State Street Corp Purchases 616,707 Shares of Parsons Co. (NYSE:PSN)

State Street Corp grew its stake in shares of Parsons Co. (NYSE:PSN - Free Report) by 60.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,634,155 shares of the company's stock after buying an additional 616,707 shares during the period. State Street Corp owned approximately 1.54% of Parsons worth $169,429,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in PSN. State of New Jersey Common Pension Fund D bought a new position in Parsons during the third quarter valued at about $2,172,000. Oppenheimer & Co. Inc. increased its position in shares of Parsons by 37.7% during the third quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company's stock valued at $2,490,000 after purchasing an additional 6,577 shares during the period. Aigen Investment Management LP acquired a new position in shares of Parsons in the third quarter valued at $1,004,000. Peregrine Asset Advisers Inc. bought a new position in Parsons in the second quarter worth $4,417,000. Finally, MetLife Investment Management LLC boosted its stake in Parsons by 2,846.3% during the third quarter. MetLife Investment Management LLC now owns 24,130 shares of the company's stock worth $2,502,000 after buying an additional 23,311 shares in the last quarter. Institutional investors own 98.02% of the company's stock.

Parsons Price Performance

PSN stock traded down $0.44 during midday trading on Friday, reaching $96.56. 521,583 shares of the company's stock traded hands, compared to its average volume of 905,477. The company has a 50-day simple moving average of $103.19 and a two-hundred day simple moving average of $92.75. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. Parsons Co. has a 1-year low of $61.10 and a 1-year high of $114.68. The company has a market cap of $10.25 billion, a price-to-earnings ratio of 146.33, a PEG ratio of 1.70 and a beta of 0.74.

Parsons (NYSE:PSN - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates 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. On average, analysts anticipate that Parsons Co. will post 3.02 earnings per share for the current year.

Analysts Set New Price Targets

PSN has been the subject of a number of recent research reports. Truist Financial dropped their price objective on shares of Parsons from $130.00 to $110.00 and set a "buy" rating for the company in a research note on Friday, November 22nd. Raymond James cut shares of Parsons from a "strong-buy" rating to an "outperform" rating and set a $115.00 price target for the company. in a research note on Wednesday, October 23rd. KeyCorp upped their price objective on Parsons from $116.00 to $122.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Robert W. Baird increased their target price on Parsons from $103.00 to $125.00 and gave the stock 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 target for the company from $103.00 to $111.00 in a research note on Thursday. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $108.88.

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.