Vanguard Group Inc. Buys 130,694 Shares of Parsons Corporation $PSN

Vanguard Group Inc. grew its stake in shares of Parsons Corporation (NYSE:PSN) by 2.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 5,077,310 shares of the company’s stock after acquiring an additional 130,694 shares during the quarter. Vanguard Group Inc.’s holdings in Parsons were worth $421,011,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Mather Group LLC. acquired a new stake in shares of Parsons in the 3rd quarter valued at approximately $25,000. True Wealth Design LLC increased its stake in Parsons by 63.9% in the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock valued at $35,000 after purchasing an additional 189 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Parsons in the third quarter worth $40,000. NewEdge Advisors LLC raised its holdings in Parsons by 38.0% in the first quarter. NewEdge Advisors LLC now owns 959 shares of the company’s stock worth $57,000 after purchasing an additional 264 shares during the period. Finally, Penserra Capital Management LLC bought a new position in shares of Parsons during the third quarter worth $59,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Up 1.8%

Shares of Parsons stock opened at $66.38 on Friday. The firm has a market cap of $7.02 billion, a PE ratio of 30.17, a P/E/G ratio of 2.04 and a beta of 0.66. The business’s 50 day simple moving average is $66.79 and its 200 day simple moving average is $75.43. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.75 and a current ratio of 1.75. Parsons Corporation has a 52-week low of $54.56 and a 52-week 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). Parsons had a return on equity of 11.81% and a net margin of 3.79%.The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the company earned $0.78 EPS. The company’s revenue was down 7.5% compared to the same quarter last year. On average, analysts predict that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PSN. Barclays upped their price objective on shares of Parsons from $70.00 to $78.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Jefferies Financial Group restated a “hold” rating on shares of Parsons in a report on Thursday, January 15th. Citigroup raised their price target on Parsons from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. UBS Group cut their price objective on Parsons from $104.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Finally, Truist Financial reissued a “buy” rating and set a $85.00 target price (down from $90.00) on shares of Parsons in a research note on Thursday, February 12th. Eleven 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 company. According to MarketBeat.com, Parsons has a consensus rating of “Moderate Buy” and a consensus target price of $83.42.

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.