Pinnacle Financial Partners Inc Takes Position in Parsons Co. (NYSE:PSN)

Pinnacle Financial Partners Inc purchased a new position in Parsons Co. (NYSE:PSN) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,395 shares of the company’s stock, valued at approximately $248,000.

A number of other hedge funds also recently bought and sold shares of the business. Aptus Capital Advisors LLC purchased a new stake in shares of Parsons in the third quarter valued at approximately $563,000. Aigen Investment Management LP acquired a new stake in Parsons in the 3rd quarter valued at $1,004,000. Chartwell Investment Partners LLC increased its holdings in Parsons by 0.8% in the 3rd quarter. Chartwell Investment Partners LLC now owns 14,536 shares of the company’s stock worth $1,507,000 after acquiring an additional 117 shares in the last quarter. Peregrine Asset Advisers Inc. raised its position in Parsons by 54.5% during the third quarter. Peregrine Asset Advisers Inc. now owns 83,416 shares of the company’s stock worth $8,649,000 after acquiring an additional 29,431 shares during the period. Finally, State of New Jersey Common Pension Fund D purchased a new position in Parsons during the third quarter valued at $2,172,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Trading Down 10.5 %

Shares of PSN stock opened at $100.27 on Friday. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Parsons Co. has a twelve month low of $61.10 and a twelve month high of $114.68. The company’s 50-day moving average price is $104.58 and its 200-day moving average price is $89.94. The stock has a market cap of $10.65 billion, a price-to-earnings ratio of 151.93, a PEG ratio of 2.00 and a beta of 0.80.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.07. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.63 billion. Parsons had a net margin of 1.21% and a return on equity of 12.74%. As a group, equities analysts predict that Parsons Co. will post 3.02 earnings per share for the current year.

Analysts Set New Price Targets

PSN has been the subject of several research analyst reports. Robert W. Baird upped their price target on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Truist Financial reissued a “buy” rating and set a $108.00 target price (up previously from $100.00) on shares of Parsons in a report on Thursday, August 1st. Benchmark boosted their price target on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Raymond James lowered Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective on the stock. in a report on Wednesday, October 23rd. Finally, KeyCorp upped their target price on shares of Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.11.

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.