PDT Partners LLC purchased a new stake in Parsons Corporation (NYSE:PSN – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,590 shares of the company’s stock, valued at approximately $1,498,000.
Other hedge funds have also modified their holdings of the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Parsons during the 4th quarter worth approximately $25,000. Versant Capital Management Inc grew its holdings in Parsons by 183.6% during the 2nd quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after buying an additional 358 shares during the last quarter. Danske Bank A S purchased a new position in Parsons during the fourth quarter worth $31,000. Los Angeles Capital Management LLC purchased a new position in Parsons during the fourth quarter worth $32,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Parsons by 613.2% in the fourth quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock worth $47,000 after acquiring an additional 650 shares during the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on PSN. TD Cowen reissued a “buy” rating on shares of Parsons in a research note on Wednesday, July 29th. Barclays decreased their price target on shares of Parsons from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, July 30th. Citigroup lowered their price target on shares of Parsons from $66.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Robert W. Baird raised shares of Parsons from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $48.00 to $57.00 in a research note on Friday, August 21st. Finally, The Goldman Sachs Group decreased their target price on shares of Parsons from $69.00 to $60.00 and set a “neutral” rating on the stock in a research report on Monday, August 3rd. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $64.08.
Insider Activity
In other Parsons news, Director George L. Ball acquired 20,000 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was bought at an average price of $47.97 per share, with a total value of $959,400.00. Following the completion of the transaction, the director directly owned 170,383 shares of the company’s stock, valued at approximately $8,173,272.51. The trade was a 13.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.31% of the stock is owned by insiders.
Parsons Trading Up 1.2%
Shares of PSN stock opened at $48.64 on Thursday. The firm has a market cap of $5.19 billion, a P/E ratio of 33.54, a PEG ratio of 3.64 and a beta of 0.68. The firm’s 50-day simple moving average is $51.45 and its 200-day simple moving average is $55.09. Parsons Corporation has a 1-year low of $36.26 and a 1-year high of $89.50. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.66.
Parsons (NYSE:PSN – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.82). The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Parsons had a net margin of 2.50% and a return on equity of 8.10%. The firm’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.78 earnings per share. As a group, equities analysts forecast that Parsons Corporation will post 2.29 EPS for the current year.
About Parsons
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.
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