Van ECK Associates Corp Raises Stock Holdings in Parsons Co. (NYSE:PSN)

Van ECK Associates Corp grew its stake in Parsons Co. (NYSE:PSN - Free Report) by 77.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,315 shares of the company's stock after buying an additional 16,756 shares during the period. Van ECK Associates Corp's holdings in Parsons were worth $2,403,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Parsons during the third quarter valued at $27,952,000. Eagle Asset Management Inc. acquired a new stake in Parsons during the third quarter worth approximately $9,943,000. Charles Schwab Investment Management Inc. increased its holdings in Parsons by 40.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 559,252 shares of the company's stock worth $30,395,000 after purchasing an additional 161,592 shares in the last quarter. Vanguard Group Inc. lifted its stake in Parsons by 3.3% in the third quarter. Vanguard Group Inc. now owns 4,119,811 shares of the company's stock valued at $223,912,000 after buying an additional 131,617 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Parsons by 170.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 166,192 shares of the company's stock worth $9,033,000 after buying an additional 104,765 shares in the last quarter. 98.02% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Benchmark reiterated a "buy" rating and issued a $68.00 price objective on shares of Parsons in a research note on Thursday, April 4th. Truist Financial upped their price objective on shares of Parsons from $84.00 to $100.00 and gave the company a "buy" rating in a report on Tuesday, April 9th. Raymond James upgraded Parsons from an "outperform" rating to a "strong-buy" rating and raised their target price for the company from $82.00 to $95.00 in a research note on Wednesday, May 1st. TD Cowen raised Parsons from a "hold" rating to a "buy" rating and upped their price target for the stock from $77.00 to $90.00 in a research note on Friday, May 3rd. Finally, KeyCorp raised their price objective on Parsons from $89.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, April 19th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Parsons presently has an average rating of "Buy" and an average price target of $83.10.

Parsons Stock Performance

Shares of Parsons stock traded down $0.65 during mid-day trading on Wednesday, hitting $77.60. 651,823 shares of the stock were exchanged, compared to its average volume of 884,261. The company has a market capitalization of $8.21 billion, a P/E ratio of 434.91, a P/E/G ratio of 2.92 and a beta of 0.86. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79. The company has a 50-day simple moving average of $80.83 and a 200 day simple moving average of $70.27. Parsons Co. has a 12 month low of $42.79 and a 12 month high of $85.44.

Parsons (NYSE:PSN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 14th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.13. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.33 billion. Parsons had a return on equity of 11.27% and a net margin of 0.49%. Parsons's quarterly revenue was up 36.4% compared to the same quarter last year. During the same period last year, the company posted $0.45 earnings per share. Sell-side analysts anticipate that Parsons Co. will post 2.57 earnings per share 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.