Gabelli Funds LLC Invests $894,000 in Parsons Corporation $PSN

Gabelli Funds LLC acquired a new position in Parsons Corporation (NYSE:PSN) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,777 shares of the company’s stock, valued at approximately $894,000.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Parsons by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,077,310 shares of the company’s stock worth $421,011,000 after purchasing an additional 130,694 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of Parsons by 10.3% during the third quarter. Artisan Partners Limited Partnership now owns 2,331,921 shares of the company’s stock valued at $193,363,000 after buying an additional 217,342 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Parsons by 2.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,682,586 shares of the company’s stock valued at $139,511,000 after buying an additional 45,922 shares during the period. Channing Capital Management LLC grew its position in Parsons by 20.3% during the second quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company’s stock worth $91,671,000 after buying an additional 215,106 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Parsons by 151.5% during the second quarter. AQR Capital Management LLC now owns 1,061,614 shares of the company’s stock valued at $75,173,000 after acquiring an additional 639,481 shares during the period. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have 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 report on Thursday, February 12th. Robert W. Baird reduced their target price on Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a research report on Monday, December 8th. Citigroup lifted their price target on shares of Parsons from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Truist Financial restated a “buy” rating and issued a $85.00 price objective (down from $90.00) on shares of Parsons in a research note on Thursday, February 12th. Finally, KeyCorp reduced their price objective on shares of Parsons from $80.00 to $73.00 and set an “overweight” rating for the company in a report on Thursday, February 12th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.42.

Parsons Stock Performance

Parsons stock opened at $58.85 on Thursday. The firm has a market capitalization of $6.23 billion, a P/E ratio of 26.75, a P/E/G ratio of 1.85 and a beta of 0.68. The stock has a fifty day moving average price of $67.12 and a two-hundred day moving average price of $74.44. Parsons Corporation has a 52-week low of $56.27 and a 52-week high of $89.50. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.75 and a quick ratio of 1.75.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, February 11th. The company reported $0.75 EPS for the quarter, missing the consensus estimate 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 net margin of 3.79% and a return on equity of 11.81%. The firm’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.78 EPS. As a group, analysts anticipate that Parsons Corporation will post 3.58 EPS for the current fiscal year.

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.