State Street Corp Purchases 616,707 Shares of Parsons Co. (NYSE:PSN)

State Street Corp boosted its position in shares of Parsons Co. (NYSE:PSN) by 60.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,634,155 shares of the company’s stock after acquiring an additional 616,707 shares during the period. State Street Corp’s holdings in Parsons were worth $169,429,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D bought a new position in Parsons during the third quarter valued at about $2,172,000. Oppenheimer & Co. Inc. grew its stake in shares of Parsons by 37.7% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company’s stock valued at $2,490,000 after purchasing an additional 6,577 shares during the period. Aigen Investment Management LP bought a new stake in shares of Parsons in the 3rd quarter valued at approximately $1,004,000. Peregrine Asset Advisers Inc. bought a new stake in shares of Parsons in the 2nd quarter valued at approximately $4,417,000. Finally, MetLife Investment Management LLC grew its stake in shares of Parsons by 2,846.3% in the 3rd quarter. MetLife Investment Management LLC now owns 24,130 shares of the company’s stock valued at $2,502,000 after purchasing an additional 23,311 shares during the period. 98.02% of the stock is currently owned by institutional investors.

Parsons Stock Down 0.4 %

NYSE:PSN opened at $96.58 on Friday. The stock’s fifty day moving average price is $103.39 and its two-hundred day moving average price is $92.63. Parsons Co. has a 52-week low of $61.10 and a 52-week high of $114.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 145.32, a P/E/G ratio of 1.70 and a beta of 0.74.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.07. Parsons had a return on equity of 12.74% and a net margin of 1.21%. The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.63 billion. On average, analysts anticipate that Parsons Co. will post 3.02 EPS for the current year.

Analyst Upgrades and Downgrades

PSN has been the topic of several analyst reports. KeyCorp upped their price objective on Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Raymond James lowered Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective on the stock. in a research note on Wednesday, October 23rd. Robert W. Baird increased their price target on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. The Goldman Sachs Group upgraded Parsons from a “neutral” rating to a “buy” rating and increased their price target for the stock from $103.00 to $111.00 in a research report on Thursday. Finally, Truist Financial decreased their price target on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $108.88.

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.