Commonwealth Equity Services LLC Sells 2,735 Shares of Parsons Co. (NYSE:PSN)

Commonwealth Equity Services LLC lessened its stake in shares of Parsons Co. (NYSE:PSN) by 10.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 23,522 shares of the company’s stock after selling 2,735 shares during the period. Commonwealth Equity Services LLC’s holdings in Parsons were worth $1,951,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PSN. Principal Financial Group Inc. grew its holdings in Parsons by 162.5% during the first quarter. Principal Financial Group Inc. now owns 1,005,140 shares of the company’s stock valued at $83,376,000 after purchasing an additional 622,243 shares during the period. Norges Bank purchased a new position in shares of Parsons in the fourth quarter valued at about $37,854,000. Hennessy Advisors Inc. purchased a new position in shares of Parsons in the fourth quarter valued at about $24,062,000. SW Investment Management LLC purchased a new position in shares of Parsons in the fourth quarter valued at about $20,381,000. Finally, Axiom Investors LLC DE purchased a new position in shares of Parsons in the fourth quarter valued at about $10,309,000. Institutional investors own 98.02% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Truist Financial boosted their price objective on Parsons from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. KeyCorp boosted their price objective on Parsons from $89.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Stifel Nicolaus boosted their price objective on Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. Robert W. Baird boosted their target price on Parsons from $85.00 to $89.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Finally, Benchmark reiterated a “buy” rating and issued a $68.00 target price on shares of Parsons in a research report on Thursday, April 4th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $85.50.

Parsons Trading Down 1.4 %

PSN stock traded down $1.12 during midday trading on Friday, reaching $79.49. 117,731 shares of the company traded hands, compared to its average volume of 878,028. Parsons Co. has a 52-week low of $46.85 and a 52-week high of $85.44. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79. The business has a 50 day moving average of $77.81 and a 200-day moving average of $74.85. The firm has a market capitalization of $11.66 billion, a price-to-earnings ratio of 441.17, a P/E/G ratio of 2.37 and a beta of 0.81.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.37 billion. Parsons had a return on equity of 11.27% and a net margin of 0.49%. As a group, sell-side analysts expect that Parsons Co. will post 2.64 earnings per share for the current fiscal 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.