TimesSquare Capital Management LLC Boosts Stock Holdings in Parsons Corporation $PSN

TimesSquare Capital Management LLC grew its position in Parsons Corporation (NYSE:PSN) by 9.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 345,115 shares of the company’s stock after purchasing an additional 30,995 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Parsons were worth $28,617,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mather Group LLC. acquired a new stake in Parsons during the 3rd quarter worth $25,000. True Wealth Design LLC boosted its holdings in Parsons by 63.9% during the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock worth $35,000 after buying an additional 189 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Parsons in the third quarter valued at $40,000. NewEdge Advisors LLC grew its stake in Parsons by 38.0% in the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after acquiring an additional 264 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new position in Parsons during the 3rd quarter valued at about $59,000. 98.02% of the stock is owned by institutional investors and hedge funds.

Parsons Trading Up 1.1%

Shares of Parsons stock opened at $63.36 on Friday. Parsons Corporation has a fifty-two week low of $54.56 and a fifty-two week high of $89.50. The business’s fifty day moving average is $66.55 and its two-hundred day moving average is $76.13. The company has a quick ratio of 1.67, a current ratio of 1.75 and a debt-to-equity ratio of 0.45. The firm has a market cap of $6.71 billion, a PE ratio of 28.80, a P/E/G ratio of 3.55 and a beta of 0.66.

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

Analyst Ratings Changes

Several analysts have issued reports on PSN shares. UBS Group reduced their price target on shares of Parsons from $104.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday. Barclays upped their target price on Parsons from $70.00 to $78.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Parsons in a research report on Monday, December 29th. Citigroup boosted their price target on Parsons from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Finally, Raymond James Financial lowered Parsons from a “strong-buy” rating to a “market perform” rating in a research note on Friday, December 5th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.92.

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.