Parsons Co. (NYSE:PSN) Shares Sold by Allworth Financial LP

Allworth Financial LP reduced its stake in shares of Parsons Co. (NYSE:PSN) by 5.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,232 shares of the company’s stock after selling 353 shares during the quarter. Allworth Financial LP’s holdings in Parsons were worth $591,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSN. State Street Corp increased its stake in Parsons by 60.6% in the third quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after purchasing an additional 616,707 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Parsons by 18.1% in the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after acquiring an additional 183,117 shares in the last quarter. FMR LLC boosted its holdings in shares of Parsons by 391.4% in the third quarter. FMR LLC now owns 195,850 shares of the company’s stock valued at $20,306,000 after acquiring an additional 155,991 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Parsons by 39.1% in the fourth quarter. Van ECK Associates Corp now owns 502,178 shares of the company’s stock valued at $46,326,000 after acquiring an additional 141,282 shares in the last quarter. Finally, Synergy Asset Management LLC purchased a new stake in shares of Parsons in the fourth quarter valued at about $12,550,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Performance

NYSE:PSN opened at $61.82 on Friday. The firm has a 50 day simple moving average of $87.36 and a 200-day simple moving average of $95.64. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a market cap of $6.57 billion, a PE ratio of 93.67, a P/E/G ratio of 1.11 and a beta of 0.73. Parsons Co. has a 1-year low of $59.90 and a 1-year high of $114.68.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. KeyCorp lowered their target price on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Jefferies Financial Group decreased their price objective on shares of Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, January 24th. Raymond James downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. TD Cowen decreased their price objective on shares of Parsons from $117.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Finally, William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $102.11.

Parsons 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.