.52 and a current ratio of 1.51. The company has a fifty day moving average of $79.60 and a two-hundred day moving average of $68.02. The stock has a market capitalization of $8.31 billion, a PE ratio of 55.32, a P/E/G ratio of 3.54 and a beta of 0.85. Parsons Co. has a fifty-two week low of $42.22 and a fifty-two week high of $85.44.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, February 14th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.13. The business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Parsons had a net margin of 2.96% and a return on equity of 10.32%. The company’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 earnings per share. As a group, research analysts forecast that Parsons Co. will post 2.55 earnings per share for the current fiscal year.

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.