Cerity Partners LLC Invests $759,000 in Parsons Co. (NYSE:PSN)

Cerity Partners LLC acquired a new stake in shares of Parsons Co. (NYSE:PSN - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,322 shares of the company's stock, valued at approximately $759,000.

A number of other hedge funds have also recently bought and sold shares of the company. Earnest Partners LLC increased its stake in shares of Parsons by 2.4% during the 2nd quarter. Earnest Partners LLC now owns 2,168,598 shares of the company's stock valued at $177,413,000 after acquiring an additional 49,891 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Parsons by 18.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company's stock worth $123,685,000 after purchasing an additional 183,117 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Parsons by 61.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company's stock worth $116,471,000 after purchasing an additional 428,662 shares during the period. Wedge Capital Management L L P NC acquired a new stake in Parsons during the 3rd quarter worth approximately $62,514,000. Finally, Hennessy Advisors Inc. raised its holdings in Parsons by 18.1% in the second quarter. Hennessy Advisors Inc. now owns 517,100 shares of the company's stock valued at $42,304,000 after buying an additional 79,200 shares during the period. Institutional investors and hedge funds own 98.02% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PSN. Truist Financial dropped their price objective on shares of Parsons from $130.00 to $110.00 and set a "buy" rating for the company in a research report on Friday, November 22nd. Robert W. Baird boosted their price objective on Parsons from $103.00 to $125.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. KeyCorp upped their price target on Parsons from $116.00 to $122.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. Finally, Raymond James cut shares of Parsons from a "strong-buy" rating to an "outperform" rating and set a $115.00 target price on the stock. in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $105.13.

Parsons Stock Performance

NYSE:PSN traded down $0.85 during trading hours on Friday, reaching $98.03. 558,125 shares of the stock were exchanged, compared to its average volume of 905,623. The stock has a market capitalization of $10.41 billion, a P/E ratio of 149.82, a P/E/G ratio of 1.69 and a beta of 0.74. The firm has a 50 day simple moving average of $104.21 and a 200-day simple moving average of $91.98. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. Parsons Co. has a 52 week low of $61.10 and a 52 week high of $114.68.

Parsons (NYSE:PSN - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.07. Parsons had a net margin of 1.21% and a return on equity of 12.74%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.63 billion. As a group, sell-side analysts forecast that Parsons Co. will post 3.02 earnings per share 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.