EdgeRock Capital LLC Trims Stock Holdings in Parsons Co. (NYSE:PSN)

EdgeRock Capital LLC lowered its position in shares of Parsons Co. (NYSE:PSN) by 16.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,488 shares of the company’s stock after selling 1,619 shares during the period. Parsons comprises about 0.5% of EdgeRock Capital LLC’s investment portfolio, making the stock its 29th largest position. EdgeRock Capital LLC’s holdings in Parsons were worth $783,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D bought a new position in shares of Parsons in the 3rd quarter worth about $2,172,000. Oppenheimer & Co. Inc. increased its stake in shares of Parsons by 37.7% during the third quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company’s stock valued at $2,490,000 after purchasing an additional 6,577 shares in the last quarter. Aigen Investment Management LP purchased a new position in shares of Parsons during the third quarter valued at approximately $1,004,000. Geode Capital Management LLC boosted its position in shares of Parsons by 14.0% in the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock worth $80,146,000 after purchasing an additional 95,040 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Parsons in the 4th quarter worth approximately $1,449,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PSN. Truist Financial lowered their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Robert W. Baird lowered their price target on Parsons from $125.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. The Goldman Sachs Group raised shares of Parsons from a “neutral” rating to a “buy” rating and increased their price objective for the company from $103.00 to $111.00 in a research report on Thursday, December 12th. Jefferies Financial Group decreased their target price on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a report on Friday, January 24th. Finally, Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Parsons has a consensus rating of “Moderate Buy” and a consensus target price of $102.11.

Parsons Price Performance

PSN opened at $58.70 on Tuesday. The company’s 50-day simple moving average is $85.91 and its two-hundred day simple moving average is $95.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The stock has a market capitalization of $6.27 billion, a P/E ratio of 77.23, a P/E/G ratio of 0.93 and a beta of 0.73. Parsons Co. has a 52-week low of $57.22 and a 52-week high of $114.68.

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.