Wealth Enhancement Advisory Services LLC Has $2.59 Million Stock Position in Parsons Corporation $PSN

Wealth Enhancement Advisory Services LLC reduced its holdings in shares of Parsons Corporation (NYSE:PSN) by 27.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 39,268 shares of the company’s stock after selling 15,018 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Parsons were worth $2,587,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Mather Group LLC. bought a new stake in shares of Parsons in the third quarter worth $25,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Parsons during the third quarter worth $40,000. NewEdge Advisors LLC grew its position in Parsons by 38.0% in the first quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after purchasing an additional 264 shares in the last quarter. Penserra Capital Management LLC acquired a new stake in Parsons in the 3rd quarter valued at $59,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Parsons by 176.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company’s stock valued at $59,000 after buying an additional 528 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Up 1.7%

Parsons stock opened at $55.11 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.75. The company’s 50-day moving average is $62.38 and its 200-day moving average is $71.83. The firm has a market capitalization of $5.83 billion, a PE ratio of 25.05, a P/E/G ratio of 1.69 and a beta of 0.68. Parsons Corporation has a fifty-two week low of $49.38 and a fifty-two week high of $89.50.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.06). Parsons had a net margin of 3.79% and a return on equity of 11.81%. The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the business posted $0.78 earnings per share. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. Sell-side analysts anticipate that Parsons Corporation will post 3.58 earnings per share for the current year.

Wall Street Analyst Weigh In

PSN has been the subject of a number of recent research reports. Barclays reduced their price objective on shares of Parsons from $78.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday. TD Cowen raised Parsons from a “hold” rating to a “buy” rating and lowered their target price for the company from $90.00 to $75.00 in a research report on Wednesday, December 10th. Jefferies Financial Group reiterated a “hold” rating on shares of Parsons in a report on Thursday, January 15th. Weiss Ratings restated a “hold (c)” rating on shares of Parsons in a research note on Friday, March 27th. Finally, Robert W. Baird lowered their price target on Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a research report on Monday, December 8th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.75.

Parsons Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.