Pinnacle Financial Partners Inc Purchases Shares of 2,395 Parsons Co. (NYSE:PSN)

Pinnacle Financial Partners Inc acquired a new position in Parsons Co. (NYSE:PSN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,395 shares of the company’s stock, valued at approximately $248,000.

A number of other hedge funds have also recently made changes to their positions in PSN. Wedge Capital Management L L P NC acquired a new position in Parsons during the third quarter worth $62,514,000. Allspring Global Investments Holdings LLC lifted its stake in Parsons by 61.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock worth $116,471,000 after acquiring an additional 428,662 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Parsons by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 4,544,866 shares of the company’s stock valued at $376,997,000 after acquiring an additional 421,085 shares during the period. Driehaus Capital Management LLC purchased a new position in Parsons during the 2nd quarter valued at about $29,302,000. Finally, Appian Way Asset Management LP increased its stake in Parsons by 649.9% during the second quarter. Appian Way Asset Management LP now owns 394,855 shares of the company’s stock worth $32,303,000 after purchasing an additional 342,200 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Down 10.5 %

Parsons stock opened at $100.27 on Friday. The stock’s fifty day moving average is $104.58 and its two-hundred day moving average is $89.94. The stock has a market cap of $10.65 billion, a PE ratio of 151.93, a P/E/G ratio of 2.00 and a beta of 0.80. Parsons Co. has a 1-year low of $61.10 and a 1-year high of $114.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.07. The firm had revenue of $1.81 billion during 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 expect that Parsons Co. will post 3.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.