Oppenheimer & Co. Inc. Buys 6,577 Shares of Parsons Co. (NYSE:PSN)

Oppenheimer & Co. Inc. boosted its position in shares of Parsons Co. (NYSE:PSN) by 37.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,016 shares of the company’s stock after purchasing an additional 6,577 shares during the period. Oppenheimer & Co. Inc.’s holdings in Parsons were worth $2,490,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in shares of Parsons during the third quarter worth about $33,000. Capital Performance Advisors LLP bought a new stake in Parsons in the 3rd quarter valued at approximately $45,000. Tanglewood Legacy Advisors LLC acquired a new position in Parsons during the 2nd quarter worth approximately $44,000. DekaBank Deutsche Girozentrale bought a new position in shares of Parsons during the 3rd quarter worth approximately $72,000. Finally, Blue Trust Inc. raised its holdings in shares of Parsons by 23.6% in the second quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock valued at $86,000 after purchasing an additional 199 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Performance

NYSE PSN opened at $97.40 on Friday. The stock has a market cap of $10.34 billion, a PE ratio of 147.58, a P/E/G ratio of 2.00 and a beta of 0.80. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The firm has a 50-day moving average of $104.82 and a 200-day moving average of $90.14. Parsons Co. has a 52-week low of $61.10 and a 52-week high of $114.68.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share (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 the consensus estimate of $1.63 billion. On average, sell-side analysts anticipate that Parsons Co. will post 3.02 EPS for the current year.

Wall Street Analyst Weigh In

PSN has been the subject of several recent research reports. Benchmark increased their target price on shares of Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. KeyCorp raised their target price on shares of Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Raymond James lowered shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 price target on the stock. in a research report on Wednesday, October 23rd. Robert W. Baird lifted their price objective on shares of Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Truist Financial restated a “buy” rating and set a $108.00 price objective (up from $100.00) on shares of Parsons in a research note on Thursday, August 1st. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $104.88.

Parsons 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.