Axxcess Wealth Management LLC Buys 726 Shares of Parsons Co. (NYSE:PSN)

Axxcess Wealth Management LLC increased its stake in Parsons Co. (NYSE:PSN) by 9.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,433 shares of the company’s stock after buying an additional 726 shares during the period. Axxcess Wealth Management LLC’s holdings in Parsons were worth $700,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of 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 buying an additional 421,085 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Parsons by 8.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,393,813 shares of the company’s stock worth $87,407,000 after buying an additional 105,648 shares during the last quarter. Principal Financial Group Inc. increased its position in Parsons by 162.5% during the 1st quarter. Principal Financial Group Inc. now owns 1,005,140 shares of the company’s stock valued at $83,376,000 after buying an additional 622,243 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Parsons by 9.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 927,251 shares of the company’s stock valued at $58,148,000 after buying an additional 77,010 shares during the last quarter. Finally, Norges Bank bought a new stake in Parsons in the fourth quarter worth $37,854,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Stock Performance

Shares of NYSE PSN traded down $1.23 during midday trading on Friday, hitting $76.52. 1,116,111 shares of the company’s stock traded hands, compared to its average volume of 858,550. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79. The stock has a market capitalization of $11.23 billion, a price-to-earnings ratio of 432.02, a price-to-earnings-growth ratio of 2.31 and a beta of 0.81. The firm has a fifty day moving average of $77.95 and a 200 day moving average of $76.51. Parsons Co. has a 1 year low of $47.23 and a 1 year high of $85.44.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.04. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.37 billion. Parsons had a net margin of 0.49% and a return on equity of 11.27%. On average, analysts forecast that Parsons Co. will post 2.61 earnings per share for the current year.

Wall Street Analyst Weigh In

PSN has been the subject of several recent analyst reports. Robert W. Baird lifted their price target on Parsons from $85.00 to $89.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. TD Cowen upgraded shares of Parsons from a “hold” rating to a “buy” rating and upped their target price for the stock from $77.00 to $90.00 in a research note on Friday, May 3rd. KeyCorp raised their price target on shares of Parsons from $89.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Stifel Nicolaus upped their price objective on Parsons from $95.00 to $97.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. Finally, Truist Financial lifted their target price on Parsons from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $85.50.

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.