Strategic Blueprint LLC Buys New Position in Parsons Co. (NYSE:PSN)

Strategic Blueprint 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 filing with the Securities and Exchange Commission. The fund acquired 10,442 shares of the company's stock, valued at approximately $1,083,000.

Other hedge funds have also recently bought and sold shares of the company. Wedge Capital Management L L P NC acquired a new stake in shares of Parsons in the third quarter valued at approximately $62,514,000. Allspring Global Investments Holdings LLC increased its position in shares of Parsons by 61.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company's stock valued at $116,471,000 after acquiring an additional 428,662 shares during the last quarter. Vanguard Group Inc. raised its holdings in Parsons by 10.2% during the first quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company's stock worth $376,997,000 after acquiring an additional 421,085 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in Parsons during the second quarter valued at approximately $29,302,000. Finally, Appian Way Asset Management LP grew its stake in Parsons by 649.9% in the second quarter. Appian Way Asset Management LP now owns 394,855 shares of the company's stock valued at $32,303,000 after purchasing an additional 342,200 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Performance

Parsons stock traded down $1.28 during midday trading on Thursday, hitting $108.72. The company's stock had a trading volume of 527,048 shares, compared to its average volume of 891,670. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.80 and a quick ratio of 1.80. The company has a market cap of $15.95 billion, a price-to-earnings ratio of 611.11, a PEG ratio of 2.24 and a beta of 0.80. The company has a 50-day moving average price of $101.29 and a two-hundred day moving average price of $87.68. Parsons Co. has a 1-year low of $56.04 and a 1-year high of $112.19.

Parsons (NYSE:PSN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.73 by $0.07. Parsons had a net margin of 0.89% and a return on equity of 12.09%. The business had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.63 billion. As a group, sell-side analysts predict that Parsons Co. will post 2.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PSN shares. Raymond James lowered shares of Parsons from a "strong-buy" rating to an "outperform" rating and set a $115.00 price target on the stock. in a research report on Wednesday, October 23rd. Benchmark raised their price objective on Parsons from $68.00 to $101.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Truist Financial restated 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. Robert W. Baird lifted their price objective on shares of Parsons from $103.00 to $125.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, KeyCorp increased their price objective on shares of Parsons from $99.00 to $116.00 and gave the company an "overweight" rating in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $101.44.

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.