Wedge Capital Management L L P NC Acquires 77,358 Shares of Parsons Co. (NYSE:PSN)

Wedge Capital Management L L P NC increased its stake in Parsons Co. (NYSE:PSN - Free Report) by 12.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 680,311 shares of the company's stock after purchasing an additional 77,358 shares during the quarter. Parsons makes up 1.1% of Wedge Capital Management L L P NC's investment portfolio, making the stock its 22nd largest holding. Wedge Capital Management L L P NC owned approximately 0.64% of Parsons worth $62,759,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. ORG Wealth Partners LLC bought a new position in shares of Parsons in the fourth quarter worth about $26,000. True Wealth Design LLC acquired a new stake in Parsons in the 3rd quarter valued at approximately $30,000. GAMMA Investing LLC increased its position in Parsons by 224.7% in the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company's stock worth $29,000 after buying an additional 218 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Parsons during the third quarter worth approximately $33,000. Finally, Capital Performance Advisors LLP bought a new stake in shares of Parsons in the third quarter valued at approximately $45,000. Institutional investors own 98.02% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on PSN. KeyCorp cut their target price on shares of Parsons from $122.00 to $102.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. TD Cowen cut their price objective on shares of Parsons from $117.00 to $105.00 and set a "buy" rating for the company in a research report on Wednesday, January 8th. The Goldman Sachs Group upgraded shares of Parsons from a "neutral" rating to a "buy" rating and increased their target price for the company from $103.00 to $111.00 in a research note on Thursday, December 12th. Truist Financial cut their price target on Parsons from $130.00 to $110.00 and set a "buy" rating for the company in a report on Friday, November 22nd. Finally, Robert W. Baird lifted their price objective on Parsons from $103.00 to $125.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Parsons currently has an average rating of "Moderate Buy" and an average price target of $108.25.

Parsons Price Performance

Shares of PSN stock traded down $0.23 during trading hours on Friday, hitting $95.17. The company had a trading volume of 678,665 shares, compared to its average volume of 624,749. Parsons Co. has a 12 month low of $64.33 and a 12 month high of $114.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The firm's fifty day moving average is $96.15 and its 200 day moving average is $95.67. The firm has a market capitalization of $10.11 billion, a price-to-earnings ratio of 144.19, a PEG ratio of 1.38 and a beta of 0.74.

Parsons (NYSE:PSN - Get Free Report) last announced its quarterly 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. The firm had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.63 billion. Parsons had a return on equity of 12.74% and a net margin of 1.21%. On average, sell-side analysts predict that Parsons Co. will post 3.02 EPS 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.