New York State Common Retirement Fund Decreases Stock Position in Parsons Co. (NYSE:PSN)

New York State Common Retirement Fund lowered its stake in Parsons Co. (NYSE:PSN) by 23.2% during the 4th quarter, Holdings Channel reports. The firm owned 274,342 shares of the company’s stock after selling 82,679 shares during the quarter. New York State Common Retirement Fund’s holdings in Parsons were worth $17,204,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Parsons in the 3rd quarter worth about $27,952,000. Eagle Asset Management Inc. bought a new stake in shares of Parsons in the 3rd quarter worth about $9,943,000. Redwood Investments LLC bought a new stake in shares of Parsons in the 3rd quarter worth about $9,937,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Parsons by 40.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 559,252 shares of the company’s stock worth $30,395,000 after buying an additional 161,592 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Parsons by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,119,811 shares of the company’s stock worth $223,912,000 after buying an additional 131,617 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. KeyCorp boosted their target price on shares of Parsons from $89.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Robert W. Baird upped 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 upped 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. The Goldman Sachs Group upped their price target on shares of Parsons from $73.00 to $81.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Finally, Benchmark reiterated a “buy” rating and set a $68.00 price target on shares of Parsons in a report on Thursday, April 4th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $79.00.

Parsons Price Performance

Parsons stock opened at $79.73 on Monday. The stock has a market cap of $8.44 billion, a price-to-earnings ratio of 56.15, a price-to-earnings-growth ratio of 3.54 and a beta of 0.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.51 and a quick ratio of 1.52. Parsons Co. has a 1 year low of $42.22 and a 1 year high of $85.44. The firm has a 50-day moving average of $80.76 and a two-hundred day moving average of $69.25.

Parsons (NYSE:PSN) last released its quarterly earnings data 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. The company 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 firm’s quarterly revenue was up 36.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 EPS. On average, research analysts forecast that Parsons Co. will post 2.57 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.