Summit Global Investments Trims Holdings in Parsons Co. (NYSE:PSN)

Summit Global Investments lowered its stake in shares of Parsons Co. (NYSE:PSN) by 7.0% in the third quarter, HoldingsChannel reports. The fund 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PSN. Janney Montgomery Scott LLC acquired a new position in shares of Parsons during the 1st quarter valued at about $1,451,000. SG Americas Securities LLC increased its stake in shares of Parsons by 872.4% during the 1st quarter. SG Americas Securities LLC now owns 39,586 shares of the company’s stock valued at $3,284,000 after acquiring an additional 35,515 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of Parsons during the 1st quarter valued at about $1,064,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Parsons during the 1st quarter valued at about $448,000. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. increased its stake in shares of Parsons by 2.8% during the 1st quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 115,911 shares of the company’s stock valued at $9,615,000 after acquiring an additional 3,154 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Truist Financial reaffirmed a “buy” rating and set a $108.00 price objective (up previously from $100.00) on shares of Parsons in a research note on Thursday, August 1st. KeyCorp increased 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. Robert W. Baird increased 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. Raymond James downgraded shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price for the company. in a research report on Wednesday, October 23rd. Finally, Benchmark increased 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. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Parsons presently has an average rating of “Moderate Buy” and an average price target of $102.11.

Parsons Stock Up 2.2 %

Shares of NYSE:PSN opened at $112.69 on Friday. 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 52-week low of $61.10 and a 52-week high of $114.68. The company has a 50 day moving average of $103.45 and a two-hundred day moving average of $89.17. The company has a market capitalization of $11.97 billion, a price-to-earnings ratio of 170.75, a price-to-earnings-growth ratio of 2.28 and a beta of 0.80.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. As a group, analysts forecast that Parsons Co. will post 3.02 earnings per share 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.