TimesSquare Capital Management LLC grew its holdings in Parsons Corp (NYSE:PSN) by 28.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,025,780 shares of the company’s stock after purchasing an additional 225,780 shares during the period. TimesSquare Capital Management LLC owned approximately 1.03% of Parsons worth $33,830,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in PSN. Strs Ohio purchased a new stake in shares of Parsons during the second quarter worth $184,000. JPMorgan Chase & Co. acquired a new position in Parsons during the second quarter worth $5,264,000. Wells Fargo & Company MN acquired a new position in Parsons during the second quarter worth $35,862,000. Morgan Stanley acquired a new position in Parsons during the second quarter worth $6,582,000. Finally, Boenning & Scattergood Inc. increased its position in Parsons by 56.5% during the third quarter. Boenning & Scattergood Inc. now owns 16,350 shares of the company’s stock worth $539,000 after buying an additional 5,900 shares during the last quarter. Institutional investors own 99.60% of the company’s stock.
Several equities analysts have commented on the stock. SunTrust Banks increased their target price on shares of Parsons to $44.00 and gave the stock a “buy” rating in a research report on Wednesday. Zacks Investment Research raised shares of Parsons from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research report on Wednesday, September 11th. Morgan Stanley set a $36.00 target price on shares of Parsons and gave the stock a “hold” rating in a research report on Monday, September 9th. Peel Hunt reissued a “hold” rating on shares of Parsons in a research report on Monday, October 28th. Finally, Cowen reissued a “buy” rating and set a $40.00 target price on shares of Parsons in a research report on Monday, August 26th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Parsons currently has a consensus rating of “Buy” and an average price target of $39.29.
Parsons stock traded up $0.41 during mid-day trading on Wednesday, hitting $38.21. 390,000 shares of the company’s stock were exchanged, compared to its average volume of 456,527. The business has a 50 day moving average price of $34.14. Parsons Corp has a 1-year low of $29.03 and a 1-year high of $39.05.
Parsons (NYSE:PSN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.15. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.82 earnings per share. Equities research analysts forecast that Parsons Corp will post 1.46 EPS for the current year.
Parsons Corporation provides technology based solutions in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates in two segments, Federal Solutions and Critical Infrastructure. The company offers cybersecurity software and engineering services, hardware prototyping, and other technical services to the U.S.
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