Migdal Insurance & Financial Holdings Ltd. Sells 5,000 Shares of Parsons Co. (NYSE:PSN)

Migdal Insurance & Financial Holdings Ltd. reduced its position in Parsons Co. (NYSE:PSN) by 49.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,060 shares of the company’s stock after selling 5,000 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Parsons were worth $318,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Parsons by 3.3% in the 3rd 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 last quarter. Price T Rowe Associates Inc. MD boosted its stake in Parsons by 56.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 3,931,806 shares of the company’s stock worth $158,924,000 after purchasing an additional 1,420,028 shares during the period. Dimensional Fund Advisors LP boosted its stake in Parsons by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,219,541 shares of the company’s stock worth $54,561,000 after purchasing an additional 20,663 shares during the period. New York State Common Retirement Fund boosted its stake in Parsons by 62.3% in the 1st quarter. New York State Common Retirement Fund now owns 955,855 shares of the company’s stock worth $42,765,000 after purchasing an additional 366,816 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Parsons by 9.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 927,251 shares of the company’s stock valued at $58,148,000 after acquiring an additional 77,010 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors.

Parsons Price Performance

Shares of Parsons stock opened at $77.80 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.51 and a quick ratio of 1.52. The business’s 50 day simple moving average is $79.81 and its two-hundred day simple moving average is $68.08. The stock has a market capitalization of $8.23 billion, a P/E ratio of 54.79, a price-to-earnings-growth ratio of 3.52 and a beta of 0.85. Parsons Co. has a one year low of $42.22 and a one year high of $85.44.

Parsons (NYSE:PSN) last announced 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 analysts’ expectations of $1.33 billion. Parsons had a return on equity of 10.32% and a net margin of 2.96%. The business’s quarterly revenue was up 36.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 EPS. Analysts forecast that Parsons Co. will post 2.55 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Truist Financial lifted their price target on Parsons from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Robert W. Baird raised their price objective on Parsons from $75.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, February 15th. Benchmark reissued a “buy” rating and set a $68.00 price objective on shares of Parsons in a report on Thursday, April 4th. The Goldman Sachs Group raised their price objective on Parsons from $73.00 to $81.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, KeyCorp raised their price objective on Parsons from $74.00 to $79.00 and gave the company an “overweight” rating in a report on Thursday, February 15th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.78.

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.