HighTower Advisors LLC Sells 749,931 Shares of Parsons Co. (NYSE:PSN)

HighTower Advisors LLC decreased its holdings in shares of Parsons Co. (NYSE:PSN - Free Report) by 98.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,227 shares of the company's stock after selling 749,931 shares during the quarter. HighTower Advisors LLC's holdings in Parsons were worth $957,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC bought a new position in Parsons in the second quarter valued at approximately $286,000. Blue Trust Inc. grew its stake in shares of Parsons by 23.6% in the second quarter. Blue Trust Inc. now owns 1,041 shares of the company's stock valued at $86,000 after buying an additional 199 shares in the last quarter. Hennessy Advisors Inc. increased its holdings in Parsons by 18.1% during the second quarter. Hennessy Advisors Inc. now owns 517,100 shares of the company's stock worth $42,304,000 after buying an additional 79,200 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Parsons by 22.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 694,704 shares of the company's stock worth $56,834,000 after acquiring an additional 128,061 shares in the last quarter. Finally, Legato Capital Management LLC lifted its stake in Parsons by 9.5% in the second quarter. Legato Capital Management LLC now owns 11,771 shares of the company's stock valued at $963,000 after acquiring an additional 1,019 shares during the last quarter. Institutional investors own 98.02% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PSN. Raymond James cut Parsons from a "strong-buy" rating to an "outperform" rating and set a $115.00 price target on the stock. in a research note on Wednesday, October 23rd. The Goldman Sachs Group raised shares of Parsons from a "neutral" rating to a "buy" rating and increased their price objective for the company from $103.00 to $111.00 in a research report on Thursday, December 12th. Robert W. Baird lifted their target price on shares of Parsons from $103.00 to $125.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. KeyCorp increased their price target on shares of Parsons from $116.00 to $122.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. Finally, Truist Financial decreased their target price on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research report on Friday, November 22nd. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, Parsons presently has an average rating of "Buy" and an average price target of $108.88.

Parsons Trading Down 1.5 %

Shares of PSN stock traded down $1.42 during trading hours on Wednesday, hitting $94.91. 692,859 shares of the company's stock traded hands, compared to its average volume of 901,936. The stock has a market cap of $10.08 billion, a PE ratio of 143.81, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74. The stock's 50 day simple moving average is $102.57 and its 200 day simple moving average is $93.27. 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 12 month low of $61.35 and a 12 month high of $114.68.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $1.63 billion. On average, sell-side analysts anticipate that Parsons Co. will post 3.02 EPS for the current year.

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.