TD Asset Management Inc Has $4.39 Million Stake in Parsons Corporation $PSN

TD Asset Management Inc lowered its holdings in Parsons Corporation (NYSE:PSN) by 18.0% during the third quarter, Holdings Channel.com reports. The firm owned 52,902 shares of the company’s stock after selling 11,614 shares during the period. TD Asset Management Inc’s holdings in Parsons were worth $4,387,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. AQR Capital Management LLC raised its holdings in shares of Parsons by 151.5% in the second quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after buying an additional 639,481 shares during the last quarter. Cooper Creek Partners Management LLC acquired a new stake in Parsons in the 2nd quarter valued at about $45,653,000. Norges Bank acquired a new position in shares of Parsons during the second quarter worth approximately $37,131,000. Frontier Capital Management Co. LLC lifted its position in shares of Parsons by 568.4% during the second quarter. Frontier Capital Management Co. LLC now owns 510,525 shares of the company’s stock worth $36,640,000 after purchasing an additional 434,142 shares in the last quarter. Finally, SG Capital Management LLC bought a new position in Parsons in the 2nd quarter worth approximately $23,212,000. Institutional investors own 98.02% of the company’s stock.

Parsons Trading Down 1.8%

NYSE:PSN opened at $66.66 on Wednesday. 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. The firm has a market capitalization of $7.05 billion, a price-to-earnings ratio of 30.30, a PEG ratio of 2.12 and a beta of 0.68. The business’s 50-day moving average price is $67.07 and its two-hundred day moving average price is $75.09.

Parsons (NYSE:PSN) last announced 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). 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 analyst estimates of $1.68 billion. During the same quarter in the prior year, the business earned $0.78 earnings per share. The business’s revenue was down 7.5% on a year-over-year basis. On average, equities analysts expect that Parsons Corporation will post 3.58 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on PSN. UBS Group decreased their price objective on Parsons from $104.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, February 12th. Citigroup raised their price target on Parsons from $86.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Zacks Research cut Parsons from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 18th. Raymond James Financial downgraded shares of Parsons from a “strong-buy” rating to a “market perform” rating in a research report on Friday, December 5th. Finally, Robert W. Baird reduced their target price on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating on the stock in a research note on Monday, December 8th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.