Parsons Corporation $PSN Shares Sold by LPL Financial LLC

LPL Financial LLC cut its stake in Parsons Corporation (NYSE:PSN) by 44.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,550 shares of the company’s stock after selling 37,440 shares during the quarter. LPL Financial LLC’s holdings in Parsons were worth $2,815,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSN. TD Asset Management Inc grew its position in shares of Parsons by 8.2% during the first quarter. TD Asset Management Inc now owns 35,204 shares of the company’s stock worth $2,084,000 after buying an additional 2,680 shares in the last quarter. Y Intercept Hong Kong Ltd raised its position in Parsons by 570.3% in the first quarter. Y Intercept Hong Kong Ltd now owns 16,053 shares of the company’s stock worth $950,000 after acquiring an additional 13,658 shares in the last quarter. IFP Advisors Inc raised its position in Parsons by 207.7% in the first quarter. IFP Advisors Inc now owns 1,517 shares of the company’s stock worth $90,000 after acquiring an additional 1,024 shares in the last quarter. Financial Harvest LLC purchased a new position in Parsons in the first quarter worth $795,000. Finally, First Command Advisory Services Inc. purchased a new position in shares of Parsons in the first quarter valued at $385,000. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Stock Performance

Shares of PSN stock opened at $79.54 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.61 and a quick ratio of 1.61. Parsons Corporation has a fifty-two week low of $54.56 and a fifty-two week high of $114.68. The stock’s 50-day moving average is $73.74 and its two-hundred day moving average is $67.89. The firm has a market cap of $8.49 billion, a P/E ratio of 35.51, a PEG ratio of 4.19 and a beta of 0.58.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.04. Parsons had a return on equity of 12.36% and a net margin of 3.70%. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period in the prior year, the firm posted $0.84 EPS. The business’s revenue was down 5.1% compared to the same quarter last year. Analysts predict that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

PSN has been the subject of several analyst reports. Robert W. Baird raised shares of Parsons from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $78.00 to $92.00 in a research note on Thursday, August 7th. Bank of America dropped their target price on Parsons from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Tuesday, June 3rd. KeyCorp reiterated an “overweight” rating and set a $84.00 target price (up from $82.00) on shares of Parsons in a report on Thursday, August 7th. Truist Financial lifted their price objective on Parsons from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Finally, The Goldman Sachs Group dropped their price objective on Parsons from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, June 4th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $88.70.

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.