Sunburst Financial Group LLC Decreases Stock Holdings in Parsons Co. (NYSE:PSN)

Sunburst Financial Group LLC cut its stake in shares of Parsons Co. (NYSE:PSN) by 3.7% in the third quarter, HoldingsChannel.com reports. The fund owned 5,198 shares of the company’s stock after selling 200 shares during the period. Sunburst Financial Group LLC’s holdings in Parsons were worth $539,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SpiderRock Advisors LLC acquired a new position in shares of Parsons during the first quarter valued at approximately $406,000. Van ECK Associates Corp raised its stake in Parsons by 276.2% in the 1st quarter. Van ECK Associates Corp now owns 144,127 shares of the company’s stock valued at $11,955,000 after purchasing an additional 105,812 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in Parsons in the 1st quarter valued at $1,451,000. Pullen Investment Management LLC purchased a new stake in shares of Parsons during the first quarter worth $1,080,000. Finally, GSA Capital Partners LLP raised its position in shares of Parsons by 267.0% in the first quarter. GSA Capital Partners LLP now owns 29,657 shares of the company’s stock valued at $2,460,000 after buying an additional 21,575 shares during the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on PSN. Truist Financial restated a “buy” rating and set a $108.00 price target (up from $100.00) on shares of Parsons in a research report on Thursday, August 1st. Raymond James cut Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price on the stock. in a report on Wednesday, October 23rd. Robert W. Baird increased their price target on Parsons from $89.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. KeyCorp boosted their price objective on Parsons from $99.00 to $116.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Finally, Benchmark raised their target price on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.00.

Parsons Trading Up 5.6 %

PSN traded up $5.87 on Wednesday, hitting $110.90. The company had a trading volume of 780,885 shares, compared to its average volume of 887,844. The company’s fifty day moving average price is $100.99 and its 200 day moving average price is $87.52. Parsons Co. has a 1 year low of $56.04 and a 1 year high of $112.19. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.54. The firm has a market cap of $16.27 billion, a P/E ratio of 620.44, a PEG ratio of 2.24 and a beta of 0.80.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.59 by $0.18. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.53 billion. Parsons had a return on equity of 12.09% and a net margin of 0.89%. As a group, equities analysts expect that Parsons Co. will post 2.89 earnings per share for the current year.

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.