Bank of New York Mellon Corp Trims Stock Holdings in Parsons Co. (NYSE:PSN)

Bank of New York Mellon Corp reduced its position in Parsons Co. (NYSE:PSN - Free Report) by 4.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 355,417 shares of the company's stock after selling 15,900 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.33% of Parsons worth $32,787,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Fisher Asset Management LLC grew its position in Parsons by 2.1% in the 3rd quarter. Fisher Asset Management LLC now owns 4,364 shares of the company's stock valued at $452,000 after acquiring an additional 90 shares in the last quarter. CIBC Asset Management Inc grew its position in Parsons by 3.2% in the 3rd quarter. CIBC Asset Management Inc now owns 3,124 shares of the company's stock valued at $324,000 after acquiring an additional 96 shares in the last quarter. Chartwell Investment Partners LLC grew its position in Parsons by 0.8% in the 3rd quarter. Chartwell Investment Partners LLC now owns 14,536 shares of the company's stock valued at $1,507,000 after acquiring an additional 117 shares in the last quarter. GAMMA Investing LLC grew its position in Parsons by 224.7% in the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company's stock valued at $29,000 after acquiring an additional 218 shares in the last quarter. Finally, Assetmark Inc. grew its position in Parsons by 10.7% in the 3rd quarter. Assetmark Inc. now owns 2,750 shares of the company's stock valued at $285,000 after acquiring an additional 265 shares in the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Parsons Stock Up 5.1 %

PSN stock traded up $2.92 during trading on Friday, hitting $60.34. 2,161,590 shares of the company's stock were exchanged, compared to its average volume of 1,639,761. The business has a 50-day moving average price of $78.64 and a two-hundred day moving average price of $92.85. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of 79.39, a PEG ratio of 0.93 and a beta of 0.78. Parsons Co. has a 52-week low of $54.56 and a 52-week high of $114.68. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PSN. Benchmark reissued a "buy" rating and set a $90.00 price objective on shares of Parsons in a research report on Wednesday, February 26th. Robert W. Baird lowered their price objective on Parsons from $125.00 to $78.00 and set an "outperform" rating for the company in a research report on Thursday, February 20th. William Blair raised Parsons from a "market perform" rating to an "outperform" rating in a research report on Tuesday, February 18th. The Goldman Sachs Group lowered their price objective on Parsons from $109.00 to $98.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Finally, KeyCorp lowered their price objective on Parsons from $122.00 to $102.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $99.44.

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.