Parsons Corporation $PSN Position Cut by Federated Hermes Inc.

Federated Hermes Inc. lowered its position in shares of Parsons Corporation (NYSE:PSN) by 81.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 5,916 shares of the company’s stock after selling 26,676 shares during the period. Federated Hermes Inc.’s holdings in Parsons were worth $491,000 as of its most recent filing with the SEC.

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

Analyst Ratings Changes

PSN has been the topic of several recent analyst reports. Barclays lifted their target price on Parsons from $70.00 to $78.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Jefferies Financial Group restated a “hold” rating on shares of Parsons in a research note on Thursday, January 15th. Citigroup upped their price objective on shares of Parsons from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Robert W. Baird decreased their target price on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a research report on Monday, December 8th. Finally, TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and lowered their target price for the company from $90.00 to $75.00 in a research note on Wednesday, December 10th. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $85.54.

Parsons Price Performance

NYSE:PSN opened at $69.45 on Friday. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.46. The business’s 50-day moving average price is $68.03 and its 200 day moving average price is $76.50. Parsons Corporation has a 52-week low of $54.56 and a 52-week high of $89.50. The firm has a market cap of $7.40 billion, a P/E ratio of 31.86, a PEG ratio of 3.89 and a beta of 0.66.

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

About Parsons

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.