Avidian Wealth Solutions LLC Takes Position in Parsons Co. (NYSE:PSN)

Avidian Wealth Solutions LLC acquired a new stake in Parsons Co. (NYSE:PSN) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,006 shares of the company’s stock, valued at approximately $270,000.

Other institutional investors have also bought and sold shares of the company. Rockefeller Capital Management L.P. increased its position in shares of Parsons by 252.7% during the second quarter. Rockefeller Capital Management L.P. now owns 2,991 shares of the company’s stock worth $117,000 after purchasing an additional 2,143 shares in the last quarter. Central Bank & Trust Co. purchased a new stake in shares of Parsons during the third quarter worth approximately $121,000. Financial Management Professionals Inc. purchased a new stake in shares of Parsons during the third quarter worth approximately $121,000. Independence Bank of Kentucky purchased a new stake in shares of Parsons during the third quarter worth approximately $135,000. Finally, Prudential Financial Inc. increased its position in shares of Parsons by 8.0% during the second quarter. Prudential Financial Inc. now owns 5,879 shares of the company’s stock worth $231,000 after purchasing an additional 436 shares in the last quarter.

In related news, CEO Carey A. Smith purchased 10,000 shares of the business’s stock in a transaction on Thursday, December 16th. The shares were bought at an average price of $30.93 per share, for a total transaction of $309,300.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Richard Kolloway acquired 6,000 shares of the company’s stock in a transaction dated Thursday, December 16th. The stock was acquired at an average price of $31.74 per share, for a total transaction of $190,440.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 16,196 shares of company stock worth $505,865. 0.38% of the stock is owned by company insiders.

Shares of Parsons stock opened at $33.07 on Friday. The business’s fifty day simple moving average is $34.22 and its 200-day simple moving average is $35.72. Parsons Co. has a 52 week low of $30.55 and a 52 week high of $45.01. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The firm has a market cap of $3.38 billion, a PE ratio of 61.24, a price-to-earnings-growth ratio of 2.95 and a beta of 1.06.

Parsons (NYSE:PSN) last posted its earnings results on Wednesday, November 3rd. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.04). Parsons had a return on equity of 8.05% and a net margin of 1.54%. The firm had revenue of $956.05 million for the quarter, compared to analyst estimates of $959.00 million. During the same period in the previous year, the company posted $0.58 EPS. Parsons’s revenue was down 4.8% on a year-over-year basis. As a group, equities analysts expect that Parsons Co. will post 1.51 earnings per share for the current year.

PSN has been the subject of several research reports. Zacks Investment Research cut Parsons from a “hold” rating to a “sell” rating in a research report on Thursday, January 6th. William Blair lowered Parsons from an “outperform” rating to a “market perform” rating in a research note on Wednesday, December 15th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $43.60.

About Parsons

Parsons Corp. provides engineering, design, planning, and construction management services. It offers solutions for commercial, federal, transportation, and water resources. The firm delivers engineering, construction, systems and resource integration, project and program management, and environmental services to customers.

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Institutional Ownership by Quarter for Parsons (NYSE:PSN)

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