1,712,100 Shares in Parsons Corporation $PSN Bought by Primecap Management Co. CA

Primecap Management Co. CA purchased a new position in shares of Parsons Corporation (NYSE:PSN) in the second quarter, HoldingsChannel reports. The fund purchased 1,712,100 shares of the company’s stock, valued at approximately $89,697,000.

Other large investors have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parsons during the fourth quarter worth about $25,000. Danske Bank A S purchased a new stake in shares of Parsons in the fourth quarter worth about $31,000. Los Angeles Capital Management LLC acquired a new stake in shares of Parsons during the 4th quarter worth approximately $32,000. Versant Capital Management Inc increased its holdings in Parsons by 183.6% in the second quarter. Versant Capital Management Inc now owns 553 shares of the company’s stock valued at $29,000 after buying an additional 358 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of Parsons by 613.2% in the 4th quarter. Farther Finance Advisors LLC now owns 756 shares of the company’s stock valued at $47,000 after purchasing an additional 650 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.

Insiders Place Their Bets

In other news, Director George L. Ball purchased 20,000 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was acquired at an average price of $47.97 per share, with a total value of $959,400.00. Following the purchase, the director directly owned 170,383 shares in the company, valued at approximately $8,173,272.51. This represents a 13.30% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 1.31% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PSN. UBS Group decreased their price target on shares of Parsons from $67.00 to $58.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Zacks Research lowered Parsons from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 5th. Barclays lowered their target price on shares of Parsons from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, July 30th. TD Cowen reiterated a “buy” rating on shares of Parsons in a research report on Wednesday, July 29th. Finally, Citigroup decreased their price target on shares of Parsons from $66.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Parsons currently has a consensus rating of “Moderate Buy” and an average target price of $64.08.

Parsons Stock Performance

NYSE PSN opened at $48.64 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.66 and a current ratio of 1.66. The stock’s fifty day moving average is $51.45 and its two-hundred day moving average is $55.09. The firm has a market capitalization of $5.19 billion, a P/E ratio of 33.54, a price-to-earnings-growth ratio of 3.64 and a beta of 0.68. Parsons Corporation has a fifty-two week low of $36.26 and a fifty-two week high of $89.50.

Parsons (NYSE:PSN) last issued its earnings results on Wednesday, July 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.82). Parsons had a return on equity of 8.10% and a net margin of 2.50%.The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the business earned $0.78 earnings per share. The firm’s revenue was down .5% compared to the same quarter last year. On average, research analysts anticipate that Parsons Corporation will post 2.29 earnings per share for the current year.

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.