Granite Investment Partners LLC Makes New $1.77 Million Investment in Parsons Corporation $PSN

Granite Investment Partners LLC purchased a new stake in Parsons Corporation (NYSE:PSN) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 21,308 shares of the company’s stock, valued at approximately $1,767,000.

A number of other hedge funds have also modified their holdings of PSN. AQR Capital Management LLC raised its holdings in Parsons by 151.5% in the 2nd 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 period. Cooper Creek Partners Management LLC acquired a new stake in shares of Parsons during the second quarter valued at about $45,653,000. Norges Bank purchased a new stake in shares of Parsons in the 2nd quarter valued at approximately $37,131,000. Frontier Capital Management Co. LLC lifted its holdings in shares of Parsons by 568.4% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 510,525 shares of the company’s stock worth $36,640,000 after acquiring an additional 434,142 shares during the last quarter. Finally, SG Capital Management LLC acquired a new position in shares of Parsons in the 2nd quarter worth approximately $23,212,000. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PSN. Robert W. Baird dropped their target price on shares of Parsons from $100.00 to $82.00 and set an “outperform” rating for the company in a report on Monday, December 8th. William Blair raised Parsons from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 20th. Stifel Nicolaus cut their price objective on Parsons from $94.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, December 23rd. Jefferies Financial Group reissued a “hold” rating on shares of Parsons in a research note on Thursday, January 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Parsons in a research report on Monday, December 29th. Twelve investment 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. According to MarketBeat.com, Parsons presently has an average rating of “Moderate Buy” and a consensus price target of $83.92.

Parsons Stock Down 1.8%

Shares of NYSE PSN opened at $64.35 on Tuesday. The stock has a market cap of $6.81 billion, a P/E ratio of 29.25, a PEG ratio of 2.03 and a beta of 0.66. The business’s fifty day simple moving average is $66.51 and its 200-day simple moving average is $75.66. Parsons Corporation has a 12-month low of $54.56 and a 12-month high of $89.50. 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 (NYSE:PSN) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate 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%.Parsons’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.78 EPS. As a group, equities analysts predict that Parsons Corporation will post 3.58 EPS for the current fiscal year.

Parsons Company 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.