Artisan Partners Limited Partnership Acquires 217,342 Shares of Parsons Corporation $PSN

Artisan Partners Limited Partnership boosted its holdings in shares of Parsons Corporation (NYSE:PSN) by 10.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,331,921 shares of the company’s stock after acquiring an additional 217,342 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Parsons were worth $193,363,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PSN. Mather Group LLC. acquired a new position in shares of Parsons during the 3rd quarter worth approximately $25,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Parsons during the third quarter worth $40,000. True Wealth Design LLC increased its holdings in shares of Parsons by 63.9% in the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after purchasing an additional 189 shares during the last quarter. Penserra Capital Management LLC acquired a new position in shares of Parsons in the third quarter valued at $59,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Parsons by 176.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company’s stock valued at $59,000 after purchasing an additional 528 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Stock Performance

NYSE PSN opened at $66.38 on Friday. The firm’s 50 day simple moving average is $66.79 and its 200 day simple moving average is $75.43. The firm has a market capitalization of $7.02 billion, a price-to-earnings ratio of 30.17, a P/E/G ratio of 2.04 and a beta of 0.66. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.45. Parsons Corporation has a 1 year low of $54.56 and a 1 year high of $89.50.

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

Analysts Set New Price Targets

PSN has been the subject of several research analyst reports. Jefferies Financial Group reaffirmed a “hold” rating on shares of Parsons in a report on Thursday, January 15th. Citigroup boosted their price objective on Parsons from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Robert W. Baird decreased their target price on Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a research report on Monday, December 8th. TD Cowen upgraded Parsons from a “hold” rating to a “buy” rating and lowered their target price for the stock from $90.00 to $75.00 in a research note on Wednesday, December 10th. Finally, Zacks Research downgraded Parsons from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Parsons has a consensus rating of “Moderate Buy” and an average target price of $83.42.

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.