New York State Common Retirement Fund Sells 82,679 Shares of Parsons Co. (NYSE:PSN)

New York State Common Retirement Fund reduced its stake in shares of Parsons Co. (NYSE:PSN) by 23.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 274,342 shares of the company’s stock after selling 82,679 shares during the period. New York State Common Retirement Fund owned 0.26% of Parsons worth $17,204,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Jennison Associates LLC raised its position in Parsons by 1.6% during the 4th quarter. Jennison Associates LLC now owns 15,151 shares of the company’s stock worth $950,000 after purchasing an additional 239 shares during the last quarter. abrdn plc grew its holdings in Parsons by 5.8% during the 4th quarter. abrdn plc now owns 464,462 shares of the company’s stock worth $29,126,000 after acquiring an additional 25,642 shares during the period. Federated Hermes Inc. grew its holdings in Parsons by 11.9% during the 4th quarter. Federated Hermes Inc. now owns 449,244 shares of the company’s stock worth $28,172,000 after acquiring an additional 47,676 shares during the period. Strs Ohio grew its holdings in Parsons by 31.7% during the 4th quarter. Strs Ohio now owns 15,800 shares of the company’s stock worth $990,000 after acquiring an additional 3,800 shares during the period. Finally, Ingalls & Snyder LLC acquired a new stake in Parsons during the 4th quarter worth about $210,000. 98.02% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. The Goldman Sachs Group increased their price target on Parsons from $73.00 to $81.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Benchmark reiterated a “buy” rating and set a $68.00 price target on shares of Parsons in a report on Thursday, April 4th. Robert W. Baird increased their price target on Parsons from $75.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, February 15th. KeyCorp raised their target price on Parsons from $89.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Finally, Truist Financial raised their target price on Parsons from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.00.

Parsons Price Performance

PSN stock opened at $79.73 on Monday. The company has a market capitalization of $8.44 billion, a P/E ratio of 56.15, a price-to-earnings-growth ratio of 3.54 and a beta of 0.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.52 and a current ratio of 1.51. Parsons Co. has a 52-week low of $42.22 and a 52-week high of $85.44. The business has a 50-day simple moving average of $80.76 and a two-hundred day simple moving average of $69.25.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 10.32% and a net margin of 2.96%. The company’s quarterly revenue was up 36.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 EPS. Research analysts expect that Parsons Co. will post 2.57 EPS for the current fiscal year.

Parsons Company 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.