Allspring Global Investments Holdings LLC Has $116.47 Million Position in Parsons Co. (NYSE:PSN)

Allspring Global Investments Holdings LLC lifted its stake in Parsons Co. (NYSE:PSN - Free Report) by 61.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,123,366 shares of the company's stock after purchasing an additional 428,662 shares during the period. Allspring Global Investments Holdings LLC owned 1.06% of Parsons worth $116,471,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Salem Investment Counselors Inc. lifted its holdings in shares of Parsons by 339.2% during the 1st quarter. Salem Investment Counselors Inc. now owns 2,376 shares of the company's stock valued at $197,000 after purchasing an additional 1,835 shares in the last quarter. Sunburst Financial Group LLC bought a new stake in Parsons in the 1st quarter valued at $499,000. Hennessy Advisors Inc. increased its holdings in Parsons by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 437,900 shares of the company's stock worth $36,324,000 after purchasing an additional 54,200 shares in the last quarter. Seaside Wealth Management Inc. bought a new stake in shares of Parsons in the first quarter valued at about $1,240,000. Finally, AlphaMark Advisors LLC acquired a new stake in Parsons in the 1st quarter valued at approximately $403,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Performance

Shares of NYSE PSN traded down $0.71 during mid-day trading on Monday, reaching $107.27. 498,917 shares of the company were exchanged, compared to its average volume of 889,672. Parsons Co. has a twelve month low of $55.22 and a twelve month high of $109.55. The stock has a market capitalization of $15.74 billion, a P/E ratio of 599.89, a P/E/G ratio of 2.33 and a beta of 0.80. The company's 50-day simple moving average is $99.30 and its 200-day simple moving average is $86.36. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.54.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.18. The company had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.53 billion. Parsons had a return on equity of 12.09% and a net margin of 0.89%. As a group, research analysts predict that Parsons Co. will post 2.88 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on PSN. Stifel Nicolaus increased their price objective on shares of Parsons from $95.00 to $97.00 and gave the stock a "buy" rating in a research note on Tuesday, June 25th. Benchmark raised their target price on shares of Parsons from $68.00 to $101.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. KeyCorp upped their price target on shares of Parsons from $99.00 to $116.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 8th. Truist Financial reiterated a "buy" rating and issued a $108.00 price target (up previously from $100.00) on shares of Parsons in a research note on Thursday, August 1st. Finally, Robert W. Baird boosted their price objective on shares of Parsons from $89.00 to $103.00 and gave the stock an "outperform" rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Parsons currently has a consensus rating of "Buy" and an average price target of $96.78.

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.