Channing Capital Management LLC Raises Stake in Parsons Co. (NYSE:PSN)

Channing Capital Management LLC raised its position in Parsons Co. (NYSE:PSN) by 10.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 743,047 shares of the company’s stock after purchasing an additional 68,599 shares during the period. Parsons accounts for 1.8% of Channing Capital Management LLC’s investment portfolio, making the stock its 27th largest holding. Channing Capital Management LLC owned approximately 0.70% of Parsons worth $68,546,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PSN. ORG Wealth Partners LLC acquired a new stake in Parsons during the fourth quarter worth approximately $26,000. True Wealth Design LLC purchased a new position in shares of Parsons in the 3rd quarter valued at $30,000. GAMMA Investing LLC raised its stake in Parsons by 224.7% during the 4th quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock worth $29,000 after acquiring an additional 218 shares in the last quarter. Principal Securities Inc. purchased a new stake in Parsons in the fourth quarter valued at $33,000. Finally, R Squared Ltd acquired a new position in Parsons in the fourth quarter valued at $38,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PSN shares. Benchmark reaffirmed a “buy” rating and issued a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 18th. Robert W. Baird lowered their price target on Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Jefferies Financial Group dropped their price target on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Finally, Truist Financial decreased their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Parsons has an average rating of “Moderate Buy” and an average target price of $99.44.

Parsons Price Performance

Shares of NYSE PSN opened at $58.57 on Tuesday. The company has a market capitalization of $6.25 billion, a price-to-earnings ratio of 77.06, a PEG ratio of 0.93 and a beta of 0.78. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68. The business has a 50-day moving average of $77.96 and a 200-day moving average of $92.58. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55.

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.