Los Angeles Capital Management LLC Sells 11,314 Shares of Parsons Co. (NYSE:PSN)

Los Angeles Capital Management LLC cut its stake in shares of Parsons Co. (NYSE:PSN) by 13.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 70,700 shares of the company’s stock after selling 11,314 shares during the period. Los Angeles Capital Management LLC’s holdings in Parsons were worth $7,330,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. State of New Jersey Common Pension Fund D bought a new position in Parsons during the 3rd quarter valued at about $2,172,000. Axxcess Wealth Management LLC grew its position in shares of Parsons by 15.2% during the 3rd quarter. Axxcess Wealth Management LLC now owns 10,205 shares of the company’s stock valued at $1,058,000 after acquiring an additional 1,350 shares during the period. Sigma Planning Corp purchased a new stake in Parsons in the third quarter worth about $232,000. Assetmark Inc. raised its stake in Parsons by 10.7% during the 3rd quarter. Assetmark Inc. now owns 2,750 shares of the company’s stock worth $285,000 after acquiring an additional 265 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of Parsons during the 3rd quarter valued at $45,000. 98.02% of the stock is currently owned by institutional investors.

Parsons Trading Up 0.6 %

PSN opened at $113.40 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. The firm has a market cap of $12.04 billion, a price-to-earnings ratio of 171.82, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80. Parsons Co. has a 52 week low of $61.10 and a 52 week high of $114.68. The business’s 50 day moving average is $103.45 and its two-hundred day moving average is $89.31.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.73 by $0.07. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.63 billion. Parsons had a return on equity of 12.74% and a net margin of 1.21%. On average, research analysts predict that Parsons Co. will post 3.02 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Truist Financial reissued a “buy” rating and issued a $108.00 target price (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Robert W. Baird boosted their price target on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. KeyCorp upped their price target on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Benchmark lifted their target price on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Raymond James downgraded shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price on the stock. in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $102.11.

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.