Parsons Co. (NYSE:PSN) Stake Reduced by TD Asset Management Inc

Posted by on May 8th, 2023

TD Asset Management Inc cut its holdings in Parsons Co. (NYSE:PSN – Get Rating) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,074 shares of the company’s stock after selling 918 shares during the quarter. TD Asset Management Inc owned about 0.07% of Parsons worth $3,195,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its holdings in Parsons by 56.5% during 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 buying an additional 1,420,028 shares during the period. Vanguard Group Inc. grew its stake in Parsons by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 3,333,744 shares of the company’s stock valued at $130,684,000 after acquiring an additional 108,784 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Parsons by 11.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,092,248 shares of the company’s stock valued at $42,816,000 after acquiring an additional 115,887 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in Parsons by 20.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,027,101 shares of the company’s stock valued at $40,262,000 after acquiring an additional 173,387 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in Parsons by 4.5% during the 3rd quarter. Nuveen Asset Management LLC now owns 669,384 shares of the company’s stock valued at $26,240,000 after acquiring an additional 29,043 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Morgan Stanley lowered their target price on Parsons from $40.00 to $39.00 and set an “underweight” rating on the stock in a research note on Thursday, February 16th. Robert W. Baird boosted their price target on Parsons from $50.00 to $53.00 in a research note on Thursday. Benchmark reissued a “buy” rating and issued a $51.00 price target on shares of Parsons in a research note on Monday, April 10th. Finally, William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a research note on Monday, March 27th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Parsons has an average rating of “Hold” and an average price target of $49.50.

Parsons Stock Up 0.8 %

Shares of Parsons stock opened at $44.51 on Monday. Parsons Co. has a 12-month low of $34.46 and a 12-month high of $50.15. The stock has a market capitalization of $4.67 billion, a P/E ratio of 48.38, a PEG ratio of 2.09 and a beta of 0.83. The stock has a 50 day moving average price of $44.32 and a two-hundred day moving average price of $45.39. The company has a quick ratio of 1.55, a current ratio of 1.58 and a debt-to-equity ratio of 0.35.

Parsons (NYSE:PSN – Get Rating) last issued its quarterly earnings results on Wednesday, February 15th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.03). Parsons had a return on equity of 8.38% and a net margin of 2.30%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.05 billion. Equities analysts expect that Parsons Co. will post 1.93 earnings per share for the current year.

Parsons Company Profile

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Parsons Corp. engages in the provision of engineering, design, planning, and construction management services. It offers solutions for commercial, federal, transportation, and water resources. It delivers engineering, construction, systems and resource integration, project and program management, and environmental services to customers.

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Institutional Ownership by Quarter for Parsons (NYSE:PSN)

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