Wrapmanager Inc. Cuts Stock Position in Parsons Co. (NYSE:PSN)

Wrapmanager Inc. trimmed its position in shares of Parsons Co. (NYSE:PSN) by 40.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,386 shares of the company’s stock after selling 1,623 shares during the quarter. Wrapmanager Inc.’s holdings in Parsons were worth $247,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CIBC Asset Management Inc boosted its stake in Parsons by 3.2% in the third quarter. CIBC Asset Management Inc now owns 3,124 shares of the company’s stock valued at $324,000 after acquiring an additional 96 shares in the last quarter. Chartwell Investment Partners LLC boosted its position in shares of Parsons by 0.8% in the 3rd quarter. Chartwell Investment Partners LLC now owns 14,536 shares of the company’s stock worth $1,507,000 after purchasing an additional 117 shares in the last quarter. AE Wealth Management LLC grew its stake in Parsons by 2.7% during the 2nd quarter. AE Wealth Management LLC now owns 5,763 shares of the company’s stock worth $471,000 after buying an additional 150 shares during the last quarter. EntryPoint Capital LLC grew its stake 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 buying an additional 196 shares during the last quarter. Finally, Blue Trust Inc. increased its position in Parsons by 23.6% during the 2nd quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock valued at $86,000 after buying an additional 199 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PSN. Benchmark boosted their price target on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Truist Financial reissued a “buy” rating and set a $108.00 target price (up previously from $100.00) on shares of Parsons in a research report on Thursday, August 1st. Raymond James cut shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target for the company. in a report on Wednesday, October 23rd. KeyCorp boosted their price objective on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, Robert W. Baird raised their target price on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $104.88.

Parsons Price Performance

NYSE:PSN opened at $94.40 on Wednesday. The firm’s fifty day moving average is $104.78 and its two-hundred day moving average is $90.43. The firm has a market cap of $10.02 billion, a price-to-earnings ratio of 142.78, a PEG ratio of 1.74 and a beta of 0.80. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. Parsons Co. has a one year low of $61.10 and a one year high of $114.68.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.07. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. Parsons had a return on equity of 12.74% and a net margin of 1.21%. Research analysts expect that Parsons Co. will post 3.02 EPS 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.