State of New Jersey Common Pension Fund D Lowers Position in Parsons Corporation $PSN

State of New Jersey Common Pension Fund D lowered its holdings in Parsons Corporation (NYSE:PSN) by 15.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,734 shares of the company’s stock after selling 5,194 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Parsons were worth $1,990,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PSN. Banque Transatlantique SA bought a new position in shares of Parsons in the 1st quarter worth $34,000. Signaturefd LLC increased its holdings in shares of Parsons by 63.1% in the 1st quarter. Signaturefd LLC now owns 610 shares of the company’s stock worth $36,000 after buying an additional 236 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Parsons by 38.0% in the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock worth $57,000 after buying an additional 264 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Parsons by 229.5% in the 1st quarter. GAMMA Investing LLC now owns 1,038 shares of the company’s stock worth $61,000 after buying an additional 723 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in shares of Parsons by 433.9% in the 1st quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company’s stock worth $75,000 after buying an additional 1,024 shares during the last quarter. Institutional investors own 98.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PSN. Raymond James Financial raised shares of Parsons from a “market perform” rating to a “strong-buy” rating and set a $90.00 price target on the stock in a report on Tuesday, July 8th. Zacks Research raised shares of Parsons from a “strong sell” rating to a “hold” rating in a report on Thursday, August 14th. Truist Financial increased their price target on shares of Parsons from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. KeyCorp increased their price target on shares of Parsons from $87.00 to $93.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Finally, Robert W. Baird increased their price target on shares of Parsons from $92.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, September 17th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Parsons presently has an average rating of “Moderate Buy” and an average target price of $91.40.

Parsons Price Performance

Shares of Parsons stock opened at $82.98 on Friday. The firm has a market cap of $8.86 billion, a PE ratio of 37.05, a price-to-earnings-growth ratio of 4.35 and a beta of 0.64. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $114.68. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.47. The company’s fifty day simple moving average is $81.76 and its two-hundred day simple moving average is $74.49.

Parsons (NYSE:PSN) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The company’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.84 EPS. As a group, equities analysts expect that Parsons Corporation will post 3.58 EPS for the current 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.