Verus Capital Partners LLC Lowers Holdings in Parsons Co. (NYSE:PSN)

Verus Capital Partners LLC lowered its position in Parsons Co. (NYSE:PSN) by 22.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,362 shares of the company’s stock after selling 1,532 shares during the quarter. Verus Capital Partners LLC’s holdings in Parsons were worth $556,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Chartwell Investment Partners LLC increased its stake in Parsons by 0.8% during the 3rd quarter. Chartwell Investment Partners LLC now owns 14,536 shares of the company’s stock worth $1,507,000 after buying an additional 117 shares during the period. Peregrine Asset Advisers Inc. lifted its stake in shares of Parsons by 54.5% in the 3rd quarter. Peregrine Asset Advisers Inc. now owns 83,416 shares of the company’s stock worth $8,649,000 after acquiring an additional 29,431 shares during the period. State of New Jersey Common Pension Fund D bought a new stake in Parsons in the third quarter worth about $2,172,000. Axxcess Wealth Management LLC boosted its stake 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 worth $1,058,000 after acquiring an additional 1,350 shares in the last quarter. Finally, Sigma Planning Corp acquired a new position in shares of Parsons in the 3rd quarter valued at $232,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Performance

PSN opened at $112.96 on Wednesday. The firm has a market cap of $12.00 billion, a P/E ratio of 171.15, a price-to-earnings-growth ratio of 2.02 and a beta of 0.80. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. Parsons Co. has a 52-week low of $61.10 and a 52-week high of $114.68. The business’s fifty day moving average is $103.81 and its 200-day moving average is $89.55.

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

Analyst Upgrades and Downgrades

PSN has been the topic of several research reports. Benchmark upped their price objective on shares of Parsons from $68.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Truist Financial reaffirmed a “buy” rating and set a $108.00 price objective (up from $100.00) on shares of Parsons in a report on Thursday, August 1st. KeyCorp increased their price objective on Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Robert W. Baird raised their price objective on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Raymond James lowered shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target for the company. in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.