Wedge Capital Management L L P NC Buys New Stake in Parsons Co. (NYSE:PSN)

Wedge Capital Management L L P NC purchased a new position in Parsons Co. (NYSE:PSN) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 602,953 shares of the company’s stock, valued at approximately $62,514,000. Parsons comprises approximately 1.1% of Wedge Capital Management L L P NC’s investment portfolio, making the stock its 8th biggest position. Wedge Capital Management L L P NC owned about 0.57% of Parsons at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Tanglewood Legacy Advisors LLC purchased a new stake in Parsons during the 2nd quarter worth approximately $44,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Parsons in the 1st quarter valued at $62,000. Blue Trust Inc. raised its stake in Parsons by 23.6% in the 2nd quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock worth $86,000 after acquiring an additional 199 shares during the last quarter. EntryPoint Capital LLC lifted its position in Parsons by 17.2% during the 1st quarter. EntryPoint Capital LLC now owns 1,334 shares of the company’s stock worth $111,000 after acquiring an additional 196 shares during the period. Finally, Covestor Ltd grew its stake in Parsons by 109.9% during the 1st quarter. Covestor Ltd now owns 1,604 shares of the company’s stock valued at $133,000 after purchasing an additional 840 shares during the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Price Performance

PSN traded up $0.56 during trading on Monday, hitting $107.61. The company’s stock had a trading volume of 90,714 shares, compared to its average volume of 896,171. The firm has a market capitalization of $15.79 billion, a price-to-earnings ratio of 594.72, a P/E/G ratio of 2.31 and a beta of 0.80. Parsons Co. has a twelve month low of $55.22 and a twelve month high of $107.70. The business’s fifty day simple moving average is $97.51 and its 200 day simple moving average is $85.47. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.54.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.18. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Parsons had a net margin of 0.89% and a return on equity of 12.09%. On average, equities research analysts forecast that Parsons Co. will post 2.88 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on PSN. Stifel Nicolaus raised their price objective on Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a research note on Tuesday, June 25th. KeyCorp lifted their price objective on shares of Parsons from $99.00 to $116.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Benchmark increased their price objective on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Truist Financial restated a “buy” rating and set a $108.00 target price (up from $100.00) on shares of Parsons in a research report on Thursday, August 1st. Finally, Robert W. Baird increased their price target on Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Parsons presently has an average rating of “Buy” and an average target price of $96.78.

Parsons 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.