L & S Advisors Inc bought a new position in Parsons Corp (NYSE:PSN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 112,033 shares of the company’s stock, valued at approximately $4,130,000. L & S Advisors Inc owned approximately 0.11% of Parsons at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. US Bancorp DE purchased a new position in shares of Parsons in the second quarter worth approximately $50,000. Clarus Wealth Advisors bought a new stake in Parsons in the second quarter worth approximately $56,000. Bank of Montreal Can acquired a new stake in shares of Parsons in the second quarter worth $57,000. Benjamin Edwards Inc. acquired a new stake in shares of Parsons in the second quarter worth $129,000. Finally, Advisor Group Inc. acquired a new stake in shares of Parsons in the second quarter worth $167,000. Institutional investors and hedge funds own 99.43% of the company’s stock.
A number of equities research analysts have commented on PSN shares. Jefferies Financial Group started coverage on shares of Parsons in a report on Monday, June 3rd. They set a “buy” rating and a $38.00 price objective on the stock. Cowen reiterated a “buy” rating and issued a $40.00 price target on shares of Parsons in a research report on Monday, August 26th. Goldman Sachs Group began coverage on shares of Parsons in a report on Monday, June 3rd. They set a “buy” rating and a $43.00 target price on the stock. Bank of America began coverage on shares of Parsons in a report on Monday, June 3rd. They set a “neutral” rating on the stock. Finally, SunTrust Banks raised their target price on shares of Parsons from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $38.71.
Parsons (NYSE:PSN) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.21). The firm had revenue of $989.74 million during the quarter, compared to the consensus estimate of $953.83 million. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the firm earned $0.40 EPS. Sell-side analysts predict that Parsons Corp will post 2.03 earnings per share for the current year.
Parsons Corporation provides technology based solutions in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates in two segments, Federal Solutions and Critical Infrastructure. The company offers cybersecurity software and engineering services, hardware prototyping, and other technical services to the U.S.
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