Allspring Global Investments Holdings LLC Sells 37,072 Shares of Parsons Corporation $PSN

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in Parsons Corporation by 5.2%, selling 37,072 shares to hold a total of 669,193 shares worth approximately $48.7 million.
• Parsons reported a quarterly earnings per share (EPS) of $0.78, exceeding analyst estimates of $0.74, despite a revenue decline of 5.1% compared to the previous year.
• Wall Street analysts are optimistic about Parsons, with multiple upgrades leading to an average price target of $90.80 and a consensus rating of "Moderate Buy".

Allspring Global Investments Holdings LLC lowered its stake in shares of Parsons Corporation (NYSE:PSN - Free Report) by 5.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 669,193 shares of the company's stock after selling 37,072 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.63% of Parsons worth $48,697,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Fifth Third Bancorp increased its position in shares of Parsons by 1,803.4% during the 1st quarter. Fifth Third Bancorp now owns 552 shares of the company's stock valued at $33,000 after purchasing an additional 523 shares during the last quarter. Signaturefd LLC increased its position in shares of Parsons by 63.1% during the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock valued at $36,000 after purchasing an additional 236 shares during the last quarter. Banque Transatlantique SA bought a new position in shares of Parsons during the 1st quarter valued at approximately $34,000. NewEdge Advisors LLC increased its position in shares of Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company's stock valued at $57,000 after purchasing an additional 264 shares during the last quarter. Finally, GAMMA Investing LLC grew 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 last quarter. Institutional investors own 98.02% of the company's stock.

Parsons Price Performance

PSN opened at $86.03 on Wednesday. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $114.68. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.47. The business's fifty day simple moving average is $80.57 and its 200-day simple moving average is $72.61. The company has a market capitalization of $9.19 billion, a price-to-earnings ratio of 38.41, a PEG ratio of 4.54 and a beta of 0.64.

Parsons (NYSE:PSN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.04. Parsons had a return on equity of 12.36% and a net margin of 3.70%.The business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the company earned $0.84 EPS. The business's revenue was down 5.1% compared to the same quarter last year. On average, equities research analysts anticipate that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Baird R W raised Parsons from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Raymond James Financial raised Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective on the stock in a research report on Tuesday, July 8th. Zacks Research raised Parsons from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 14th. Jefferies Financial Group upped their price objective on Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a research report on Wednesday, July 2nd. Finally, KeyCorp upped their price objective on Parsons from $84.00 to $87.00 and gave the company an "overweight" rating in a research report on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Parsons has an average rating of "Moderate Buy" and an average price target of $90.80.

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.

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