Appian Way Asset Management LP Buys 342,200 Shares of Parsons Co. (NYSE:PSN)

Appian Way Asset Management LP increased its stake in shares of Parsons Co. (NYSE:PSN) by 649.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 394,855 shares of the company’s stock after acquiring an additional 342,200 shares during the quarter. Parsons comprises approximately 8.3% of Appian Way Asset Management LP’s portfolio, making the stock its 3rd largest holding. Appian Way Asset Management LP owned about 0.37% of Parsons worth $32,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Tanglewood Legacy Advisors LLC purchased a new position in Parsons during the 2nd quarter worth approximately $44,000. TFO Wealth Partners LLC increased its position in Parsons by 18,200.0% in the 4th quarter. TFO Wealth Partners LLC now owns 732 shares of the company’s stock valued at $46,000 after acquiring an additional 728 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Parsons during the 1st quarter worth approximately $62,000. Blue Trust Inc. lifted its stake in shares of Parsons by 23.6% in the 2nd quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock worth $86,000 after acquiring an additional 199 shares during the period. Finally, EntryPoint Capital LLC raised its stake in shares of Parsons by 17.2% during the 1st quarter. EntryPoint Capital LLC now owns 1,334 shares of the company’s stock worth $111,000 after buying an additional 196 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Performance

NYSE PSN opened at $101.36 on Tuesday. Parsons Co. has a twelve month low of $53.56 and a twelve month high of $101.69. The business’s 50-day moving average price is $90.61 and its 200 day moving average price is $83.17. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $14.87 billion, a PE ratio of 563.11, a price-to-earnings-growth ratio of 2.11 and a beta of 0.80.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.18. Parsons had a net margin of 0.89% and a return on equity of 12.09%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.53 billion. On average, research analysts predict that Parsons Co. will post 2.88 earnings per share for the current year.

Analyst Ratings Changes

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

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.