Heartland Advisors Inc. Makes New Investment in Parsons Corporation $PSN

Heartland Advisors Inc. bought a new position in Parsons Corporation (NYSE:PSN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 150,000 shares of the company’s stock, valued at approximately $7,858,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its stake in Parsons by 0.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 17,029 shares of the company’s stock worth $1,412,000 after purchasing an additional 144 shares in the last quarter. Kennedy Capital Management LLC grew its position in Parsons by 0.4% during the 4th quarter. Kennedy Capital Management LLC now owns 47,680 shares of the company’s stock valued at $2,947,000 after purchasing an additional 194 shares during the last quarter. NewEdge Advisors LLC increased its stake in Parsons by 38.0% during the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock valued at $57,000 after purchasing an additional 264 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in Parsons by 2.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,900 shares of the company’s stock valued at $590,000 after purchasing an additional 300 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Parsons by 183.6% in the second quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock worth $29,000 after buying an additional 358 shares during the last quarter. 98.02% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Citigroup dropped their target price on shares of Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Stifel Nicolaus reduced their price target on shares of Parsons from $79.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Truist Financial reaffirmed a “buy” rating and issued a $60.00 price objective (down from $75.00) on shares of Parsons in a research report on Thursday, July 30th. UBS Group lowered their price objective on Parsons from $67.00 to $58.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Finally, The Goldman Sachs Group cut their target price on Parsons from $69.00 to $60.00 and set a “neutral” rating on the stock in a research note on Monday, August 3rd. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Parsons has a consensus rating of “Moderate Buy” and an average target price of $64.08.

Insider Activity

In other Parsons news, Director George L. Ball acquired 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average price of $47.97 per share, with a total value of $959,400.00. Following the completion of the acquisition, the director owned 170,383 shares in the company, valued at $8,173,272.51. This represents a 13.30% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.31% of the company’s stock.

Parsons Stock Up 6.3%

PSN stock opened at $48.98 on Friday. Parsons Corporation has a fifty-two week low of $36.26 and a fifty-two week high of $89.50. The business’s 50-day moving average is $51.86 and its two-hundred day moving average is $55.60. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66. The company has a market cap of $5.23 billion, a price-to-earnings ratio of 33.78, a P/E/G ratio of 3.49 and a beta of 0.68.

Parsons (NYSE:PSN) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). Parsons had a net margin of 2.50% and a return on equity of 8.10%. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the firm earned $0.78 earnings per share. The company’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, analysts forecast that Parsons Corporation will post 2.29 earnings per share 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.