Van ECK Associates Corp Increases Stock Position in Parsons Co. (NYSE:PSN)

Van ECK Associates Corp raised its holdings in Parsons Co. (NYSE:PSN) by 77.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,315 shares of the company’s stock after purchasing an additional 16,756 shares during the period. Van ECK Associates Corp’s holdings in Parsons were worth $2,403,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Parsons in the third quarter valued at approximately $240,000. Stratos Wealth Partners LTD. raised its position in shares of Parsons by 22.3% in the third quarter. Stratos Wealth Partners LTD. now owns 6,995 shares of the company’s stock valued at $380,000 after buying an additional 1,274 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Parsons by 7.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,002 shares of the company’s stock valued at $1,087,000 after buying an additional 1,410 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Parsons by 8.5% in the third quarter. Teacher Retirement System of Texas now owns 17,329 shares of the company’s stock valued at $942,000 after buying an additional 1,355 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC acquired a new position in shares of Parsons in the third quarter valued at approximately $204,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PSN shares. Benchmark reissued a “buy” rating and issued a $68.00 price objective on shares of Parsons in a research report on Thursday, April 4th. The Goldman Sachs Group upped their price target on shares of Parsons from $73.00 to $81.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and upped their price target for the stock from $77.00 to $90.00 in a research report on Friday, May 3rd. KeyCorp upped their price target on shares of Parsons from $89.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Finally, Truist Financial upped their price target on shares of Parsons from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $83.10.

Parsons Price Performance

PSN opened at $78.28 on Wednesday. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. Parsons Co. has a 52-week low of $42.79 and a 52-week high of $85.44. The company has a 50 day moving average of $80.83 and a two-hundred day moving average of $70.27. The company has a market cap of $8.28 billion, a P/E ratio of 434.91, a P/E/G ratio of 2.92 and a beta of 0.86.

Parsons (NYSE:PSN) last announced its earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.13. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.33 billion. Parsons had a net margin of 0.49% and a return on equity of 11.27%. The business’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 earnings per share. On average, analysts expect that Parsons Co. will post 2.57 earnings per share for the current year.

About Parsons

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.