Roanoke Asset Management Corp NY Grows Position in Parsons Co. (NYSE:PSN)

Roanoke Asset Management Corp NY boosted its position in Parsons Co. (NYSE:PSN - Free Report) by 55.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 38,735 shares of the company's stock after acquiring an additional 13,850 shares during the period. Roanoke Asset Management Corp NY's holdings in Parsons were worth $4,016,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Parsons by 10.2% during the first quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company's stock valued at $376,997,000 after buying an additional 421,085 shares during the period. Earnest Partners LLC increased its position in shares of Parsons by 2.4% during the second quarter. Earnest Partners LLC now owns 2,168,598 shares of the company's stock valued at $177,413,000 after buying an additional 49,891 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Parsons by 61.7% during 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 buying an additional 428,662 shares during the period. Principal Financial Group Inc. increased its position in shares of Parsons by 0.5% during the second 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. Finally, Wedge Capital Management L L P NC bought a new stake in shares of Parsons during the third quarter valued at about $62,514,000. 98.02% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PSN shares. Benchmark upped their price target on Parsons from $68.00 to $101.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. KeyCorp boosted their price objective on Parsons from $116.00 to $122.00 and gave the stock an "overweight" rating in a report on Thursday. Truist Financial reissued a "buy" rating and set a $108.00 price objective (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Raymond James lowered Parsons from a "strong-buy" rating to an "outperform" rating and set a $115.00 price objective for the company. in a report on Wednesday, October 23rd. Finally, Robert W. Baird boosted their price objective on Parsons from $103.00 to $125.00 and gave the stock an "outperform" rating in a report on Thursday. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Parsons has a consensus rating of "Moderate Buy" and a consensus price target of $102.11.

Parsons Price Performance

PSN traded up $0.53 during midday trading on Friday, hitting $108.69. The stock had a trading volume of 822,837 shares, compared to its average volume of 779,399. The company has a market cap of $11.54 billion, a P/E ratio of 164.68, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. The business has a fifty day moving average of $101.84 and a 200 day moving average of $88.09. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 1.55. Parsons Co. has a 1 year low of $60.38 and a 1 year high of $112.19.

Parsons (NYSE:PSN - Get Free Report) last issued 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. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.63 billion. Parsons had a return on equity of 12.74% and a net margin of 1.21%. As a group, equities analysts forecast that Parsons Co. will post 2.89 earnings per share for the current fiscal year.

About Parsons

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.