Primecap Management Co. CA Increases Position in Parsons Corporation $PSN

Primecap Management Co. CA increased its stake in shares of Parsons Corporation (NYSE:PSN) by 25.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 449,300 shares of the company’s stock after buying an additional 92,200 shares during the quarter. Primecap Management Co. CA owned about 0.42% of Parsons worth $37,256,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSN. Mather Group LLC. acquired a new stake in Parsons during the 3rd quarter worth approximately $25,000. True Wealth Design LLC raised its stake in shares of 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 purchasing an additional 189 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Parsons during the third quarter worth $40,000. NewEdge Advisors LLC grew its position 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 buying an additional 264 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new position in Parsons in the 3rd quarter valued at $59,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Price Performance

PSN stock opened at $66.38 on Friday. The firm has a 50 day moving average of $66.79 and a 200-day moving average of $75.43. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 30.17, a PEG 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 12-month low of $54.56 and a 12-month high of $89.50.

Parsons (NYSE:PSN) last released 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 during the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $0.78 EPS. As a group, equities analysts expect that Parsons Corporation will post 3.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on PSN shares. Raymond James Financial cut shares of Parsons from a “strong-buy” rating to a “market perform” rating in a research note on Friday, December 5th. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a report on Thursday, November 20th. KeyCorp lowered their price objective on Parsons from $80.00 to $73.00 and set an “overweight” rating on the stock in a report on Thursday, February 12th. TD Cowen raised Parsons from a “hold” rating to a “buy” rating and cut their target price for the stock from $90.00 to $75.00 in a research note on Wednesday, December 10th. Finally, Bank of America reduced their price target on Parsons from $95.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, December 30th. Eleven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Parsons currently has a consensus rating of “Moderate Buy” and an average price target 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.