Algert Global LLC Increases Stock Position in Parsons Co. (NYSE:PSN)

Algert Global LLC grew its holdings in Parsons Co. (NYSE:PSN) by 168.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,656 shares of the company’s stock after purchasing an additional 93,831 shares during the period. Parsons comprises about 0.4% of Algert Global LLC’s investment portfolio, making the stock its 17th biggest holding. Algert Global LLC owned 0.14% of Parsons worth $15,516,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Cerity Partners LLC bought a new position in Parsons during the 3rd quarter valued at about $759,000. Certified Advisory Corp boosted its holdings in shares of Parsons by 21.1% in the third quarter. Certified Advisory Corp now owns 5,743 shares of the company’s stock worth $595,000 after buying an additional 1,000 shares during the last quarter. Advisors Asset Management Inc. grew its position in Parsons by 21.9% during the third quarter. Advisors Asset Management Inc. now owns 25,147 shares of the company’s stock valued at $2,607,000 after buying an additional 4,523 shares during the period. Caprock Group LLC purchased a new stake in Parsons during the third quarter valued at approximately $221,000. Finally, Quest Partners LLC bought a new position in Parsons in the third quarter worth approximately $432,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Performance

NYSE PSN opened at $99.04 on Friday. The company has a market cap of $10.52 billion, a P/E ratio of 150.06, a P/E/G ratio of 1.77 and a beta of 0.80. The business’s 50 day moving average price is $104.86 and its 200-day moving average price is $90.77. Parsons Co. has a fifty-two week low of $61.10 and a fifty-two 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.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.63 billion. Sell-side analysts predict that Parsons Co. will post 3.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Raymond James downgraded shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective for the company. in a research report on Wednesday, October 23rd. KeyCorp boosted 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. Robert W. Baird increased their price objective on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Truist Financial cut their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a report on Friday. Finally, Benchmark raised their price objective on Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $105.13.

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.