Seaside Wealth Management Inc. Sells 10,224 Shares of Parsons Co. (NYSE:PSN)

Seaside Wealth Management Inc. trimmed its position in shares of Parsons Co. (NYSE:PSN) by 68.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,719 shares of the company’s stock after selling 10,224 shares during the quarter. Seaside Wealth Management Inc.’s holdings in Parsons were worth $386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. grew its position in Parsons by 12.5% during the fourth quarter. Principal Financial Group Inc. now owns 382,897 shares of the company’s stock valued at $24,011,000 after buying an additional 42,531 shares during the period. Caas Capital Management LP bought a new stake in shares of Parsons during the 4th quarter valued at $3,075,000. Tidal Investments LLC purchased a new stake in shares of Parsons in the 1st quarter worth $853,000. Russell Investments Group Ltd. raised its holdings in Parsons by 17,130.4% in the 1st quarter. Russell Investments Group Ltd. now owns 9,649 shares of the company’s stock worth $800,000 after purchasing an additional 9,593 shares during the period. Finally, Hennessy Advisors Inc. lifted its position in Parsons by 14.1% during the first quarter. Hennessy Advisors Inc. now owns 437,900 shares of the company’s stock valued at $36,324,000 after purchasing an additional 54,200 shares in the last quarter. 98.02% of the stock is owned by institutional investors.

Parsons Stock Performance

NYSE:PSN opened at $95.15 on Thursday. The firm has a market capitalization of $10.10 billion, a PE ratio of 528.64, a PEG ratio of 2.03 and a beta of 0.80. The stock’s fifty day moving average is $87.49 and its 200 day moving average is $82.23. Parsons Co. has a fifty-two week low of $53.56 and a fifty-two week high of $98.11. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.80 and a current ratio of 1.80.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.18. Parsons had a net margin of 0.89% and a return on equity of 12.09%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.53 billion. On average, sell-side analysts anticipate that Parsons Co. will post 2.81 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Benchmark increased their target price on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Robert W. Baird increased their price objective on shares of Parsons from $89.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Stifel Nicolaus lifted their target price on shares of Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. KeyCorp increased their price target on Parsons from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, Truist Financial reissued a “buy” rating and set a $108.00 price target (up from $100.00) on shares of Parsons in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $94.67.

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.