Primecap Management Co. CA Boosts Holdings in Parsons Corporation $PSN

Primecap Management Co. CA boosted its holdings in shares of Parsons Corporation (NYSE:PSN) by 25.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 449,300 shares of the company’s stock after acquiring an additional 92,200 shares during the period. Primecap Management Co. CA’s holdings in Parsons were worth $37,256,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Mather Group LLC. purchased a new position in shares of Parsons during the 3rd quarter worth approximately $25,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Parsons during the third quarter worth $40,000. True Wealth Design LLC increased its position in Parsons by 63.9% during the second quarter. True Wealth Design LLC now owns 485 shares of the company’s stock worth $35,000 after buying an additional 189 shares in the last quarter. Penserra Capital Management LLC acquired a new position in shares of Parsons in the third quarter worth $59,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Parsons by 176.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company’s stock valued at $59,000 after acquiring an additional 528 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Price Performance

Parsons stock opened at $66.38 on Friday. Parsons Corporation has a 1 year low of $54.56 and a 1 year high of $89.50. The firm has a 50 day moving average price of $66.79 and a 200 day moving average price of $75.43. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 30.17, a PEG ratio of 2.04 and a beta of 0.66. 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 (NYSE:PSN) last posted 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). The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Parsons had a return on equity of 11.81% and a net margin of 3.79%.The business’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.78 EPS. Sell-side analysts predict that Parsons Corporation will post 3.58 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on PSN. William Blair raised shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 20th. Jefferies Financial Group reissued a “hold” rating on shares of Parsons in a research report on Thursday, January 15th. Bank of America reduced their price objective on shares of Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, December 30th. Barclays raised their target price on shares of Parsons from $70.00 to $78.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Finally, Zacks Research downgraded Parsons from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 18th. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Parsons has an average rating of “Moderate Buy” and an average target price 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.