Granite Investment Partners LLC Makes New $1.77 Million Investment in Parsons Corporation $PSN

Granite Investment Partners LLC bought a new stake in Parsons Corporation (NYSE:PSN) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 21,308 shares of the company’s stock, valued at approximately $1,767,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Mather Group LLC. purchased a new position in Parsons in the 3rd quarter valued at about $25,000. True Wealth Design LLC raised its holdings in shares of Parsons by 63.9% during the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after acquiring an additional 189 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Parsons during the third quarter valued at approximately $40,000. NewEdge Advisors LLC lifted its position in shares of Parsons by 38.0% in the first quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after acquiring an additional 264 shares in the last quarter. Finally, Penserra Capital Management LLC acquired a new stake in shares of Parsons in the third quarter worth approximately $59,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on PSN shares. UBS Group reduced their price objective on Parsons from $104.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Robert W. Baird dropped their target price on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a report on Monday, December 8th. Zacks Research cut shares of Parsons from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 18th. Barclays raised their price target on shares of Parsons from $70.00 to $78.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Finally, Raymond James Financial lowered shares of Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday, December 5th. Twelve equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $83.92.

Parsons Stock Down 1.8%

Shares of PSN opened at $64.35 on Tuesday. Parsons Corporation has a 52-week low of $54.56 and a 52-week high of $89.50. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.45. The stock has a fifty day simple moving average of $66.51 and a two-hundred day simple moving average of $75.66. The company has a market capitalization of $6.81 billion, a PE ratio of 29.25, a price-to-earnings-growth ratio of 2.03 and a beta of 0.66.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $0.75 earnings per share (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 firm 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 company posted $0.78 EPS. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year. As a group, equities analysts forecast that Parsons Corporation will post 3.58 EPS for the current year.

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.