Federated Hermes Inc. Lowers Stock Position in Parsons Corporation (NYSE:PSN)

Key Points

• Federated Hermes Inc. has significantly reduced its position in Parsons Corporation by 91.4%, owning 34,035 shares after selling 362,938 shares in the first quarter.
• Analysts have a consensus rating of “Moderate Buy” for Parsons, with price target estimates averaging around $86.20, reflecting a mix of buy and hold ratings from various financial institutions.
• Parsons reported earnings of $0.78 per share for the most recent quarter, exceeding estimates, but experienced a year-over-year revenue decline of 5.1%.

Federated Hermes Inc. lessened its position in Parsons Corporation (NYSE:PSN - Free Report) by 91.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 34,035 shares of the company's stock after selling 362,938 shares during the period. Federated Hermes Inc.'s holdings in Parsons were worth $2,015,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSN. ProShare Advisors LLC raised its position in Parsons by 7.3% in the 4th quarter. ProShare Advisors LLC now owns 2,185 shares of the company's stock valued at $202,000 after buying an additional 149 shares during the last quarter. CWM LLC raised its holdings in shares of Parsons by 2.1% in the first quarter. CWM LLC now owns 7,810 shares of the company's stock valued at $462,000 after purchasing an additional 163 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Parsons by 1.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 17,205 shares of the company's stock valued at $1,587,000 after purchasing an additional 194 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in Parsons by 1.8% during the first quarter. New York State Teachers Retirement System now owns 11,317 shares of the company's stock worth $670,000 after purchasing an additional 200 shares during the last quarter. Finally, Signaturefd LLC grew its position in Parsons by 63.1% in the 1st quarter. Signaturefd LLC now owns 610 shares of the company's stock worth $36,000 after purchasing an additional 236 shares in the last quarter. Institutional investors own 98.02% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Truist Financial lifted their target price on shares of Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Baird R W lowered Parsons from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. KeyCorp raised their target price on Parsons from $73.00 to $82.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Jefferies Financial Group increased their price target on shares of Parsons from $70.00 to $80.00 and gave the company a "hold" rating in a research report on Wednesday, July 2nd. Finally, The Goldman Sachs Group lowered their price objective on shares of Parsons from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Wednesday, June 4th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $86.20.

Parsons Stock Performance

Shares of Parsons stock traded down $1.11 during trading hours on Wednesday, reaching $75.89. The company had a trading volume of 1,479,057 shares, compared to its average volume of 948,465. The firm has a market cap of $8.11 billion, a PE ratio of 32.02, a price-to-earnings-growth ratio of 4.73 and a beta of 0.58. Parsons Corporation has a one year low of $54.56 and a one year high of $114.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.29. The business has a fifty day simple moving average of $71.80 and a 200 day simple moving average of $68.45.

Parsons (NYSE:PSN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.04. Parsons had a return on equity of 13.01% and a net margin of 3.86%. The firm had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.60 billion. During the same period in the prior year, the business posted $0.84 earnings per share. The company's revenue was down 5.1% on a year-over-year basis. On average, analysts anticipate that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

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.