EdgeRock Capital LLC Cuts Stake in Parsons Co. (NYSE:PSN)

EdgeRock Capital LLC cut its holdings in shares of Parsons Co. (NYSE:PSN) by 16.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,488 shares of the company’s stock after selling 1,619 shares during the quarter. Parsons accounts for approximately 0.5% of EdgeRock Capital LLC’s holdings, making the stock its 29th biggest holding. EdgeRock Capital LLC’s holdings in Parsons were worth $783,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Creative Planning grew its holdings in shares of Parsons by 15.0% during the 3rd quarter. Creative Planning now owns 8,490 shares of the company’s stock valued at $880,000 after purchasing an additional 1,109 shares during the last quarter. Allworth Financial LP grew its stake in shares of Parsons by 43.6% during the third quarter. Allworth Financial LP now owns 6,585 shares of the company’s stock valued at $683,000 after buying an additional 1,999 shares during the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of Parsons in the third quarter worth about $1,337,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Parsons by 63.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,707 shares of the company’s stock valued at $592,000 after acquiring an additional 2,209 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Parsons during the 3rd quarter valued at about $72,000. 98.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on PSN. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 18th. KeyCorp decreased their target price on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. The Goldman Sachs Group upgraded shares of Parsons from a “neutral” rating to a “buy” rating and upped their price target for the company from $103.00 to $111.00 in a report on Thursday, December 12th. TD Cowen lowered shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 price target on the stock. in a report on Friday. Finally, Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $102.11.

Parsons Stock Down 1.3 %

Shares of NYSE PSN opened at $58.70 on Tuesday. The firm has a fifty day simple moving average of $85.91 and a two-hundred day simple moving average of $95.29. Parsons Co. has a 12 month low of $57.22 and a 12 month high of $114.68. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $6.27 billion, a PE ratio of 77.23, a price-to-earnings-growth ratio of 0.93 and a beta of 0.73.

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.