Parsons Co. (NYSE:PSN) Position Cut by Newport Trust Company LLC

Newport Trust Company LLC lessened its position in shares of Parsons Co. (NYSE:PSN) by 3.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 56,261,062 shares of the company’s stock after selling 1,843,571 shares during the quarter. Parsons comprises 11.6% of Newport Trust Company LLC’s investment portfolio, making the stock its 2nd biggest holding. Newport Trust Company LLC owned about 38.34% of Parsons worth $4,602,718,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Parsons by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock worth $376,997,000 after buying an additional 421,085 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Parsons by 8.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,393,813 shares of the company’s stock valued at $87,407,000 after purchasing an additional 105,648 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of 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 purchasing an additional 4,686 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Parsons by 22.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 694,704 shares of the company’s stock valued at $56,834,000 after purchasing an additional 128,061 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Parsons in the 4th quarter valued at approximately $37,854,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PSN shares. Stifel Nicolaus lifted their target price on Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Truist Financial reiterated a “buy” rating and issued a $108.00 target price (up from $100.00) on shares of Parsons in a research note on Thursday, August 1st. KeyCorp lifted their target price on Parsons from $90.00 to $97.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Benchmark lifted their target price on Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Robert W. Baird raised their price target on Parsons from $89.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. One investment 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 company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $94.67.

Parsons Stock Up 2.2 %

PSN opened at $99.90 on Friday. The business has a 50 day simple moving average of $89.71 and a 200-day simple moving average of $82.93. The stock has a market capitalization of $14.66 billion, a P/E 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 debt-to-equity ratio of 0.54, a current ratio of 1.80 and a quick ratio of 1.80.

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

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.