Peregrine Asset Advisers Inc. Sells 49,785 Shares of Parsons Corporation (NYSE:PSN)

Peregrine Asset Advisers Inc. reduced its holdings in shares of Parsons Corporation (NYSE:PSN - Free Report) by 88.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 6,349 shares of the company's stock after selling 49,785 shares during the period. Peregrine Asset Advisers Inc.'s holdings in Parsons were worth $376,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. CIBC Private Wealth Group LLC acquired a new stake in shares of Parsons in the fourth quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new position in Parsons during the fourth quarter worth about $25,000. Huntington National Bank raised its position in Parsons by 28,900.0% during the fourth quarter. Huntington National Bank now owns 290 shares of the company's stock worth $27,000 after acquiring an additional 289 shares during the last quarter. Quarry LP acquired a new position in Parsons during the fourth quarter worth about $30,000. Finally, Headlands Technologies LLC acquired a new position in Parsons during the fourth quarter worth about $34,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Up 1.4%

PSN traded up $1.06 during midday trading on Wednesday, hitting $76.06. 842,987 shares of the company's stock traded hands, compared to its average volume of 1,222,482. The company has a market cap of $8.13 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 4.47 and a beta of 0.55. The stock's fifty day simple moving average is $69.87 and its 200-day simple moving average is $69.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.29. Parsons Corporation has a one year low of $54.56 and a one year high of $114.68.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PSN. Robert W. Baird downgraded shares of Parsons from an "outperform" rating to a "neutral" rating and lowered their price target for the stock from $72.00 to $69.00 in a report on Thursday, May 1st. Bank of America decreased their price objective on shares of Parsons from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, June 3rd. Truist Financial reiterated a "buy" rating and set a $80.00 price objective (up from $70.00) on shares of Parsons in a research note on Thursday, May 1st. KeyCorp reiterated an "overweight" rating and set a $82.00 price objective (up from $73.00) on shares of Parsons in a research note on Wednesday, July 16th. Finally, Raymond James Financial upgraded shares of Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price objective for the company in a research note on Tuesday, July 8th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $85.20.

Parsons 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.