Alliance Wealth Advisors LLC UT Makes New Investment in Parsons Co. (NYSE:PSN)

Alliance Wealth Advisors LLC UT purchased a new stake in shares of Parsons Co. (NYSE:PSN) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,103 shares of the company’s stock, valued at approximately $471,000.

Other large investors have also bought and sold shares of the company. State Street Corp raised its position in Parsons by 60.6% in the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock worth $169,429,000 after buying an additional 616,707 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of Parsons in the third quarter worth approximately $62,514,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Parsons by 61.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock valued at $116,471,000 after purchasing an additional 428,662 shares during the last quarter. Principal Financial Group Inc. lifted its position in Parsons by 18.1% during the third quarter. Principal Financial Group Inc. now owns 1,192,943 shares of the company’s stock valued at $123,685,000 after purchasing an additional 183,117 shares during the period. Finally, FMR LLC boosted its holdings in Parsons by 391.4% in the third quarter. FMR LLC now owns 195,850 shares of the company’s stock worth $20,306,000 after purchasing an additional 155,991 shares during the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Price Performance

NYSE PSN opened at $78.18 on Wednesday. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of 118.46, a PEG ratio of 1.19 and a beta of 0.73. Parsons Co. has a 12 month low of $64.33 and a 12 month high of $114.68. The company’s 50 day moving average is $92.54 and its two-hundred day moving average is $96.26. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PSN shares. William Blair cut Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 23rd. KeyCorp lowered their target price on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Robert W. Baird boosted their price target on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Truist Financial lowered their price objective on shares of Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Finally, Jefferies Financial Group dropped their price objective on shares of Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, January 24th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Parsons currently has a consensus rating of “Moderate Buy” and an average target price of $107.33.

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.