Channing Capital Management LLC Sells 348,438 Shares of Parsons Co. (NYSE:PSN)

Channing Capital Management LLC lessened its holdings in shares of Parsons Co. (NYSE:PSN) by 25.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,012,585 shares of the company’s stock after selling 348,438 shares during the quarter. Parsons accounts for approximately 1.9% of Channing Capital Management LLC’s portfolio, making the stock its 29th largest position. Channing Capital Management LLC owned about 0.97% of Parsons worth $63,499,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale bought a new stake in shares of Parsons during the third quarter worth about $38,000. Covestor Ltd raised its stake in shares of Parsons by 126.0% in the third quarter. Covestor Ltd now owns 1,521 shares of the company’s stock worth $83,000 after purchasing an additional 848 shares during the last quarter. Clarus Wealth Advisors bought a new position in shares of Parsons in the fourth quarter valued at approximately $213,000. Blackston Financial Advisory Group LLC purchased a new position in shares of Parsons during the fourth quarter valued at approximately $205,000. Finally, Royal Fund Management LLC bought a new stake in Parsons during the fourth quarter worth $205,000. Institutional investors and hedge funds own 98.02% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on PSN shares. 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 research note on Tuesday, April 16th. TD Cowen raised shares of Parsons from a “hold” rating to a “buy” rating and upped their price objective for the stock from $77.00 to $90.00 in a research report on Friday. KeyCorp lifted their target price on shares of Parsons from $89.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Truist Financial upped their target price on Parsons from $84.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Finally, Raymond James raised Parsons from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $82.00 to $95.00 in a research report on Wednesday. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $83.10.

Parsons Stock Performance

NYSE:PSN traded up $1.17 during trading hours on Friday, reaching $78.47. The stock had a trading volume of 801,569 shares, compared to its average volume of 762,251. The stock has a market cap of $8.30 billion, a P/E ratio of 435.97, a price-to-earnings-growth ratio of 3.49 and a beta of 0.86. The stock has a 50 day simple moving average of $80.90 and a 200 day simple moving average of $69.97. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.52 and a current ratio of 1.79. Parsons Co. has a 12-month low of $42.79 and a 12-month high of $85.44.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, February 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating 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 11.27% and a net margin of 0.49%. The firm’s quarterly revenue was up 36.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.45 EPS. On average, research analysts forecast that Parsons Co. will post 2.57 EPS for the current fiscal year.

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.