New York State Common Retirement Fund Reduces Stock Position in Parsons Corporation $PSN

New York State Common Retirement Fund trimmed its position in Parsons Corporation (NYSE:PSN) by 88.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 475,120 shares of the company’s stock after selling 3,803,261 shares during the quarter. New York State Common Retirement Fund’s holdings in Parsons were worth $39,397,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in Parsons by 10.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,412 shares of the company’s stock valued at $117,000 after buying an additional 135 shares during the period. Thomas Story & Son LLC boosted its holdings in shares of Parsons by 5.7% in the third quarter. Thomas Story & Son LLC now owns 3,035 shares of the company’s stock valued at $252,000 after acquiring an additional 165 shares in the last quarter. True Wealth Design LLC lifted its holdings in Parsons by 63.9% in the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after acquiring an additional 189 shares during the period. Blue Trust Inc. lifted its position in shares of Parsons by 6.8% during the 2nd quarter. Blue Trust Inc. now owns 3,367 shares of the company’s stock valued at $242,000 after acquiring an additional 214 shares during the period. Finally, Pullen Investment Management LLC increased its position in shares of Parsons by 1.4% in the second quarter. Pullen Investment Management LLC now owns 17,683 shares of the company’s stock valued at $1,269,000 after buying an additional 236 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PSN. Raymond James Financial lowered Parsons from a “strong-buy” rating to a “market perform” rating in a research note on Friday, December 5th. UBS Group lowered their target price on Parsons from $107.00 to $104.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. Barclays raised their price objective on Parsons from $70.00 to $78.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Robert W. Baird reduced their target price on Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a report on Monday, December 8th. Finally, KeyCorp raised their price target on Parsons from $76.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Parsons has a consensus rating of “Moderate Buy” and an average target price of $85.54.

Parsons Stock Performance

Parsons stock opened at $70.07 on Friday. Parsons Corporation has a fifty-two week low of $54.56 and a fifty-two week high of $89.50. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.67 and a quick ratio of 1.67. The company has a market cap of $7.46 billion, a P/E ratio of 32.14, a price-to-earnings-growth ratio of 3.97 and a beta of 0.67. The firm’s 50 day simple moving average is $69.59 and its 200-day simple moving average is $76.72.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.12. Parsons had a net margin of 3.69% and a return on equity of 11.98%. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the firm earned $0.95 earnings per share. The firm’s revenue was down 10.4% compared to the same quarter last year. As a group, equities research analysts predict that Parsons Corporation will post 3.58 EPS for the current year.

Parsons Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.