Franklin Resources Inc. Purchases 63,657 Shares of Parsons Co. (NYSE:PSN)

Franklin Resources Inc. lifted its stake in shares of Parsons Co. (NYSE:PSN - Free Report) by 11.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 601,071 shares of the company's stock after buying an additional 63,657 shares during the period. Franklin Resources Inc. owned about 0.57% of Parsons worth $64,813,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PSN. State Street Corp increased its position in shares of Parsons by 60.6% during the third quarter. State Street Corp now owns 1,634,155 shares of the company's stock valued at $169,429,000 after acquiring an additional 616,707 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of Parsons during the 3rd quarter valued at $62,514,000. Allspring Global Investments Holdings LLC lifted its holdings in 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 in the last quarter. Driehaus Capital Management LLC bought a new position in Parsons in the 2nd quarter worth about $29,302,000. Finally, Appian Way Asset Management LP grew its holdings in Parsons by 649.9% during the 2nd quarter. Appian Way Asset Management LP now owns 394,855 shares of the company's stock valued at $32,303,000 after buying an additional 342,200 shares in the last quarter. Institutional investors own 98.02% of the company's stock.

Parsons Price Performance

PSN traded down $1.59 during midday trading on Tuesday, hitting $96.33. The stock had a trading volume of 650,323 shares, compared to its average volume of 902,795. The company has a market cap of $10.23 billion, a P/E ratio of 148.32, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74. Parsons Co. has a 1 year low of $61.35 and a 1 year high of $114.68. The business has a fifty day moving average of $103.03 and a 200 day moving average of $93.12. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55.

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PSN. KeyCorp boosted their price objective on shares of Parsons from $116.00 to $122.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Raymond James downgraded Parsons from a "strong-buy" rating to an "outperform" rating and set a $115.00 price objective on the stock. in a research report on Wednesday, October 23rd. Truist Financial reduced their target price on 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 raised their price target on Parsons from $103.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group raised Parsons from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $103.00 to $111.00 in a report on Thursday, December 12th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $108.88.

Parsons 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.