The Manufacturers Life Insurance Company Grows Stock Position in Parsons Co. (NYSE:PSN)

The Manufacturers Life Insurance Company grew its holdings in shares of Parsons Co. (NYSE:PSN) by 110.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 54,933 shares of the company’s stock after purchasing an additional 28,820 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Parsons worth $5,695,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new position in Parsons during the second quarter worth about $286,000. Tanglewood Legacy Advisors LLC purchased a new stake in shares of Parsons in the second quarter valued at approximately $44,000. Blue Trust Inc. increased its holdings in shares of Parsons by 23.6% in the second quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock valued at $86,000 after purchasing an additional 199 shares during the last quarter. Petra Financial Advisors Inc. lifted its position in Parsons by 4.1% during the second quarter. Petra Financial Advisors Inc. now owns 9,142 shares of the company’s stock worth $748,000 after buying an additional 357 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its holdings in Parsons by 468.7% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,248 shares of the company’s stock valued at $348,000 after buying an additional 3,501 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Truist Financial reduced their price target on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Robert W. Baird boosted their target price on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. KeyCorp raised their price target on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Raymond James cut Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective on the stock. in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Parsons presently has a consensus rating of “Moderate Buy” and a consensus price target of $105.13.

Parsons Stock Performance

Shares of PSN stock opened at $98.88 on Friday. Parsons Co. has a one year low of $61.10 and a one year high of $114.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The firm’s 50 day moving average price is $104.21 and its 200-day moving average price is $91.98. The firm has a market cap of $10.50 billion, a P/E ratio of 149.82, a P/E/G ratio of 1.69 and a beta of 0.74.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. Parsons had a return on equity of 12.74% and a net margin of 1.21%. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.63 billion. As a group, equities research analysts predict that Parsons Co. will post 3.02 EPS for the current 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.