Blackstone Group Inc bought a new position in Parsons Corp (NYSE:PSN) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 200,000 shares of the company’s stock, valued at approximately $7,372,000. Blackstone Group Inc owned 0.20% of Parsons at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Newport Trust Co acquired a new stake in Parsons in the 2nd quarter valued at $2,880,189,000. ValueAct Holdings L.P. acquired a new stake in shares of Parsons during the second quarter valued at about $66,532,000. Vanguard Group Inc. acquired a new stake in shares of Parsons during the second quarter valued at about $64,178,000. ETF Managers Group LLC acquired a new stake in shares of Parsons during the second quarter valued at about $52,272,000. Finally, BlackRock Inc. acquired a new stake in shares of Parsons during the second quarter valued at about $44,750,000. 99.43% of the stock is currently owned by institutional investors and hedge funds.

NYSE:PSN traded down $0.07 during mid-day trading on Thursday, reaching $37.49. The stock had a trading volume of 9,254 shares, compared to its average volume of 251,015. Parsons Corp has a 1-year low of $29.03 and a 1-year high of $38.82. The business has a 50 day simple moving average of $35.31.

Parsons (NYSE:PSN) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.43 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.21). The company had revenue of $989.74 million during the quarter, compared to analyst estimates of $953.83 million. During the same period last year, the business earned $0.40 EPS. The business’s quarterly revenue was up 9.9% on a year-over-year basis. As a group, analysts expect that Parsons Corp will post 1.46 earnings per share for the current fiscal year.

A number of research firms recently commented on PSN. Bank of America began coverage on Parsons in a research note on Monday, June 3rd. They issued a “neutral” rating for the company. Wells Fargo & Co downgraded Parsons from an “outperform” rating to a “market perform” rating and set a $36.00 price target for the company. in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Cowen reiterated a “buy” rating and issued a $40.00 price target on shares of Parsons in a research note on Monday, August 26th. Morgan Stanley set a $36.00 price target on Parsons and gave the stock a “hold” rating in a research note on Monday, September 9th. Finally, Zacks Investment Research upgraded Parsons from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Wednesday, September 11th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $38.71.

About Parsons

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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Institutional Ownership by Quarter for Parsons (NYSE:PSN)

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