Parsons Co. (NYSE:PSN) Shares Acquired by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC raised its stake in Parsons Co. (NYSE:PSN) by 5.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,855 shares of the company’s stock after acquiring an additional 422 shares during the period. Axxcess Wealth Management LLC’s holdings in Parsons were worth $724,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Parsons by 10.2% during the first quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock worth $376,997,000 after acquiring an additional 421,085 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Parsons by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,393,813 shares of the company’s stock worth $87,407,000 after purchasing an additional 105,648 shares during the period. Principal Financial Group Inc. grew its position in Parsons by 0.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,009,826 shares of the company’s stock valued at $82,614,000 after buying an additional 4,686 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Parsons by 22.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 694,704 shares of the company’s stock valued at $56,834,000 after buying an additional 128,061 shares during the period. Finally, Norges Bank bought a new stake in shares of Parsons during the 4th quarter worth about $37,854,000. 98.02% of the stock is owned by institutional investors.

Parsons Trading Up 2.2 %

Shares of NYSE PSN opened at $99.90 on Friday. The business has a fifty day simple moving average of $89.71 and a 200-day simple moving average of $82.93. The company has a market cap of $14.66 billion, a price-to-earnings ratio of 555.00, a P/E/G ratio of 2.06 and a beta of 0.80. Parsons Co. has a 12 month low of $53.56 and a 12 month high of $100.18. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.54.

Parsons (NYSE:PSN) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.18. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.53 billion. Parsons had a net margin of 0.89% and a return on equity of 12.09%. Sell-side analysts predict that Parsons Co. will post 2.88 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.