Arizona State Retirement System Sells 213 Shares of Parsons Co. (NYSE:PSN)

Arizona State Retirement System decreased its stake in Parsons Co. (NYSE:PSN) by 1.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,729 shares of the company’s stock after selling 213 shares during the period. Arizona State Retirement System’s holdings in Parsons were worth $736,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Legal & General Group Plc raised its position in Parsons by 5.8% during the third quarter. Legal & General Group Plc now owns 536,292 shares of the company’s stock worth $29,147,000 after acquiring an additional 29,225 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Parsons in the 3rd quarter valued at about $1,117,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Parsons during the third quarter worth about $984,000. Van ECK Associates Corp increased its position in Parsons by 68.0% during the third quarter. Van ECK Associates Corp now owns 21,559 shares of the company’s stock worth $1,172,000 after buying an additional 8,724 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its stake in Parsons by 189.9% in the third quarter. Schonfeld Strategic Advisors LLC now owns 22,069 shares of the company’s stock valued at $1,199,000 after buying an additional 14,456 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Benchmark restated a “buy” rating and issued a $68.00 price target on shares of Parsons in a research note on Thursday, April 4th. The Goldman Sachs Group increased their price objective on shares of Parsons from $73.00 to $81.00 and gave the company a “neutral” rating in a research report on Tuesday. KeyCorp lifted their target price on shares of Parsons from $74.00 to $79.00 and gave the stock an “overweight” rating in a report on Thursday, February 15th. Truist Financial increased their price target on shares of Parsons from $84.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Finally, Robert W. Baird boosted their price objective on Parsons from $75.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, February 15th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Parsons presently has a consensus rating of “Moderate Buy” and an average price target of $77.78.

Parsons Stock Performance

NYSE PSN opened at $77.80 on Friday. Parsons Co. has a 12-month low of $42.22 and a 12-month high of $85.44. The firm has a 50-day moving average price of $79.81 and a two-hundred day moving average price of $68.08. The company has a market capitalization of $8.23 billion, a P/E ratio of 54.79, a P/E/G ratio of 3.54 and a beta of 0.85. The company has a quick ratio of 1.52, a current ratio of 1.51 and a debt-to-equity ratio of 0.31.

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

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.