Harbor Capital Advisors Inc. Reduces Stock Holdings in Parsons Co. (NYSE:PSN)

Harbor Capital Advisors Inc. cut its holdings in Parsons Co. (NYSE:PSN) by 26.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 53,492 shares of the company’s stock after selling 19,466 shares during the quarter. Harbor Capital Advisors Inc. owned about 0.05% of Parsons worth $4,935,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Earnest Partners LLC increased its holdings in shares of Parsons by 2.4% during the second quarter. Earnest Partners LLC now owns 2,168,598 shares of the company’s stock valued at $177,413,000 after acquiring an additional 49,891 shares in the last quarter. State Street Corp increased its stake in Parsons by 60.6% during the 3rd quarter. State Street Corp now owns 1,634,155 shares of the company’s stock valued at $169,429,000 after purchasing an additional 616,707 shares in the last quarter. Principal Financial Group Inc. increased its stake in Parsons by 18.1% during the 3rd 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 in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Parsons by 61.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,123,366 shares of the company’s stock worth $116,471,000 after buying an additional 428,662 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Parsons by 14.0% during the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock worth $80,146,000 after buying an additional 95,040 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Performance

PSN opened at $92.89 on Friday. The firm has a fifty day moving average price of $97.76 and a 200 day moving average price of $95.09. Parsons Co. has a 1 year low of $63.12 and a 1 year high of $114.68. The stock has a market cap of $9.86 billion, a P/E ratio of 140.74, a P/E/G ratio of 1.72 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.55 and a quick ratio of 1.55.

Parsons (NYSE:PSN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. Parsons had a net margin of 1.21% and a return on equity of 12.74%. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. Equities research analysts anticipate that Parsons Co. will post 3.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PSN shares. KeyCorp cut their target price on Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research report on Wednesday. TD Cowen reduced their price objective on Parsons from $117.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday. The Goldman Sachs Group raised Parsons from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $103.00 to $111.00 in a report on Thursday, December 12th. Robert W. Baird increased their price target on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Parsons presently has an average rating of “Moderate Buy” and a consensus target price of $108.25.

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.