Van ECK Associates Corp Buys 141,282 Shares of Parsons Co. (NYSE:PSN)

Van ECK Associates Corp increased its stake in Parsons Co. (NYSE:PSN) by 39.1% in the fourth quarter, HoldingsChannel reports. The fund owned 502,178 shares of the company’s stock after purchasing an additional 141,282 shares during the period. Van ECK Associates Corp’s holdings in Parsons were worth $46,326,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PSN. State Street Corp increased its holdings in Parsons by 60.6% during the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after purchasing an additional 616,707 shares during the period. Principal Financial Group Inc. increased its holdings in Parsons by 18.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after purchasing an additional 183,117 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Parsons by 61.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock valued at $116,471,000 after purchasing an additional 428,662 shares during the period. Geode Capital Management LLC increased its holdings in Parsons by 14.0% during the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after purchasing an additional 95,040 shares during the period. Finally, Wedge Capital Management L L P NC increased its holdings in Parsons by 12.8% during the 4th quarter. Wedge Capital Management L L P NC now owns 680,311 shares of the company’s stock valued at $62,759,000 after purchasing an additional 77,358 shares during the period. Institutional investors own 98.02% of the company’s stock.

Parsons Trading Down 3.3 %

Shares of Parsons stock opened at $73.47 on Friday. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of 111.31, a PEG ratio of 1.17 and a beta of 0.73. The business has a 50-day moving average price of $89.88 and a 200-day moving average price of $96.10. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. Parsons Co. has a twelve month low of $70.40 and a twelve month high of $114.68.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. William Blair downgraded Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 23rd. Robert W. Baird upped their target price on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Raymond James downgraded Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. TD Cowen reduced their target price on Parsons from $117.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Finally, KeyCorp reduced their target price on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $107.33.

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.