Hennessy Advisors Inc. Increases Stock Position in Parsons Co. (NYSE:PSN)

Hennessy Advisors Inc. increased its holdings in shares of Parsons Co. (NYSE:PSN) by 14.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 437,900 shares of the company’s stock after purchasing an additional 54,200 shares during the period. Parsons accounts for about 1.5% of Hennessy Advisors Inc.’s holdings, making the stock its 11th biggest holding. Hennessy Advisors Inc.’s holdings in Parsons were worth $36,324,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Private Advisor Group LLC boosted its position in Parsons by 3.7% during the 4th quarter. Private Advisor Group LLC now owns 4,857 shares of the company’s stock worth $305,000 after purchasing an additional 174 shares during the period. Jennison Associates LLC lifted its holdings in Parsons by 1.6% in the 4th quarter. Jennison Associates LLC now owns 15,151 shares of the company’s stock worth $950,000 after buying an additional 239 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Parsons by 7.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 4,733 shares of the company’s stock worth $297,000 after buying an additional 327 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Parsons in the 3rd quarter worth $38,000. Finally, New York State Teachers Retirement System lifted its holdings in Parsons by 24.0% in the 4th quarter. New York State Teachers Retirement System now owns 3,699 shares of the company’s stock worth $232,000 after buying an additional 715 shares in the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PSN has been the topic of a number of recent analyst reports. Truist Financial boosted their price objective on shares of Parsons from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Raymond James upgraded shares of Parsons from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the stock from $82.00 to $95.00 in a report on Wednesday, May 1st. KeyCorp boosted their price objective on shares of Parsons from $89.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. TD Cowen upgraded shares of Parsons from a “hold” rating to a “buy” rating and upped their target price for the company from $77.00 to $90.00 in a research note on Friday, May 3rd. Finally, The Goldman Sachs Group upped their target price on shares of Parsons from $73.00 to $81.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Parsons presently has a consensus rating of “Buy” and an average price target of $85.50.

Parsons Stock Performance

PSN traded down $0.04 on Friday, hitting $81.95. 425,198 shares of the company’s stock were exchanged, compared to its average volume of 845,062. The firm has a market cap of $12.03 billion, a PE ratio of 460.97, a P/E/G ratio of 2.38 and a beta of 0.84. Parsons Co. has a twelve month low of $46.85 and a twelve month high of $85.44. The stock has a fifty day moving average of $77.60 and a two-hundred day moving average of $74.23. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.04. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.37 billion. Parsons had a net margin of 0.49% and a return on equity of 11.27%. On average, research analysts anticipate that Parsons Co. will post 2.64 earnings per share for the current fiscal 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.