BOCHK Asset Management Ltd Takes $8.80 Million Position in Parsons Co. (NYSE:PSN)

BOCHK Asset Management Ltd acquired a new position in shares of Parsons Co. (NYSE:PSN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 95,380 shares of the company’s stock, valued at approximately $8,799,000. Parsons makes up about 2.7% of BOCHK Asset Management Ltd’s holdings, making the stock its 19th largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. ORG Wealth Partners LLC purchased a new stake in Parsons during the fourth quarter worth about $26,000. True Wealth Design LLC purchased a new stake in Parsons during the third quarter worth about $30,000. GAMMA Investing LLC lifted its holdings in shares of Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock valued at $29,000 after purchasing an additional 218 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Parsons in the third quarter valued at about $33,000. Finally, R Squared Ltd purchased a new stake in shares of Parsons in the fourth quarter valued at about $38,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Parsons Stock Performance

NYSE:PSN opened at $79.83 on Wednesday. The firm has a 50 day simple moving average of $94.33 and a 200-day simple moving average of $96.22. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a market cap of $8.48 billion, a PE ratio of 120.96, a P/E/G ratio of 1.42 and a beta of 0.74. Parsons Co. has a 1-year low of $64.33 and a 1-year high of $114.68.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.73 by $0.07. Parsons had a net margin of 1.21% and a return on equity of 12.74%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.63 billion. On average, equities analysts expect that Parsons Co. will post 3.02 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Robert W. Baird upped their price target on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. The Goldman Sachs Group raised shares of Parsons from a “neutral” rating to a “buy” rating and upped their price target for the company from $103.00 to $111.00 in a report on Thursday, December 12th. KeyCorp reduced their price target on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Jefferies Financial Group reduced their price target 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. Finally, William Blair downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a report on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.33.

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.