Independent Advisor Alliance Sells 21,377 Shares of Parsons Corporation $PSN

Key Points

• Independent Advisor Alliance has reduced its holdings in Parsons Corporation by 71.5%, selling 21,377 shares and leaving it with 8,529 shares valued at $505,000.
• Analysts have adjusted their price targets for Parsons, with Jefferies raising it to $80.00 and Truist Financial raising theirs to $90.00, indicating a general positive sentiment towards the stock.
• Parsons Corporation reported $0.78 EPS for its latest quarter, surpassing expectations, but experienced a 5.1% decline in revenue year-over-year, totaling $1.58 billion.

Independent Advisor Alliance trimmed its position in shares of Parsons Corporation (NYSE:PSN - Free Report) by 71.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,529 shares of the company's stock after selling 21,377 shares during the quarter. Independent Advisor Alliance's holdings in Parsons were worth $505,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PSN. Envestnet Asset Management Inc. boosted its position in shares of Parsons by 5.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 150,597 shares of the company's stock worth $13,893,000 after purchasing an additional 8,237 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Parsons by 12.8% during the fourth quarter. Cerity Partners LLC now owns 8,260 shares of the company's stock worth $773,000 after purchasing an additional 938 shares in the last quarter. Capital Fund Management S.A. acquired a new stake in shares of Parsons during the fourth quarter worth $932,000. Townsquare Capital LLC acquired a new stake in shares of Parsons during the fourth quarter worth $1,986,000. Finally, Mariner LLC raised its holdings in shares of Parsons by 106.7% during the fourth quarter. Mariner LLC now owns 4,489 shares of the company's stock worth $414,000 after acquiring an additional 2,317 shares during the period. 98.02% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PSN shares. Robert W. Baird upgraded shares of Parsons from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $78.00 to $92.00 in a report on Thursday, August 7th. Bank of America dropped their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Tuesday, June 3rd. Jefferies Financial Group raised their price objective on shares of Parsons from $70.00 to $80.00 and gave the stock a "hold" rating in a report on Wednesday, July 2nd. Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Finally, Truist Financial lifted their price target on shares of Parsons from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Parsons has an average rating of "Moderate Buy" and a consensus target price of $88.70.

Parsons Stock Performance

Shares of Parsons stock traded down $0.39 during trading on Tuesday, hitting $79.02. 98,369 shares of the stock were exchanged, compared to its average volume of 1,398,179. The stock has a market capitalization of $8.44 billion, a price-to-earnings ratio of 35.28, a price-to-earnings-growth ratio of 4.19 and a beta of 0.58. The company has a fifty day moving average price of $73.93 and a 200-day moving average price of $67.89. Parsons Corporation has a 1-year low of $54.56 and a 1-year 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.

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