Allspring Global Investments Holdings LLC Sells 360,608 Shares of Parsons Co. (NYSE:PSN)

Allspring Global Investments Holdings LLC lowered its holdings in shares of Parsons Co. (NYSE:PSNFree Report) by 38.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 566,643 shares of the company’s stock after selling 360,608 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.54% of Parsons worth $47,003,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. TFO Wealth Partners LLC grew its stake in shares of Parsons by 18,200.0% in the 4th quarter. TFO Wealth Partners LLC now owns 732 shares of the company’s stock worth $46,000 after buying an additional 728 shares during the last quarter. Psagot Value Holdings Ltd. Israel grew its stake in shares of Parsons by 700.0% in the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 1,112 shares of the company’s stock worth $70,000 after acquiring an additional 973 shares during the last quarter. Neo Ivy Capital Management bought a new position in shares of Parsons during the fourth quarter valued at $91,000. Salem Investment Counselors Inc. raised its position in shares of Parsons by 339.2% in the 1st quarter. Salem Investment Counselors Inc. now owns 2,376 shares of the company’s stock worth $197,000 after purchasing an additional 1,835 shares during the last quarter. Finally, Blackston Financial Advisory Group LLC bought a new position in Parsons in the 4th quarter worth about $205,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Price Performance

Parsons stock opened at $80.67 on Thursday. Parsons Co. has a 52-week low of $46.85 and a 52-week high of $85.44. The company has a market cap of $11.84 billion, a price-to-earnings ratio of 448.19, a PEG ratio of 2.40 and a beta of 0.81. The firm’s fifty day moving average is $77.78 and its 200 day moving average is $74.81. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56.

Parsons (NYSE:PSNGet Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.04. Parsons had a return on equity of 11.27% and a net margin of 0.49%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Sell-side analysts forecast that Parsons Co. will post 2.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PSN. The Goldman Sachs Group upped their target price on shares of Parsons from $73.00 to $81.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Raymond James raised Parsons from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $82.00 to $95.00 in a report on Wednesday, May 1st. Robert W. Baird upped their price target on Parsons from $85.00 to $89.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Stifel Nicolaus lifted their price objective on Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. Finally, KeyCorp boosted their target price on Parsons from $89.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Parsons has an average rating of “Buy” and a consensus target price of $85.50.

View Our Latest Stock Analysis on Parsons

Parsons Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Parsons (NYSE:PSN)

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