Burney Co. Reduces Position in Parsons Corporation $PSN

Burney Co. lessened its position in shares of Parsons Corporation (NYSE:PSN) by 57.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,099 shares of the company’s stock after selling 8,157 shares during the quarter. Burney Co.’s holdings in Parsons were worth $438,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in PSN. GAMMA Investing LLC increased its position in Parsons by 229.5% in the 1st quarter. GAMMA Investing LLC now owns 1,038 shares of the company’s stock valued at $61,000 after acquiring an additional 723 shares during the period. New York State Teachers Retirement System increased its position in Parsons by 1.8% in the 1st quarter. New York State Teachers Retirement System now owns 11,317 shares of the company’s stock valued at $670,000 after acquiring an additional 200 shares during the period. Envestnet Asset Management Inc. increased its position in Parsons by 4.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 157,001 shares of the company’s stock valued at $9,296,000 after acquiring an additional 6,404 shares during the period. TD Private Client Wealth LLC increased its position in Parsons by 22.8% in the 1st quarter. TD Private Client Wealth LLC now owns 1,856 shares of the company’s stock valued at $110,000 after acquiring an additional 344 shares during the period. Finally, New York State Common Retirement Fund increased its position in Parsons by 25.6% in the 1st quarter. New York State Common Retirement Fund now owns 352,246 shares of the company’s stock valued at $20,856,000 after acquiring an additional 71,740 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Up 4.2%

Shares of NYSE PSN opened at $82.91 on Thursday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.47. Parsons Corporation has a 52 week low of $54.56 and a 52 week high of $114.68. The firm has a 50-day moving average price of $81.86 and a 200 day moving average price of $75.02. The stock has a market capitalization of $8.85 billion, a price-to-earnings ratio of 37.01, a price-to-earnings-growth ratio of 4.18 and a beta of 0.62.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.74 by $0.04. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter last year, the business earned $0.84 earnings per share. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. Equities research analysts anticipate that Parsons Corporation will post 3.58 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on PSN shares. Robert W. Baird boosted their price target on Parsons from $92.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, September 17th. Baird R W upgraded Parsons from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Zacks Research upgraded Parsons from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of Parsons in a report on Wednesday, October 8th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $91.40.

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.