Geode Capital Management LLC Buys 95,040 Shares of Parsons Co. (NYSE:PSN)

Geode Capital Management LLC lifted its stake in Parsons Co. (NYSE:PSN - Free Report) by 14.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 772,808 shares of the company's stock after purchasing an additional 95,040 shares during the quarter. Geode Capital Management LLC owned about 0.73% of Parsons worth $80,146,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in PSN. Wealth Enhancement Advisory Services LLC acquired a new position in Parsons during the 2nd quarter worth about $286,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Parsons by 22.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 694,704 shares of the company's stock worth $56,834,000 after buying an additional 128,061 shares during the period. Legato Capital Management LLC lifted its holdings in shares of Parsons by 9.5% during the second quarter. Legato Capital Management LLC now owns 11,771 shares of the company's stock worth $963,000 after purchasing an additional 1,019 shares during the period. Pullen Investment Management LLC boosted its holdings in shares of Parsons by 4.2% in the second quarter. Pullen Investment Management LLC now owns 13,558 shares of the company's stock valued at $1,109,000 after acquiring an additional 542 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Parsons by 0.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,009,826 shares of the company's stock valued at $82,614,000 after buying an additional 4,686 shares during the period. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSN has been the subject of a number of research reports. KeyCorp lifted their target price on shares of Parsons from $116.00 to $122.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Truist Financial reduced their price objective on shares of Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research note on Friday, November 22nd. Robert W. Baird upped their price objective on shares of Parsons from $103.00 to $125.00 and gave the company an "outperform" rating in a research note on Thursday, October 31st. TD Cowen raised shares of Parsons to a "strong-buy" rating in a research report on Thursday. Finally, The Goldman Sachs Group raised shares of Parsons from a "neutral" rating to a "buy" rating and increased their price target for the stock from $103.00 to $111.00 in a research note on Thursday, December 12th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $108.88.

Parsons Price Performance

Shares of Parsons stock traded up $0.58 during trading on Friday, reaching $95.68. The company's stock had a trading volume of 1,513,171 shares, compared to its average volume of 903,993. The stock has a market capitalization of $10.16 billion, a P/E ratio of 144.97, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The stock has a 50-day moving average price of $102.14 and a two-hundred day moving average price of $93.43. Parsons Co. has a one year low of $61.35 and a one year high of $114.68.

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

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.