First Bank & Trust Reduces Stake in Parsons Co. (NYSE:PSN)

First Bank & Trust lowered its holdings in Parsons Co. (NYSE:PSN) by 4.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,940 shares of the company’s stock after selling 185 shares during the quarter. First Bank & Trust’s holdings in Parsons were worth $327,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PSN. Norges Bank purchased a new position in shares of Parsons in the 4th quarter valued at about $37,854,000. Hennessy Advisors Inc. purchased a new position in Parsons during the 4th quarter worth approximately $24,062,000. SW Investment Management LLC purchased a new position in Parsons during the 4th quarter worth approximately $20,381,000. Axiom Investors LLC DE purchased a new position in Parsons during the 4th quarter worth approximately $10,309,000. Finally, Vanguard Group Inc. grew its stake in Parsons by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 4,119,811 shares of the company’s stock worth $223,912,000 after buying an additional 131,617 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Down 0.2 %

PSN opened at $81.81 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.79. The business has a 50 day simple moving average of $77.69 and a 200-day simple moving average of $74.44. The stock has a market capitalization of $12.01 billion, a P/E ratio of 454.53, a P/E/G ratio of 2.40 and a beta of 0.84. Parsons Co. has a 12 month low of $46.85 and a 12 month high of $85.44.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.57 by $0.04. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Parsons had a return on equity of 11.27% and a net margin of 0.49%. On average, equities analysts anticipate that Parsons Co. will post 2.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PSN shares. KeyCorp raised their price target on Parsons from $89.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Raymond James upgraded Parsons from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $82.00 to $95.00 in a research note on Wednesday, May 1st. Benchmark reaffirmed a “buy” rating and set a $68.00 price objective on shares of Parsons in a research report on Thursday, April 4th. Stifel Nicolaus increased their price objective on Parsons from $95.00 to $97.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Finally, The Goldman Sachs Group increased their price objective on Parsons from $73.00 to $81.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Parsons has an average rating of “Buy” and a consensus target price of $85.50.

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.