Advisors Asset Management Inc. Has $1.66 Million Position in Parsons Corporation $PSN

Advisors Asset Management Inc. lessened its stake in shares of Parsons Corporation (NYSE:PSN) by 33.4% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 19,973 shares of the company’s stock after selling 9,994 shares during the quarter. Advisors Asset Management Inc.’s holdings in Parsons were worth $1,656,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PSN. Versor Investments LP bought a new position in Parsons in the 3rd quarter valued at about $290,000. State of Michigan Retirement System grew its position in shares of Parsons by 12.4% in the third quarter. State of Michigan Retirement System now owns 12,700 shares of the company’s stock valued at $1,053,000 after purchasing an additional 1,400 shares during the last quarter. Machina Capital S.A.S. bought a new position in shares of Parsons during the third quarter worth approximately $233,000. Penserra Capital Management LLC acquired a new stake in Parsons during the 3rd quarter worth approximately $59,000. Finally, AXS Investments LLC bought a new stake in Parsons in the 3rd quarter valued at $83,000. Institutional investors own 98.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PSN. Barclays increased their price objective on Parsons from $70.00 to $78.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Citigroup upped their price target on shares of Parsons from $86.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Parsons in a research report on Monday, December 29th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Thursday, November 20th. Finally, Stifel Nicolaus decreased their target price on shares of Parsons from $94.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, December 23rd. Twelve investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Parsons presently has a consensus rating of “Moderate Buy” and an average price target of $83.92.

Parsons Price Performance

PSN stock opened at $63.36 on Tuesday. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.45. Parsons Corporation has a 12 month low of $54.56 and a 12 month high of $89.50. The firm has a market cap of $6.71 billion, a P/E ratio of 28.80, a P/E/G ratio of 3.55 and a beta of 0.66. The company’s 50-day moving average price is $66.55 and its two-hundred day moving average price is $76.06.

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