Parsons Co. (NYSE:PSN) Shares Sold by Summit Global Investments

Summit Global Investments reduced its position in Parsons Co. (NYSE:PSN) by 7.0% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 17,005 shares of the company’s stock after selling 1,285 shares during the quarter. Summit Global Investments’ holdings in Parsons were worth $1,763,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Parsons by 10.2% in the 1st quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock valued at $376,997,000 after buying an additional 421,085 shares during the period. Earnest Partners LLC increased its stake in Parsons by 2.4% in the 2nd quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock valued at $177,413,000 after buying an additional 49,891 shares during the period. Principal Financial Group Inc. increased its stake in Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after buying an additional 183,117 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Parsons by 61.7% in 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 buying an additional 428,662 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new position in Parsons in the 3rd quarter valued at $62,514,000. 98.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Benchmark boosted their target price on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Robert W. Baird boosted their target price on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. 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. KeyCorp boosted their target price on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, Raymond James lowered shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price on the stock. in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.11.

Parsons Price Performance

Parsons stock opened at $112.69 on Friday. Parsons Co. has a 52 week low of $61.10 and a 52 week high of $114.68. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. The firm’s 50-day simple moving average is $103.45 and its 200 day simple moving average is $89.17. The firm has a market capitalization of $11.97 billion, a PE ratio of 170.75, a P/E/G ratio of 2.28 and a beta of 0.80.

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

About Parsons

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.